Hungary, South Korea Sign MoU Promoting Trade, Investment
Young-jin Jang and Levente Magyar at the signing ceremony.
Photo by MTI/Tamás Kovács
Hungary and South Korea signed a memorandum of understanding on cooperation to promote trade and investment in Budapest on Tuesday, according to a report by state news wire MTI.
The MoU was signed by Ministry of Foreign Affairs and Trade State Secretary Levente Magyar and South Korean Vice Minister of Trade Industry and Energy Young-jin Jang.
Magyar said South Korea is one of Hungary's most important trade partners and has also been the biggest foreign investor in the country for a number of years. In addition to the automotive and electronics industries, Hungary would welcome investments by South Korean companies in other sectors, too, he added.
Magyar said that Hungary has valuable know-how in the medical sciences and biotechnology.
He pointed to efforts to enhance ties between institutions of higher education in the two countries and said around 1,000 South Korean students are enrolled at universities in Hungary, mainly at medical schools.
Jang said the MoU aims to expand cooperation between South Korea and Hungary from the automotive and electronics industries to the biotechnology and pharmaceutical sectors.
He noted that South Korea and Hungary stepped up their economic ties to the strategic level in 2021. He added that Korean Air announced the launch of a direct flight between Seoul and Budapest last October.
Jang also met with Máté Lóga, the state secretary for economic development and national financial services, the Economic Development Ministry said. The sides discussed economic trends and bilateral economic ties, with a focus on cooperation in the areas of electromobility, the battery industry, and vocational training.
The sides agreed that bilateral trade and economic ties should be strengthened further and more paths of cooperation explored.
Lóga noted that Hungary's government has signed strategic cooperation agreements with South Korea's Hankook, Samsung, and KDB.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.