South Korea-based Wooshin Medics will build a pharmaceutical plant as well as a research and development laboratory in Székesféhervár, Central Hungary, CEO Tack-Soo Nam and State Secretary for External Economic Relations Péter Szijjártó announced on Monday.

The Wooshin Medics CEO highlighted the fact that the company had chosen Hungary because of its developed pharmaceutical sector and highly-qualified workforce. In addition, the location of Székesfehérvár is logistically advantageous.

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The investment will create 50 jobs and 90 percent of the new subsidiary's products will be exported. The plant is expected to begin operating in 2015 and the establishment of an R&D centre is also planned.

The State Secretary said that Hungarian exports to South Korea had increased by 24 percent in 2013, while South Korean companies have invested more than €2 billion in Hungary. In total, 66 South Korean enterprises employ more than 22,000 people in Hungary.

Mr. Szijjártó also noted that the new plant ot be established in Székesfehérvár will cover a wide range of activities, including distribution, production and R+D.

(Prime Minister’s Office)