A Chinese company plans to manufacture components to electric batteries in the northern city of Ács.Continue reading
State Secretary for Industrial Policy and Technology Gergely Fábián held talks on economic cooperation between Hungary and South Korea, the ministry announced.
On behalf of the Minister of Economic Development Márton Nagy, Gergely Fábián received the delegation of the National Assembly of the Republic of Korea. The delegation consisted of members of parliament Han Moo-kyung, Yu Eui-dong, and Hong Kee-won.
The participants emphasized that the exchange of experiences between the two countries is of utmost importance for the development of the battery industry and the promotion of electric vehicles, as well as for the use of hydrogen-based transport, infrastructure, and energy supply.
Hungary’s geographical location and current production capacities could provide a favorable basis for the development of a national hydrogen economy.
Fábián emphasized that South Korea is an important player in the Hungarian economy: in 2022, the country was Hungary’s 13th largest trading partner and largest investor, while 130 Korean companies provide livelihoods for some 15,000 families in Hungary.
The state secretary added that the South Korean economy is exemplary, especially in terms of its high level of innovation and the development and application of cutting-edge technologies.
Hungary is also striving to create energy-efficient production capacities based on advanced technologies with high domestic added value, thus enhancing the performance of Hungarian industry and supporting the transition to a green economy,
he emphasized.
The city of Debrecen, in eastern Hungary, already hosts the new development site of Korean battery materials manufacturer EcoPro BM, where the company has committed a 700 million euro investment in the production of cathodes, one of the key components of batteries. The company has thus created 631 new jobs in the city.
One of the largest investments from South Korea in 2021, was SK Innovation’s investment in Iváncsa, southwest of Budapest, followed by W-SCOPE’s investment in Nyíregyháza, in the northeastern part of the country, in 2022. Mass production at the W-Scope plant in Nyíregyháza is expected to start in early 2026. The South Korean company’s investment will create 1,200 new jobs in the city. The first European plant will be built with a budget of around 300 billion forints (765 million euros). At the end of March, W-Scope Hungary Kft. received the “New Investor of the Year” award.
Via Ungarn Heute, Featured image via kormany.hu/Papp Szabolcs
