Varga Expects Korean Investors’ ‘Decisive Role’ To Remain
- 26 Feb 2016 11:00 AM
The Republic of Korea is the third major non-European investor in Hungary and Korean companies will continue to play a decisive role in the Hungarian economy, Economy Minister Mihály Varga said. After holding talks in Seoul, Varga called it important for Korean companies planning their first investment in Hungary to know that many international firms have been operating and kept expanding their production capacities in the country for several decades, the ministry said on Friday.
Varga met senior executives of Samsung Electronics, car parts maker Woory Industries and other major local companies.
Varga told his negotiating partners that the Hungarian government has carried out a number of reforms since 2010 to improve the country’s competitiveness and encourage foreign investments.
The government scheme for re-industrialisation dubbed Irinyi Plan also envisages expanding Hungary’s manufacturing sector. Korean companies already present in Hungary, such as Samsung Electronics, Hankook Tire, Daewoo and LG, have a special role in these efforts, as well as Woory Industries which plans to set up a plant in Hungary, Varga said.
Source www.hungarymatters.hu - Visit Hungary Matters to sign-up for MTI’s twice-daily newsletter.
MTI photo: Ujvári Sándor
LATEST NEWS IN business