The success of the opening in the East has been proven! Hungary is no longer dependent on Germany

The success of the opening in the East has been proven!  Hungary is no longer dependent on Germany

Hundreds of millions of euros of investment will come from South Korea in the coming months. New investments mean tax revenue, new jobs, technological development, diversification of economic stability. If there is work, there is everything.

An excellent, already realized investment is Hankook, which operates its only European factory in Hungary, where more than 3,000 people already work. Of the 100 million tires produced annually by the company, 17 million are made in Rácalmás.

Hundreds of millions of investments will arrive in Hungary in the coming months from Korea, said Hungarian Foreign Minister Péter Szijjártó in a statement to MTI during his visit to Seoul on Monday.

Péter Szijjártó pointed out that last year was exceptional in terms of investments coming to Hungary, as for the first time in decades most investments did not come from Germany, but from South Korea.

He said that the reason for this was the decision of the largest electric battery companies in South Korea to bring the world's largest electric battery factories to Hungary.

"These Korean companies are particularly pleased with the conditions in Hungary, they highly value political stability, the love, skill and diligence of the Hungarian people, and they especially appreciate the lowest taxes in Europe, including the lowest corporate tax in Europe," the minister said.

He also underlined that several companies active in the South Korean electric car industry have decided to bring further investments to Hungary, which means that hundreds of millions of euros more South Korean investments will be made in Hungary this year alone.

"In this way, Hungary can say not only in the traditional period, but also in the new period based on electric cars, that it will be the flagship of the European car industry," said Péter Szijjártó.

He added that this new investment of hundreds of millions of euros in South Korea in the electric car industry will be announced continuously in the coming months, as the companies ’internal decision-making structure allows.

The Minister announced that the investments will be evenly distributed in Hungary and several parts of the country will benefit from them.

Péter Szijjártó also emphasized that the political relations between Hungary and South Korea are also particularly good and do not pose any obstacles to the further development of bilateral economic and investment relations.

"Our trade turnover reached three and a half billion dollars last year, and this year, despite the difficulties in the world economy, Hungarian exports to Korea increased by another 35 percent in the first four months of the year," the minister pointed out, adding that The success of Hungarian-South Korean economic co-operation also confirms the correctness of the decision to open in the East.

During his visit to South Korea, Peter Szijjártó met with South Korean Foreign Minister Kang Kjung Vha, held a bilateral meeting with Trade Minister Ju Mjung Hi, and held talks with representatives of SK Innovation, Samsung SDI, Doosan Solus and Hankook Tire.


Tags: Development  Economy