MENU

A Gateway for Korean Investment and Trade

KOTRA facilitates easy and efficient entry to the Hungarian market

The Korea Trade and Investment Promotion Agency (KOTRA) is both a Trade Promotion Organization (TPO) and an Investment Promotion Agency (IPA) representing the Korean government. The organization opened its Budapest office (Korea Business Center) in 1988, at the start of Hungary’s economic (and political) transformation.

“Because of our early arrival, we have a deep understanding of the country. Hungary has undergone deep political and economic transformation. Being aware that the government focuses on attracting foreign investment enabled us to promote Hungary as a favorable country to Korean investors early on through several methods. By continuously advertising the merits Hungary possesses, it has encouraged many investors to proactively knock on the door of the Hungarian business market,” the Director of the Korea Business Center (KBC) in Budapest, KeeWon Park tells Diplomacy&Trade.

Fulfilling mission goals
KOTRA’s main mission is stated in the CEO’s message as ‘Leading the Way for SMEs to Explore Overseas Markets and to Create Global Jobs’. The Director points out that KOTRA has several programs to fulfill these goals. “In terms of trade, we conduct market & buyer research, organize delegation and trade fairs, offer the Jishawha program (for which the KBC acts as a local branch and supports marketing) and other programs, which help Korean SMEs to export. The Budapest KBC offers most of the mentioned programs and has strength in industries such as cosmetics and pharmaceuticals. For the investment, we provide clients information about the overall business environment, including basic taxation, labor law, local regulation and even government related activities like incentives.”
Seminars are also prepared occasionally so that Korean investors obtain new insights and updated news about Hungary. In the process of helping investors, when they have successfully established a business in Hungary and created global jobs, KBC helps them recruit Korean job seekers, mostly from Korea.

KOTRA assistance
KOTRA mainly helps Korean SMEs to export to Hungary and also provides basic country information which many clients find hard to search by themselves without paying fees to professional firms. Since the annually updated information by KOTRA regarding the overall business environment is provided free of charge, it is used by many investors, some of whom visit the KOTRA office that offers experienced personnel and a detailed database for basic consulting.
The thorough cooperation with HIPA and good relationship between two governments enables KOTRA to stand as a reliable agency. “Therefore, I might say that while it is the investors who have chosen Hungary as an adequate investment target for several reasons, KOTRA has played a lubricant role in helping Korean investors easily and efficiently enter and start their business in Hungary,” KeeWon Park points out.

Largest investors
Before the times of electric battery production, Samsung Electronics and Hankook Tires were the flagships of Korean investments in this country. Today, the largest Korean investors in Hungary are Samsung SDI and SK Innovation. These two electric battery production firms decided to aggressively invest in Hungary and produce the batteries now in demand. As this demand keeps growing, these companies have decided to expand their capacity by investing more and production is expected to explode within a few years. Following this trend, suppliers that produce parts to be included in the battery have also aggressively invested and are continuing to invest in Hungary.
Sang-A Frontec, Dongwha Electrolyte, Doosan Solus and many others are the examples of companies that invested in Hungary with the increasing importance of electric battery production. “With the EU Commission’s 2050 carbon neutral plan and worldwide increase of electric vehicle production, I would say that this industry is the most prominent among the Korean investors in Hungary,” the Director adds. All these companies and others have made the Republic of Korea the largest source country of foreign direct investments in Hungary.

Favorable business environment
He is of the view that the already established and the would-be investors are satisfied overall with the business environment in Hungary. “The government intends to give huge investment incentives and provides full support to the businesses by making a business friendly environment. Regulations regarding business registration is quite convenient and swift, which is one of the major aspects investors consider. Also, the government has lowered the social contribution tax from 27% to 17.5% since 2017 and is expected to lower a bit further. In terms of visa application, the relevant department has been reinforcing their manpower due to the increasing number of foreign investors entering Hungary. This has benefited the would-be Korean investors, as well.”
He adds that some difficulties have also been raised among the investors. Due to the continuing economic prosperity, there has been excess demand of labor with which the supply has not been able to keep up the pace. The recent record breaking low unemployment rate (before the pandemic) has made it hard for investors to recruit in certain areas. Despite the manpower reinforcement in the administration sector, there have been some complaints of lagging permit application procedure, the Director says.

Hungarian partners
KeeWon Park stresses that in fulfilling its mission, KBC/KOTRA cooperates with several Hungarian partners. “Since we are an export promotion agency, we definitely are in need of Hungarian buyers who are interested in the Korean products and willing to use or sell those products in Hungary. We tend to help both parties by enabling fluent communication between them and eventually making them mutually successful partners. Secondly, we cooperate with the Hungarian Investment Promotion Agency with which we share client inquiries about investment opportunities, incentive strategies and even M&A related issues. Also, HIPA has helped many Korean clients during the COVID-19 pandemic when the borders were closed. They enabled essential business personnel visits to Hungary, which has gained huge trust among the Korean investors. Within the investment portion, we should also mention many law and accounting firms that help Korean investors do business easily in Hungary. Many have gained praise among Korean investors for their in-depth and accurate assistance. Finally, we at Budapest KBC thank all Hungarians that have accepted us as a cooperation partner. Even though, most of them might not be directly involved with our office, these people have greeted not only us but all the Korean investors wherever we go and take care of us when we encounter problems. Without the Hungarians warm-hearted hospitality, I don’t think we might be able to work as smoothly as we are doing currently.”

Sándor Laczkó

No comment yet. Be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

fourteen − 8 =

  • Top 5 Articles


  • Articles by Date

  • Hashtags

    #Abel Prize #Academy #Academy Awards #Accenture #Accident #acquisition #Adrian Ellis #Adriana Gonzalez #Advanced Power AG #Adventure #Advertising #Advertorial #Aerospace industry #Afghanistan #Africa #Agency #Agrarian industry #Agreement #Agricultural machinery #agriculture #Ahna Capri #air cargo #Air navigation #Air traffic #Air transport #air travel #Airbus Helicopters Hungary Ltd. #Airline industry #Airplane Gizi #airport cargo #Albania #Alberto Vercelli #Aldi #Alexander Tolkach #Aliza Bin-Noun #Allison Transmission Ltd. #ALTEO Plc. #Ambassador David B. Cornstein #Ambassador David Nájera #Ambassador Kumar Tuhin #Ambassador Kyoo Sik Choe #Ambassador Massimo Rustico #Ambassador of India #Ambassador of Malaysia #Ambassador of the Republic of Korea to Hungary #Ambassadors #Ambassadors in Budapest #AmCham #American Airlines #American football #Amos Oz #Andersen Consulting #András Simor #Andrea Jádi #Andrew G. Vajna #Angela Merkel #Angola #Animal husbandry #Animals #Ankita Sood #Anna Nánási #Anna Olasz #anniversary #Annual report #Antal Dreher #Antal Rogán #Antal Vöneki #Anthony Nolan foundation #Antro Moveo #Anunciada Fernández de Córdova #ANY Security Printing Company Plc. #Appeninn Asset Management Holding Plc. #Apple Design Awards #Ararat #archeological excavations #Archeology #Ariston Thermo Group #Armenia #Arms trade #Arraiolos Group #Arrow Architects #art gallery #Art Hall #Art treasure #ASEAN #Asset management #Association of Immortal Hungarian Athletes #Association of Innovative Pharmaceutical Manufacturers #aston martin #Astronomy #Athlete of the Nation #Attila Grandpierre #Attila Mesterházy #Auchan Hungary #Audi #Audi Hungaria #August 20th #August 20th national holiday #Australia #Austria #Automobile industry #Automobile sales #automobile trade #automotive #Automotive industry #Automotive sector #AutoWallis #AutoWallis Group #Avatar #Aviation industry #Award #Azerbaijan
    #bag tag #bakery #Balassagyarmat #Balaton #Bálint gazda (Master Bálint) #Ballet company of Gyõr #Bálna event center #Baltic Sea Festival #Baltic states #Ban Ki-moon #Ban on hospital visits #Bank for International Settlements #bank loan #Bank of China #Bank transfer #Banking #Banking sector #Banking system #banknotes #Barack Obama #BASF #basketball #battery production #Battle of Mohács #Bayern Munich #BBC #Beer #Béla Bartók #Belgium #Bell Food Group #Benelux #Béres Pharmaceuticals #Best of Budapest and Hungary #BHS Trans Limited #bicycle #Bicycle path #bilateral agreement #Bilateral relations #Bio ethanol #Biotechnology #Bisnode Hungary #Bisserka Benisheva #BKV #Black Ribbon Day #Blood donation #BMW #BMW cars #BMW Group #Bocuse d’Or #Bocuse d’Or Europe 2020 #Boglárka Kapás #Bond issue #bond market #book festival #book review #Border closure #Border control #border crossing #BorderLINE Architecture #Bozsik Stadium #brandy #Brazil #Brazilian Development Bank (BNDES) #Breast cancer #Breeding #Brexit #British Ambassador #British Chamber of Commerce in Hungary #British Council #British Telecom #Broadband internet #Bronislaw Komorowski #Buda Castle #Buda Hills #Budakalász #Budapest #Budapest Airport #Budapest Airport Co. Ltd. #Budapest Chamber of Commerce and Industry (BKIK) #Budapest City Branding Nonprofit Ltd. (BVA) #Budapest Dessert competition #Budapest Eurogames 2012 #Budapest Festival Orchestra #Budapest film #Budapest Fire Service #Budapest ghetto #Budapest Highland Golf Club #Budapest hospitals #Budapest Jewish Community (BZSH) #Budapest Marathon #Budapest Mayor Gergely Karácsony #Budapest Millennium Underground #Budapest Municipality #Budapest ONE office building #Budapest Opera Ball #Budapest sights #Budapest Sports Office #Budapest Stock Exchange #Budapest Strings Chamber Orchestra #Budapest University of Technology and Economics (BME) #Budapest Week Publishing #Budapest Wine Festival #Budapest Zoo #Budapest Zoo and Botanical Garden #Buddhism #budget #Budget policy #Building supplies #Bulgaria #Bundesliga (Austria) #burglary #Buses #business #Business club #business costs #Business Council for Sustainable Development in Hungary (BCSDH) #Business Council for Sustainable Development in Hungary’s (BCSDH) #Business environment #Business promotion #Business services #Businesspeople #Busójárás #Butterfly Garden
    #cable car #campaign financing #Canada #Canadian Chamber of Commerce in Hungary #cancellation #Cancún Climate Summit #Canoe #capacity increase #Capital Circus of Budapest #Capital injection #car market #car racing #car rental #car sales #car sharing service #Car trade #carbon neutrality #Card payments #Carl Bildt #Carl Lutz #Carnival season #cars #Cartel #Cash #Cash payment #CEE region #Celldömölk #Census #Center for Budapest Transport (BKK) #Center of Excellence #Central Bank #Central Europe #Central European Initiative #Central European Press and Media Foundation (Kesma) #Central European University #Central European University (CEU) #Central Statistical Office #Ceremony #CERN #Cervantes Institute #Cetelem Bank #Chamber #Chamber of commerce #Champagne #Chang Sun Dong #Charbel Stephan #Charity #Chemical Industry #Chemistry #chess #Chief Medical Officer Cecíla Müller #Chief Medical Officer Cecília Müller #China #Christian Mühlethaler #Christmas #chronic patient #Chung-ha Suh #CIG Pannonia Life Insurance Plc. #cigarettes #cinema culture #Citibank #City diplomacy #Civil engineering #Civil Movement #Civilian engineering #CLA 250 e Coupé #CLA 250 e Shooting Brake #climate change #CMS Cameron McKenna #cobot #Code of Civil Procedure #Collector coins #Colleen Bell #Colliers International #Colorful City Group #columbia #Commemoration #Commemorative coin #Commerce #Commercial accommodation #Commercial Award of Excellence for Hungarian Products #Communications #Competition #Competitiveness #Concert #Conference #Conscious Consumption #Constitution #Constitutional Court #Construction #Construction industry #Consuls #Consultancy #consumer confidence index #Consumer prices #Contactless payments #contemporary art #contest #Convention tourism #Convertiplane #COP26 #Cordia #Corinthia Hotel Budapest #coronavirus #Coronavirus epidemic #Coronavirus test #Corporate issues #corporate merger #Corporate real estate #Corporate social responsibility (CSR) #Corruption #Count Andrássy Picnic #countryside #Courts #Covid-19 coronavirus #Covid-19 pandemic #Crime #crisis #Crisis management #Croatia #cronyism #Csodalámpa (Magic Lamp) Foundation #Csopak #Csurgó #cultural festival #cultural institute #Cultural Interview #Culture #currency #Customer service #customs service
    #D.C. #DAB+ #Dag Hartelius #Daikin #daily death toll #Daily record of infections #Dalai Lama #Dániel Gyurta #Danube #Danube Bend #Danube cruise #Danube Ingrid #Darfur region #David Cornstein #Death #Debrecen #Debrecen Carnival of Flower #Debt #decision-making #Deckscreen #Defense #defense industry #Deloitte #Deloitte Digital Hungary #Deloitte Hungary #Deloitte Technology Fast 500 EMEA list #Delta Group #Democracy #Democrats Abroad-Hungary #Demonstration #Denmark #Denso Manufacturing Hungary #dental tourism #Deputy CEO of the Hungarian Tourism Agency (MTÜ) #Derks Wilhelmus Jose­phus #Design #Design Without Borders #Deutsche Telekom #Deutsche Telekom IT and Telecommunications Hungary #Deutscher Wirtschaftsclub – DWC #Development program #Development project #Digital banking #digital channels #digital classroom #Digital education #Digital work schedule #Digitalization #Dimitris Yannakakis #dinosaurs #Diósgyőr Castle #Diplomacy #Diplomacy and Trade Business Club ('The Club') #Diplomatic credentials #Diplomatic Spouses of Budapest #Disability Caucus #Disadvantaged people #Disaster #Disaster Management #Disaster management legislation #disinfectant #Dividend payments #Domestic issues #Domestic tourism #Dominik Szoboszlai #donation #Dongwha Electrolyte #Dr. Andrea Jádi Németh #Dr. György Kárpáti #Dr. István Béres #Dr. János Szlávik #Dr. László Szabó #Dreher Beer Museum #Dreher Breweries #Drugs #DT April 2009 #DT April 2010 #DT April 2011 #DT Business & Culture Club #DT December 2009 #DT February 2009 #DT February 2012 #DT January 2011 #DT January-February 2013 #DT July-August 2011 #DT June 2009 #DT June 2011 #DT March 2011 #DT May 2010 #DT May 2011 #DT November 2010 #DT October 2008 #DT October-November 2011 #DT September 2009 #Dual education #Duna Elektronika #Duna House #Dyntell Hungary Ltd.
    #e-mobility #E.ON #East Central Europe #Easter #EBITDA #ECOFIN #Ecology #Economic forecast #economic reform #Economic relations #Economic sentiment index #Economy #Edit Herczog #Education #Eger #Egg #Egyházasrádóc #Egypt #Eisberg #EIT Health #Elderly home #Elections #Elections in Hungary #Electric batteries #Electric charger #Electric vehicle battery #Electric vehicles #Electricity #Electricity grid #electricity industry #Electro-mobility #Electrolux #Electronic industry #Electronic payment #Electronic Payment Service Providers’ Association (EFISZ) #Electronic Payment Strategy (EPS) #Electronics industry #Eleni Tsakopoulos-Kounalakis #ELTE #Embassy of Spain in Budapest #EMEA region #Emergency #Emigration #Emmy Awards #Employees’ rights #Employment #Enda Kenny #Endre Szemerédi #Energy Efficient Mortgages Initiative (EEMI) #Energy Efficient Mortgages Pilot Scheme #Energy industry #energy policy #Energy production #energy security #Energy supply #Engineering #Enikõ Gyõri #Enikő Mihalik #Enrique Pastor de Gana #Environment #environment protection #Eörs Szathmáry #epidemic #Epidemiological preparedness #epidemiological restrictions #Equestrian event #Equifest #Ernõ Rubik #Erste Bank #Ervin Zádor #Esther Horvath #Estonia #Eszter Cseke and Andras S. Takacs #Esztergom #Ethanol #EU #EU affairs #EU cooperation #EU funding #EU funds #EU General Court #EU loan #EU Presidency #EU supported projects #EuCham - European Camber #Eucham European Chamber #Euro (EUR) #Europe Day #European Automobile Manufacturers Association (ACEA) #European Bank for Reconstruction and Development (EBRD) #European Capital of Culture #European Central Bank (ECB) #European Championships #European Climate Bank #European Commission #European Court of Justice #European Court of Justice (ECJ) #European Day of Parks #European Football Championship #European Green Deal #European Institute of Innovation and Technology (EIT) #European Molecular Biology Organization (EMBO) #European Parliament #European Super Cup #European Union #European Year of Volunteering #Eurowings #evacuation #Event industry #Exchange rate #Exhibition #Exhibition site #Export promotion #Exports #Exposition #External Action Service of the European Union #External trade #Eydescreen
    #H-UNCOVER #Hableány (‘Mermaid’) river cruise ship #Hackathon #Haiti #Half-year report #Hamad International Airport #handball #Hankook #Használtautó.hu #Health #healthcare #Healthcare workers #Heat record #Heavy industry #Heim Pál National Pediatric Institute #Heineken #HEINEKEN Hungária #Hell Energy Hungary Plc. #Henkel #Herbert Fisch #Herman Van Rompuy #Hidden Power #highway #Hillary Clinton #History #Hódmezővásárhely #Holiday season #Hollywood #Holocaust #Home office #Home quarantine #Homokhátság #Hong Kong #Honorary consul #Honorary consuls #hops #Horizon Development #Hörmann Hungária #Horse polo #horticulturist #Hortobágy Bridge Fair #Hortobágy National Park #Horwath HTL Hungary #hospital #Hospitality #Hospitality business #Hospitals #Hotel boats #Hotel industry #hotelier #hotels #House concert #Household products #Housing #Housing market #Hoventa #Howmet-Köfém Plc. #HR Services #huawei #Human rights #Hungarian Academy of Sciences #Hungarian Academy of Sciences (MTA) #Hungarian Ambassador to the U.S. #Hungarian Banking Association #Hungarian Chamber of Health Care Professionals (MESZK) #Hungarian Competition Authority #Hungarian cultural season #Hungarian Democratic Forum (MDF) #Hungarian diplomats #Hungarian economy #Hungarian EU Presidency #Hungarian European Business Council (HEBC) #Hungarian F-1 Grand Prix #Hungarian Film Week #Hungarian Food Bank Association #Hungarian Foreign Ministry #Hungarian Foreign Ministry (Ministry of Foreign Affairs and Trade) #Hungarian forint (HUF) #Hungarian GDP #Hungarian gov't vs. EU #Hungarian government #Hungarian Holocaust #Hungarian Independent Trans­mission Operator Company Ltd. (MAVIR) #Hungarian industry #Hungarian Interchurch Aid #Hungarian inventors #Hungarian Investment and Trade Agency (HITA) #Hungarian Investment Promotion Agency (HIPA) #Hungarian Labor Code #Hungarian language #Hungarian League Against Cancer #Hungarian Maltese Charity Service #Hungarian Medical Chamber #Hungarian Meteorological Service (OMSZ) #Hungarian military #Hungarian Ministry of Finance #Hungarian Ministry of Foreign Affairs and Trade (KKM) #Hungarian Museum of Science #Hungarian Museum of Science Technology and Transport #Hungarian National Asset Management Inc. (MNV) #Hungarian National Blood Transfusion Service (OVSZ) #Hungarian National Gallery #Hungarian National Museum #Hungarian Olympic Committee (HOC) #Hungarian Open Air Museum #Hungarian Parliament #Hungarian Polo Club #Hungarian President János Áder #Hungarian Press Photo Exhibition #Hungarian Red Cross #Hungarian society #Hungarian Tourism Agency (MTÜ) #Hungarian-born #Hungarians abroad #Hungaricum #HungaroControl #Hungaroring #Hungary #Hungary politics #Hungary tourism #Hungexpo #hybrid car #Hygiene #hygienic safety #Hyundai
    #Machinery industry #Madagascar #Mads Sandau-Jensen #Magyar Rádió (Hungarian Radio) #Magyar Suzuki #Magyar Telecom #Magyar Telekom #Magyarföld #Mahart Passnave #Malay Mishra #Malév Hungarian airlines #Mandatory quarantine #Manfred Bey #marathon run #Maria Assunta Accili Sabbatini #Marketing #Markku Virri #Martin Gauss #Márton Fucsovics #mask-wearing #MASTERPLAST #Mateco-Hungary Ltd. #Matei I. Hoffmann #Mátra Hill #Matriculation exam #Matterhorn #MÁV Hungarian Railways #Maximilian Hell #Media #Media law #Mediaworks #Medical industry #Mellow Mood Hotels #Mélykút #Memorial walk #Mercedes #Mercedes Benz #merkel #Messer #Mexican Embassy in Budapest #Mexico #MFGK Croatia d.o.o. #Michael Ignatieff #Midsummer night #Migration #Mihály Kolodko #Mihály Munkácsy #Mihály Varga #Miklós Radnóti #Mikulás Dzurinda #Military #Millennium generation #Minister of Agriculture István Nagy #Minister of Defense #Minister of Foreign Affairs and Trade #Minister of Human Capacities #Ministry of Human Capacities (EMMI) #Ministry of National Development #Ministry of National Economy #Ministry of the Interior #Minorities #Miroslav Lajèák #Miskolc #Miskolc rally #missiles sales #Mitt Romney #Mobile base station #mobile broadband #Mohács #MOL #MOL Group #MOL Hygi #Monetary policy #Monostor Bridge #Monterrey #Moody's #Móric Benyovszky #Mortgage #Motion picture #motoGP #Motorcycle #Motorway #Mountaineering #Movement restrictions #Municipal elections #Municipality #mural #museum #Museum of Fine Arts #Museums #Music #Music in the Forest - Mátra Art Days #MVM Group
    #São Tomé and Príncipe #Sali Berisha #Sameer Hamdan #Samsung #Samsung SDI #Samyang Biopharm #Sándor Csányi #Sándor Demján #Sándor Képíró #Sándor Kiss #Sándor Kőrösi Csoma #Sándor Pintér #Sang Il Lee #Sanofi #Saudi Arabia #Scandal #Scholarship #School year #Schools #Science #scuba diving #second-hand car sales #security issues #Semmelweis University #Semmelweis University of Budapest #Sensirion #Sérgio Eduardo Moreira Lima #Service center #Service sector #sewage water #Shanghai #Shanghai World Expo 2010 #Shapr 3D #Shell #shopping #short film #shortage #show jumping #Siemens #Sika #Singapore #Singapore Airlines #Siófok #Skanska #Skanska Hungary #Slovakia #Slovenia #Slovenian Tourism Organization (STO) #Sludge #Smartphone application #SME Robotization Barometer #SMEs #Smoke-free future #Snow #Soccer #Social(i)Makers #Society #Society for Freedoms #Solar energy #Solar panels #Solidarity Club #Son of Saul #South Africa #Soviet Union #Space research #Spain #Spanish language #SPAR #Spar Hungary #special taxes #Sponsorship #Sports #Sports club #Stadler #Stalinism #Start-ups #State Auditing Office #State of danger #State of emergency #State of the Nation #State subsidies #Statistical data #Statue #Stefan Pop #Stefánia Palace #stepdance #Stock exchange #Stockholm #Straumann #Street music contest #Sudan #Suh Chung-ha #SUHANJ! Foundation #Sumatran orangutan #Summer Olympic Games #SunDell Estate Plc. #SungEel Hitech Hungary Ltd. #Sunshine Garage #Supercharge Ltd. #Superfast Internet Program #Supermarket chain #Suppliers #Suriname #survey #Sustainability #Sweden #Sweet Days Budapest #Swimming #Swiss Embassy - Budapest #Swisscham Hungary #Switzerland #Symbol #Syria #Szabolcs Takács #Szamos Marzipan #Szeged #Szeged Open-Air Festival #Szeged wholesale market #Szentendre #Szerencsejáték Plc. #Sziget #Szigetszentmiklós #Szolnok #Szusza Ferenc Stadium
  • © Copyright 2020 Duax Kft. –  All rights reserved.
    searchenvelope-oalign-justifytwitterfacebookfeedinstagrammoon-osunearth