South Korean biopharmaceutical company Samyang Biopharm is investing 8.6 billion forints (EUR 24.9m) to build a medical equipment plant in Gödöllő, on the outskirts of Budapest.
The investment will create 55 jobs in its first phase, Péter Szijjártó, the foreign affairs and trade minister, said, adding that the government is supporting the project with a 1.3 billion forint non-refundable grant. The Gödöllő base will be the Samyang Group’s first European plant as well as the first South Korean pharmaceutical investment to be brought to Hungary, Szijjártó said.
He said the novel coronavirus pandemic had underscored the importance of capacities to produce medical equipment, adding that Samyang’s investment would reduce Hungary’s vulnerability “in difficult times”.
South Korean investments bring the highest technological standards to Hungary, the minister said, adding that they were based on extensive R+D and represented high value-added that could help advance the “dimensional shift” of the Hungarian economy. South Korean companies continue to view Hungary as a favourable investment destination and business environment, he said, adding that hundreds of millions of euros were expected to flow into Hungary in investments from South Korea over the coming months.