President Moon at V4 Business Forum: "Cooperation on Electric Vehicle Batteries" (Comprehensive)

Samsung Electronics, Hyundai Kia Motors and Other Korean Companies Highlighted... "V4 is Korea's Largest Investor in the EU"

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in, who is on a state visit to Hungary, attended the 'Korea-V4 (Visegr?d Group) Business Forum' held at the Budapest Marriott Hotel on the 3rd (local time), emphasizing economic cooperation including electric vehicle batteries. President Moon highlighted the cases of Samsung Electronics and Hyundai-Kia Motors operating locally, noting that the V4 is Korea's largest investment destination within the European Union (EU).

The V4 is a Central European cooperation body formed in 1991 in Visegr?d, Hungary, consisting of four countries: Poland, the Czech Republic, Hungary, and Slovakia.

President Moon stated, "In June 1989, Samsung Electronics' TV factory opened in the small Hungarian town of J?szf?nyszaru. This marked the beginning of economic cooperation between the V4 and Korea. This factory, which once produced 400 TVs a day, now manufactures 40,000 TVs daily. It exports TVs across Europe as a global production base and has grown into a leading local company employing half of J?szf?nyszaru's population."

[Image source=Yonhap News]

President Moon said, "Since 2007, Hyundai-Kia Motors' factories have been operating in No?ovice in northeastern Czech Republic and ?ilina in northwestern Slovakia. No?ovice, once a quiet rural area, has become the heart of the Czech automotive industry," adding, "Hyundai-Kia Motors have annual production capacities of 350,000 units each, accounting for more than 7% of global production at these two sites."

President Moon emphasized cooperation in electric vehicle batteries, new industries in the post-COVID era, and infrastructure collaboration.

He explained, "All major Korean battery companies are establishing large-scale production bases in the V4. This year, the Hungarian government decided to provide $100 million in support for SK Innovation's second plant under construction in the Kom?rom region. SK Innovation also announced plans to invest an additional $1.1 billion to establish a third plant. This is a symbolic example of the mutually beneficial cooperative relationship between the V4 and Korea."

[Image source=Yonhap News]

President Moon said, "After COVID-19, the world is accelerating digital and green transitions. If the V4's basic scientific and technological capabilities combine with Korea's applied science and technology, we can lead these changes," adding, "In particular, I hope we can work together to foster the hydrogen economy, which holds infinite potential as a future energy source."

President Moon added, "Korean companies are participating in various V4 infrastructure projects such as the chemical plant construction in Police, Poland, and the tram replacement project in Warsaw. We also hope to collaborate on new projects like the construction of the new Warsaw airport in Poland and the modernization of Bratislava airport in Slovakia."

President Moon evaluated, "The results of win-win cooperation between Korea and the V4 are remarkable. Over 600 Korean companies have entered various industries including electronics, automobiles and parts, chemicals, and metals, with cumulative investments exceeding $10 billion, making the V4 Korea's largest investment destination within the EU."

He said, "Despite the COVID-19 situation last year, investment reached a record high of $16.8 billion, and this year it is increasing by more than 30%, with the $20 billion mark within sight," adding, "Korea, which has strengths in advanced manufacturing, hopes to grow together with the V4. I hope we can expand beyond the European market and reach the world together."

[Image source=Yonhap News]

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, said, "The V4 region, with its solid manufacturing industry base, and Korea, with world-class technological capabilities, are excellent partners for advancing toward a carbon-neutral society," and requested, "I ask the attending businesspeople to play a significant role in expanding the partnership between Korea and the V4 beyond green mobility to various fields such as eco-friendly energy, digital, smart infrastructure, and construction."

Chairman Choi added, "There is a Hungarian proverb that says, 'It is better to walk with a friend in the dark than alone in the light.' I hope that the V4 and Korea become friends and pass through the dark tunnel of the pandemic to reach the next level of future cooperation."

Hungarian Prime Minister Viktor Orb?n recalled, "I remember writing on a piece of paper, 'What can we learn from Korea?' back in 2010. At that time, when we were facing a situation close to bankruptcy, we were thinking about how to learn from Korea to overcome it."

Prime Minister Orb?n said, "To find the answer to how we can regain competitiveness once again, we believe Korea must be our friend," adding, "I hope many Korean businesspeople will come to Hungary with many business opportunities, and that the long-standing friendly relationship between Korea and Hungary will continue to grow."

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