The new plant will turn out around 800,000 tires a year, Szijjártó said. The investment will create 450 jobs, he added.
Around 3,000 people work for Hankook Tire in Hungary at present.
The government will announce the scale of state support for the project after the funding is cleared by the European Commission, he said.
South Korean companies form the fourth-biggest group of foreign investors in Hungary.
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