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Korean firms investing ʼseveral 100 millionʼ euros in Hungary

South Korean companies will make investments worth "several hundred million euros" in Hungary in the coming months, Minister of Foreign Affairs and Trade Péter Szijjártó told state news wire MTI during an official visit to Seoul on Monday.

Péter Szijjártó with Kang Kyung-wha (Photo by MTI/KKM/Mátyás Borsos)

Szijjártó said that South Korea was the biggest foreign investor in Hungary last year, taking the spot usually held by Germany, because of decisions by South Korean battery makers to set up manufacturing capacity in Hungary.

"These Korean companies are expressly satisfied with circumstances in Hungary, and especially appreciate the political stability, Hungariansʼ love of work, their competence and diligence, and they especially appreciate Europeʼs lowest taxes, including the lowest corporate tax rate in Europe," he said.

Szijjártó noted that bilateral trade between Hungary and South Korea reached USD 3.5 billion last year.

During his visit to Seoul, Szijjartó met with South Korean Foreign Minister Kang Kyung-wha and Minister of Trade Yoo Myung-hee. He also held talks with executives of SK Innovation, Samsung SDI, Doosan Solus and Hankook Tire.