Hungarian Minister of National Economy

Hungarian-Korean Economic Cooperation Forum

January 28, 2014

“Hungary is ready to further strengthen the business relations with South Korea,” the Hungarian Minister of National Economy, Mihály Varga pointed out at the opening of the Korean Economic Cooperation forum in Budapest.

Minister Varga reminded that the two countries celebrate this year the 25th anniversary of the establishment of diplomatic relations between Hungary and South Korea, and during this period, South Korean companies invested USD 2 billion in Hungary, employing close to 25 thousand people here. As an example, he mentioned that Hungary had become the European base of Hankook Tire. It works in the KDB’s regional center also operates here, he added.

According to the Minister, foreign trade turnover between the two countries has already shown impressive figures, but it has further growth potential, as well. Hungary is ready to make more intensive and further diversify trade in the automotive, electronics, pharmaceutical, and information technology sectors, just as that of agricultural or food products.

Speaking about the importance of partnership between the two countries, Deputy Minister for Trade, Industry and Energy Jae Hong Kim said that although the economic recovery in place as of the second half of 2013 still faces a number of risks, the Forum helps coordinate measures. He stressed that South Korea views Hungary as the gate to Europe, adding that both countries can benefit from the advantages offered by the free trade agreement which was concluded by the EU and South Korea.

The business forum was jointly organized by the Chamber of Hungarian Commerce and Industry and the Korean Chamber of Commerce.


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