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Varga: Republic of Korea third most important non-European investor in Hungary

The Republic of Korea is the third most important non-European investor in Hungary, National Economy Minister Mihály Varga said yesterday in Seoul following a meeting of the Hungarian-Korean Joint Economic Committee, Hungarian news agency MTI reported today, citing an announcement by the National Economy Ministry.

Varga met with senior managers of Korean companies including Samsung Electronics and automotive supplier Woory Industries after the committee meeting. Varga said that Woory Industries is planning to bring a car parts manufacturing plant to Hungary.

Korean companies already operating businesses here include Samsung Electronics, Hankook Tire, Daewoo and LG, MTI reported. Samsung Electronics, the first Korean investor in the country, set up its plant to manufacture television sets with an investment of $50 million in 1989. The plant now employs 3,000 workers, MTI added.