Hungary, South Korea agree investment promotion and trade development pact

Hungary and South Korea have agreed to sign an investment promotion and trade development agreement, Péter Szijjártó, the minister of foreign affairs and trade, said on Monday.

Szijjártó said on Facebook that the agreement he signed with South Korean Trade Minister Ahn Duk-geun in Dunakeszi near Budapest would help bring more investments to Hungary. Given that South Korean companies are leaders in the global electric vehicle industry, their investments in Hungary are crucial, the minister said.

South Korean EV industry players like Samsung SDI, SK Innovation, W-Scope and others have created more than 10,000 jobs in Hungary in the recent period, he said. Meanwhile, bilateral trade turnover reached a record 5 billion US dollars last year, he said, adding that Hungary will soon resume meat exports to the country.

The minister emphasised the importance of investments carried out by reliable and strong Eastern businesses at a time when “Europe is rapidly moving towards a recession due to Brussels’s failed sanctions”.