Szijjártó said at a press conference in Budapest that Inzi Controls would be opening its first European plant with the investment, with production expected to start early next year.

The minister welcomed the arrival of another major South Korean company, reinforcing the domestic automotive industry.

“Thanks to investors from East Asia, Hungary is the 17th largest exporter of batteries for electric vehicles, and further investments on their part could reinforce economic relations,” he was cited as saying by official government website kormany.hu. “It is also thanks to this that trade flow between South Korea and Hungary increased by 45% last year, and almost 50 South Korean companies operating in Hungary are providing jobs to 6,000 people,” he added.

Inzi Controls Hungary Managing Director Cho Yun Hyeong said the parent company chose the Hungarian site because of the significant government subsidy, skilled local workers and favorable location. He did not rule out the possibility of further investments.

Inzi Controls supplies parts to Audi, Volkswagen and Continental, among others, and is a technological partner of Bosch.

Kormany.hu noted that previously, South Koreaʼs SK Innovation also chose Komárom as the base of operations for its European battery production, while Samsung has converted its plant in Göd for similar purposes. Japanʼs GS Yuasa also chose Hungary for its first European investment, building a lithium-ion battery plant in Miskolc.