National Economy Minister Marton Nagy held talks with South Korean Minister in charge of SMEs and Startups, Oh Youngjo, as part of an official visit.
In addition to economic cooperation between Hungary and South Korea, the two sides reviewed good practices that increase the competitiveness of small and medium-sized companies. South Korea has had diplomatic relations with Hungary since 1989, and will celebrate its 35th anniversary in 2024.
The Asian country is Hungary's twelfth trading partner, and the value of trade between the two countries is close to $9 billion.
South Korea is Hungary's third-largest investing partner, with its total foreign direct investment reaching $9.5 billion. The Hungarian government has concluded a strategic cooperation agreement with three Korean companies that play a crucial role in the automotive (Hankook Tire), electronics (Samsung Electronics) and financial and banking sectors (KDB Bank) in our country. It has also formed a partnership with Samsung SDI, which deals in battery production.
The Minister of National Economy stated that South Korea's dynamic technological development makes it the distinguished economic partner of Hungary. For the Hungarian government, increasing competitiveness is of particular importance, and one of the main tools for this is innovation,
Therefore, our country cooperates with South Korea in the field of technology and knowledge transfer.
The Prime Minister stressed that Hungary seeks cooperation and partnership based on mutual respect with everyone, and this is no different in the case of South Korean companies. South Korean companies are aware of the Hungarian government's commitment to innovative industries and are ready for further cooperation, for which the Hungarian government will provide all assistance.
Marton Nagy added that the strategic goal of the Hungarian government is to form a bridge between East and West. Instead of isolation, our country voted for connectivity, which is why Hungary is an attractive investment ground not only for major Western car manufacturers, but also for companies from the East, including South Korea.
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