South Korean companies can expect completely hassle-free administration during investment and trading operations in Hungary thanks to a recent agreement between the investment promotion agencies of the two countries, Hungary’s minister of foreign affairs and trade said on Wednesday.
Addressing a business forum of the Visegrad Group and the Republic of Korea, Péter Szijjártó said that Hungary had taken measures to guarantee smooth trading and an attractive investment environment. Hungary’s Eximbank has opened a 1.4 billion dollar credit line to support cooperation and the government agency in charge of investment promotion guarantees the highest cash support and tax-breaks allowed by law to all South Korean investors, he said. The combined support could reach half of the value of the investment, he added.
Companies from South Korea bring cutting-edge technology to Hungary which contributes to the Hungarian economy’s switch to a higher level of development, Szijjártó said.
The government has shortened administrative deadlines on investment projects thanks to its priority investments scheme, Szijjártó said.
In line with an agreement signed with the Korean airline company, cargo flights operate between Hungary and South Korea twice a week, he said.
On the sidelines of the forum, Szijjarto and South Korean counterpart Chung Eui-Yong signed an agreement on cooperation between the two countries’ diplomacy academies.
Featured photo via Péter Szijjártó’s Facebook page