He said South Korea and its companies had been symbols of quality and innovation ever since. Orbán said South Korea was a role model for Hungary, demonstrating that hard work, precision and creativity can propel a country’s products to the global market.

He described South Korea’s economic history as a “breathtaking success story”. The prime minister said South Korea and Samsung’s histories also proved that the workings of the global economy were not predetermined.

Certain regions may gain in strength while others may take steps back, but South Korea is among the countries that “set the pace” in the global economy, he said.

It was important that Korea had learned from others but “had always walked its own path” over the course of its history, adding that the country is an important trading partner for Hungary. Orbán said Samsung’s investment would be mutually beneficial for both the company and its Hungarian base, arguing that the plant will provide jobs for the city’s residents while Samsung will be subject to the lowest tax rates in Europe.

Samsung SDI CEO Jun Younghyun said the coming expansion of the global electric car market would greatly increase demand for batteries produced at the Göd plant. The factory will employ the most up-to-date technologies, he said, adding that it could contribute to a surge in Europe’s electric car market.

Péter Szijjártó, the foreign affairs and trade minister, said last August that Samsung SDI’s 100 billion forint (EUR 324m) investment in Göd would create 600 jobs.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: Szigetváry Zsolt