On opening the Hungarian-South Korean Economic Cooperation Forum in Budapest, jointly organized by the Hungarian Chamber of Trade and Industry and the Korea Chamber of Commerce and Industry, Minister for National Economy Mihály Varga said that Hungary is well prepared to strengthen bilateral business relations between the two countries.
He pointed out that this year marks the 25th anniversary of establishing diplomatic relations between Hungary and South Korea and during this period investment by South Korean enterprises in Hungary totalled USD 2bn and 25 thousand people are employed at companies they have founded. Among the largest investors Mihály Varga mentioned Hankook Tire, which has its European headquarters in Hungary, and the KDB Bank with a regional centre in the country.
“In light of relations, I believe that both countries have much to offer to each other not only on a bilateral but a regional level as well,” the Minister stressed, adding that Hungary will do everything in its power to enhance bilateral relations.
He also said that under the new foreign economic policy strategy called “Opening to the East” the Government has identified as strategic objective to fortify existing, traditional relations, seek to establish new ones and pay special attention to emerging Asian countries.
He pointed out that the Government of Hungary provides every condition required for bolstering bilateral relations. As he remarked, in addition to this, economic success demands direct contact between economic stakeholders and the Economic Cooperation Forum has been established in order to identify and exploit business opportunities.
In the opinion of the Minister, although the volume of foreign trade between the two countries has hitherto been spectacular, it still has further, hidden growth opportunities. Hungary is willing and prepared to intensify and diversify the trade of car, electronics, pharmaceuticals and IT sectors, as well as those of agricultural and food industry 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.
He informed journalists that the ministers of the two countries are to sign a Memorandum of Understanding regarding comprehensive cooperation in the field of energy. Experiences and technologic know-how represented by South Korea in the field of renewable energy and energy efficiency can be adequately supplemented by the high skills of Hungarian human capital. He added that South Korean companies are planning further investment projects in Hungary.
(Ministry for National Economy)
