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On the 3rd (local time), Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, met with Laszlo Perlak, Chairman of the Hungarian Chamber of Commerce, in Budapest, Hungary, to discuss ways to enhance economic cooperation between the two countries.

[Asia Economy Reporter Choi Dae-yeol] The Korea Chamber of Commerce and Industry (KCCI) held the 'Korea-V4 Business Forum' in Budapest, Hungary, on the 3rd (local time), with the participation of numerous businesspeople from both countries. The V4 is a cooperative group formed in 1991 in Visegrad, Hungary, consisting of Hungary, Poland, the Czech Republic, and Slovakia. Located in the heart of Europe with favorable investment conditions, it is South Korea's largest export destination and is considered a growth engine within Europe.

The event was jointly prepared by KCCI, KOTRA, and Hungary's Export and Investment Agencies. This was the first overseas business event hosted by KCCI since Chairman Chey Tae-won took office, and also the first economic forum between Korea and the V4 countries. President Moon Jae-in, on a European tour, and Hungarian Prime Minister Viktor Orb?n attended to encourage the businesspeople.

Chairman Chey Tae-won said, "The V4 region's geographical advantages are further strengthened in line with the European Union (EU)'s strong green policy framework," adding, "As global discussions on carbon neutrality are active, businesspeople from both sides should work together to find ways for economic prosperity and social values to coexist."

He continued, "Recently, Korean companies' investments in green mobility in the V4 region have significantly increased, playing a major role in addressing the common challenge of climate change," and "the carbon reduction effect from eco-friendly vehicles equipped with batteries produced in Visegrad is expected to reach 22.6 million tons by 2030, which corresponds to 1% of the EU's overall target (2.56 billion tons)."

On the 3rd (local time), Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, met with Mr. P?ter Szijj?rt?, Minister of Foreign Affairs and Trade of Hungary, in Budapest, Hungary, to discuss ways to enhance economic cooperation between the two countries.

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According to KCCI, the V4 region is South Korea's largest export market within the European Union (EU), with over 650 Korean companies operating there. Along with geographical advantages, the region boasts excellent human resources, and its economic growth has been steep since joining the EU. Since establishing diplomatic relations in 1989, the region has been recognized as a foothold for Korean companies entering the European market.

Starting with the electronics sector in the 1990s, followed by automobiles in the 2000s, and from the mid to late 2010s, active entry into green mobility sectors such as batteries has been observed. The annual investment growth rate in each period reached as high as 150%. With the global supply chain restructuring accelerated by COVID-19, the V4 region has become even more important, according to KCCI. Last year, trade between South Korea and the V4 countries increased by 13% from the previous year, totaling $16.7 billion.

At the forum, discussions and presentations were held on ways to enhance industrial and investment cooperation between Korea and the V4, including key sectors such as eco-friendly vehicles, green energy, digital technology, and biopharmaceuticals. Jung Won-jung, Executive Director of Kia (Europe Division), explained the current status of eco-friendly vehicle businesses such as electric cars and proposed carbon reduction measures. Lee Young-jik, Head of Samsung Electronics Hungary, shared information about the factory operating since 1989, local market characteristics, and ways to contribute to the local community.

President Moon Jae-in is taking a commemorative photo on the 3rd (local time) at the Korea-Visegrad Group (V4, Hungary, Poland, Czech Republic, Slovakia) Business Forum held at the Grand Budapest Hall of the Budapest Marriott Hotel in Hungary. From the front row, left to right: Yoo Jung-yeol, President of the Korea Trade-Investment Promotion Agency; Moon Seung-wook, Minister of Trade, Industry and Energy; Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (Chairman of SK Group); President Moon Jae-in; Viktor Orb?n, Prime Minister of Hungary; P?ter Szijj?rt?, Minister of Foreign Affairs of Hungary; Krist?f Szab?, Director of the Hungarian Export Office; L?szl? Parragh, Chairman of the Hungarian Chamber of Commerce and Industry. From the back row, left to right: Oh Jung-kang, CEO of Enchem; Kim Hyung-ki, Vice Chairman of Celltrion Healthcare; Jeon Young-hyun, CEO of Samsung SDI; Oskar Vilagi, Chairman of the Slovak Chamber of Commerce; Tibor Bial, Ambassador of Hungary to the Czech Republic; Marek Kłoczko, Chairman of the Polish Chamber of Commerce. Photo by Yonhap News

Additionally, a Memorandum of Understanding (MOU) on financial cooperation was signed between the Korea Trade Insurance Corporation and the Hungarian Export Bank; another MOU on project cooperation in batteries, automobiles, green energy, nuclear power, and new airports was signed between KOTRA and the Polish Investment and Trade Agency; and MOUs on joint research and development and personnel exchanges were signed between Korean companies and research institutes and local companies and schools.

Meanwhile, Chairman Chey Tae-won met with Hungarian Minister of Foreign Affairs and Trade P?ter Szijj?rt? to request support for Korean companies' local activities. He also met with L?szl? Parragh, President of the Hungarian Chamber of Commerce and Industry, and agreed to elevate the exchange and cooperation between the two chambers, which has continued since before diplomatic relations were established.

Kang Seok-gu, Head of the International Trade Division at KCCI, said, "The international trade order is rapidly changing, and global companies are increasing their entry into the European market," adding, "Based on the absolute status of Korean companies in the V4 region, we must actively expand our presence in the European market and respond proactively to local climate policies."

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