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Finance Minister Mihály Varga met Kyu Dok Hong, South Korea’s new ambassador to Hungary, on Thursday, his ministry said. Hungary offers South Korean companies a competitive environment in terms of taxes, skilled labour and infrastructure, Varga said at the meeting. He added that South Korea has become a major foreign investor in Hungary with 300 companies operating in the country. The minister noted two recent large-scale investment projects by SK Innovation and W-SCOPE. Last year, Hungary’s exports to South Korea rose by more than 12% to 672 million dollars, he said. Varga is the co-chair of the Hungarian-Korean Joint Economic Committee which held its fourth meeting in March, in an online format. The committee is set to hold its next meeting in Budapest in 2024, the ministry said.