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Hankook Tire to expand Hungarian base for HUF 210 billion

South Korean tyre maker Hankook will invest 210 billion forints at its base in Racalmas, in central Hungary, creating 450 jobs, Minister of Foreign Affairs and Trade Peter Szijjarto said in Baku on Thursday.

The new plant will turn out some 800,000 heavy-duty tyres a year for trucks and buses, the ministry quoted Szijjarto as saying.

The investment is supported by the government. The amount of the support will only be made public after it is approved by the European Commission, the minister said.

Hankook already employs around 3,000 people in Racalmas.

Szijjarto noted that South Korean companies are the fourth biggest group of foreign investors in Hungary.

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