“South Korean Lotte Aluminium Ltd. will be establishing its new parts plant in Tatabánya with an investment of some 44 billion forints (EUR 130.5 million)”, the Ministry of Foreign Affairs and Trade’s Parliamentary State Secretary announced at a press conference in Budapest on Monday.

“According to plan, the 60-thousand-square-metre investment project will link to the Hungarian battery manufacturing and related sectors, and will be creating a new business environment in the central part of the country”, Magyar Levente added. “Hungary’s relations with South Korea are continuing to develop dynamically, and last year South Korea was the largest foreign investor in Hungary, and based on this latest investment will also be occupying an outstanding place in the investment rankings this year. The government is ready to reinforce and maintain this process”, he stated. According to Mr. Magyar, Hungary is on the best path to becoming a mid-range, developed industrial power.

János Bencsik, the area’s Member of Parliament (Fidesz) told reporters that there are already several South Korean companies operating out of Tatabánya’s industrial park, and the latest investment project is the fourth such enterprise. Another company owned by the Lotte Group is already operating there, and realising an annual turnover of 150 million forints (EUR 445,000).

CEO of Lotte Aluminium Hungary Limited Hyun Cheol Cho spoke about the fact that Hungary has an outstanding relationship with South Korea, which is continuously developing, and this latest investment project with improve that relationship even further. The company will be serving enterprises that manufacture batteries for electric vehicles, and plans to produce some 180 thousand tonnes of foil annually. “We are examining the possibility of a further investment project that could supply all of Europe”, he stated.

“It is thanks to Hungary’s investment promotion policy that the Lotte Group has brought its investment projects to Hungary”, he added. “Lotte is South Korea’s fifth largest company group, part of which is Lotte Aluminium Ltd., and it is present in 24 countries worldwide”, Hyun Cheol Cho told the press.

(MTI)