President Moon attends V4 Business Forum... Mentions Samsung Electronics and Hyundai Kia Motors as exemplary cases

Strengthening Cooperation on Batteries, New Industries, and Infrastructure with V4 Countries... MOU Signed on Defense Industry, Bio, and More

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in, who is on a state visit to Hungary, attended the 'Korea-V4 Business Forum' event on the 3rd (local time) and pointed to Samsung Electronics and Hyundai Kia Motors as exemplary cases of cooperation between the two countries.

This event was hosted by the Korea Chamber of Commerce and Industry, KOTRA, and the Hungarian Export Promotion Agency (HEPA), with participation from Hungarian Prime Minister Orb?n and Korean-V4 businesspeople. The V4 is a cooperative group consisting of Poland, Hungary, the Czech Republic, and Slovakia, formed in 1991 in Visegrad, Hungary.

The Blue House explained, "The cumulative investment amount of our companies in the V4 countries has exceeded 10 billion USD, spanning various industries such as electronics, automobiles and parts, chemicals, and metals, and the V4 countries are our largest investment destination within the EU."

[Image source=Yonhap News]

In his keynote speech, President Moon evaluated that the economic cooperation between Korea and the V4, which began in 1989, has developed and produced significant achievements in terms of trade and investment today. President Moon proposed expanding the cooperative relationship between the two countries into energy and new industries amid changing environments such as digital and green transitions, and growing together.

In particular, President Moon emphasized reciprocal cooperation between the two countries and mentioned the Hungarian Samsung Electronics TV factory and Hyundai Kia Motors’ investments in the Czech Republic and Slovakia as exemplary cases.

Samsung Electronics entered the small Hungarian town of J?szf?nyszaru in June 1989 and is regarded as the beginning of Korea-V4 economic cooperation. Currently, it produces 40,000 units daily, exporting TVs throughout Europe and has grown into a leading local company. Hyundai and Kia Motors established production plants in the Czech Republic and Slovakia respectively in 2007, with an annual production capacity of 350,000 units.

[Image source=Yonhap News]

President Moon proposed strengthening cooperation in three areas?electric vehicle batteries, new industries, and infrastructure?so that Korea can grow together with the V4 based on its strengths in advanced manufacturing.

The Blue House explained, "All major Korean battery companies have established production bases in the V4 and possess high technological capabilities and global supply capacity," adding, "Korea is expected to become a reliable partner that can support the V4’s leap forward."

LG Energy Solution has entered Poland, SK Innovation has entered Hungary, and Samsung SDI has also entered Hungary.

Meanwhile, with Minister of Trade, Industry and Energy Moon Seung-wook in attendance, strategies for business cooperation to expand Korea-V4 business were also discussed. A signing ceremony for MOUs on cooperation between institutions and companies of each country for joint development of the European market by Korea-V4 companies was held.

This content was produced with the assistance of AI translation services.