An increasing number of South Korean companies have been investing in Hungary over the recent years thanks to the Hungarian government’s development promotion policies and a well-balanced business environment, Finance Minister Mihály Varga said at a meeting of the Hungary-Korea Economic Cooperation Mixed Committee.
The Hungarian government has signed a strategic agreement with the Korea Development Bank, which will open a regional hub in Hungary and further boost Korean investment, the ministry said in a statement citing Varga.
Varga and Korea’s Minister of Trade, Industry and Energy Sung Yun-mo, co-chairing the meeting, were in agreement that Hungary has become a significant target of investment for Korean companies and a bridgehead to the markets of central and eastern Europe and the continent as a whole in production, services and logistics, Varga said.
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“Within Asia, Hungary has the second largest trade turnover with South Korea, after China,” he said. Trade turnover increased by 46 percent last year to 2.6 billion dollars and continued to grow this year, he added.
In the first half of 2019, South Korea was Hungary’s largest partner for investment in terms of operating capital, with 50 Korean companies employing over 10,000 people, he said.
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After the meeting, the National Research, Development and Innovation Office and the Korean Technology Development Institute signed an agreement, the statement said.
In the featured photo: Finance Minister Mihály Varga. Photo by Attila Kovács/MTI