Hungary-South Korea investment prelude success

Int’l Relations

A knowledge-sharing programme between South Korea and Hungary has been successful and Hungarian investors are welcome in South Korea, the Hungarian Economy Ministry's deputy state secretary for international economic relations said yesterday.

A priority task for the year was to encourage Hungarian companies to invest abroad, Antal Nikoletti told journalists at a press event. Hungarian exports to South Korea were represented mostly by food and agricultural products, and there is significant potential for increases, he added.

South Korean companies have so far invested more than USD 2 bln in Hungary and employ 25,000 people.

Senior advisor to the Knowledge-sharing Programme KSP and a former ambassador in Budapest, Dae Won Su, noted a shift in the world from a capital-based economy to a knowledge-based economy, which is why South Korea launched KSP in 2004.

He noted that Hungary is an important partner to South Korea, since it was the first former communist country after the change of the regime to establish diplomatic relations with South Korea. Strong cultural links between the two countries facilitate the cooperation, he added.

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