Photo: Attila Kovács/MTI
Eurasia
20/11/2024 23:59
According to a statement from the ministry, South Korean food company CJ Foods will establish a ready meal production plant and a warehouse center in Dunavarsány as part of a greenfield investment project. The development, valued at approximately HUF 31 billion, will receive HUF 5.3 billion in state support, facilitating the creation of 200 new jobs in its initial phase.
In his speech, Szijjártó emphasized that the vast majority of products manufactured at the new facility will be destined for Western European markets, while the company plans to source most of its raw materials from Hungarian farmers and suppliers.
He noted that, as South Korea's largest food company with 60 factories worldwide, CJ Foods chose Hungary for this investment in a highly competitive environment.
The Hungarian FM further highlighted that, in recent years, the global economy has shifted from the West to the East, with Asian players leading in many sectors. Hungary, he added, has recognized this shift early and adapted effectively.
Szijjártó added that Hungary is already home to more than 300 South Korean companies, with a total investment of nearly €10 billion, making them the fourth-largest investor community in the country.
The Hungarian plant is set to become CJ Foods' largest production unit in Europe. The company’s management envisions Hungary evolving into a regional logistics and distribution hub, serving markets in Central and Eastern Europe as well as the Balkans.
Over 90% of the products manufactured in Dunavarsány will be exported to Western European markets, including the UK, Germany, France, and the Netherlands. CJ Foods has already established a strong market presence in these countries, with its bibigo brand leading the B2C market for dumpling products in Germany and the Netherlands.