A South Korean company is making the biggest investment of this year to the tune of HUF 290 billion in Nyíregyháza, where they will produce separator film used for electric car batteries, Minister of Foreign Affairs and Trade Péter Szijjártó announced in Budapest on Friday.

According to the ministry's statement, the head of the department reported on the W-Scope investment announcement,

AS THE COMPANY OPENS ITS FIRST EUROPEAN PLANT IN OUR COUNTRY, THE DEVELOPMENT WILL CREATE 1,200 NEW JOBS AND THE FACTORY UNDER CONSTRUCTION WILL PRODUCE 1.2 BILLION SQUARE METERS OF SEPARATOR FILM A YEAR.

In his speech, he highlighted that the automotive industry has now undoubtedly become the backbone of the Hungarian economy, the production value of the sector was HUF 3,600 billion in 2010, and HUF 9,400 billion in 2021, and the momentum has not worn off.

ALSO, IN THE FIRST FOUR MONTHS OF THIS YEAR, THIS NUMBER REACHED A RECORD OF 3,500 BILLION HUF.

And whoever wins the electric automotive industry investments wins the future and can lay the foundations for future economic growth - he underlined, stressing that Hungary is one of the favorite investment locations of large international companies that are dictating the pace of the global automotive revolution.

Péter Szijjártó stated that Hungary is one of the flagships of the transition in the European automotive industry, which has become a major power in the production and export of electric batteries.

He said that the country has the world's third largest electric battery production capacity after China and the United States, and this will increase from the current 50 gigawatt hours per year to 150 gigawatt hours by 2025.

In the export of electric batteries, Hungary ranks fifth in the world ranking, he said.

He also touched on the fact that the "trade winds of this industry are blowing from the east", and one of the main results of the strategy of opening up to the east is that Eastern companies see Hungary as a preferred investment location for their European investments.

AS HE REPORTED, THE MOST INVESTMENT AFTER 2019 AND 2021 WILL PROBABLY COME TO THE COUNTRY FROM SOUTH KOREA THIS YEAR AS WELL.

Finally, the minister pointed out that South Korean companies now make up the fourth largest investor community in our country, which proves that each investment attracts new investments.

Bilateral trade turnover set a record last year, with a 9 percent increase in value approaching five billion dollars, and it is also clear that Hungary benefits enormously from the relationship system.

Source and featured image: Origo