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Trade Minister: Hundreds of Millions of Euros to Flow into Hungary from South Korea

MTI-Hungary Today 2020.07.27.

Hundreds of millions of euros are expected to flow into Hungary in investments from South Korea this year, Foreign and Trade Minister Péter Szijjártó told MTI in Seoul on Monday.

Several South Korean battery manufacturers have decided to set up plants in Hungary, Szijjártó said during an official visit. These companies “appreciate Hungarian [business] environment, political stability and Hungarians’ commitment, expertise and diligence, as well as … the lowest corporate tax in Europe,” Szijjártó said.

Hungary is set to “remain the flagship of European car manufacturing in a new era, that of electric vehicles,” he said.

Trade between the two countries came to 3.5 billion dollars in 2019, Szijjártó said. Despite the “difficulties in world economy”, Hungarian exports to South Korea grew by 35 percent in January-April this year, he added.

South Korea replaced Germany as the top investor in Hungary in 2019, he said.

South Korean Investors Extremely Interested in Hungary
South Korean Investors Extremely Interested in Hungary

Over the past thirty years, Hungary’s foreign economic relations have changed significantly. As a result of globalization, many non-European countries play a significant role in the economic performance of Hungary. South Korea, one of the largest economies in the world, stands out among those. It surprised many when the Hungarian minister of foreign affairs and […]Continue reading

During the visit, Szijjártó met his South Korean counterpart Kang Kyung-wha, and held bilateral talks with Trade Minister Yoo Myung-hee. He also met representatives of SK Innovation, Samsung SDI, Doosan Solus and Hankook Tire.

In the featured photo: Hungarian Foreign Minister Péter Szijjártó with South Korean Trade Minister Yoo Myung-hee. Photo by Mátyás Boros/Ministry of Foreign Affairs and Trade