Hungary, South Korea Sign MoU Promoting Trade, Investment

Int’l Relations

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.

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