Hungary gets South Korean investment worth more than HUF 10 billion

With State support, Sangsin, a Korean manufacturer of battery components, is expanding its production in Hungary.

At the press conference of the investment in Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó announced that Sangsin Hungary Kft. would expand its plant in Jászberény. The value of the investment is HUF 10.5 billion and is being supported by the government with HUF 3.15 billion. 

According to the minister, it will create 150 jobs in Jászberény.

Electric transport will be one of the driving forces of the post-crisis era, Szijjártó added, so investments like this are important. 

In addition to conventional cars, the Hungarian Government is encouraging production related to electric vehicles via significant subsidies. Thanks to such investments in recent years,  Hungary has become one of the largest electric car battery manufacturers in the world.

The minister also welcomed the fact that trade turnover between South Korea and Hungary increased by 24 percent in 2020 despite the crisis, and economic relations between the two countries are expected to expand even further. 

Hungary is still competing for several investments, and more than three-quarters of these are from Korean companies, Szijjártó added.

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