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Hanon to invest HUF 43 billion

South Korean automotive industry supplier Hanon Systems will invest 43 billion forints (EUR 113m) at local bases in Szekesfehervar, Pecs and Retsag, the minister of foreign affairs and trade announced on Friday.

The investment will involve upgrades and capacity expansions as well as a training programme for a staff of 200, Peter Szijjarto said. The state is supporting the project, which will create 250 jobs, with 5.7 billion forints, he added.

Hungary faced “tough competition” to attract the investment, he said, noting that Hanon Systems had 53 factories in 21 countries around the world.

South Korean companies formed the largest group of foreign investors in Hungary in 2019 and again in 2021, said Szijjarto. Three of the world’s ten biggest EV battery makers are South Korean and two of those companies have big plants in Hungary, he added.

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