Minister Lee Chang-yang "Efforts to Achieve 10 Billion Dollar Trade Volume with Hungary"

Meeting with L?szl? K?v?r, Speaker of the Hungarian National Assembly, on the 8th
Discussion on trade and investment, industrial technology, nuclear power cooperation, and EU economic legislation

Lee Chang-yang, Minister of Trade, Industry and Energy, held a meeting in Seoul on the afternoon of the 8th with L?szl? K?v?r, Speaker of the Hungarian National Assembly, who was on an official visit to Korea, and said, "Let's strive to achieve a scale of 10 billion dollars this year." The two countries discussed ways to expand cooperation in trade and investment, industrial technology, and nuclear power, as well as current issues related to European Union (EU) economic legislation.

At the meeting, Minister Lee evaluated, "Since the bilateral relationship was elevated to a strategic partnership in 2021, future-oriented industrial cooperation such as electric vehicle batteries has expanded, making the relationship between the two countries even closer." Despite the global economic downturn, trade between the two countries has continued to increase, reaching a record high of 7 billion dollars last year, and he proposed that they work together to achieve a scale of 10 billion dollars this year. Major export items to Hungary include chemical raw materials, machinery, batteries, and flat-panel displays.

He also explained that Korean companies have entered various fields such as home appliances and electric vehicle batteries, contributing to Hungary's economic development and job creation. Minister Lee conveyed concerns of local companies regarding EU economic legislation such as the EU's foreign subsidy regulations and battery legislation, and requested the Hungarian National Assembly's attention and support for the smooth local management of Korean companies, which play a pivotal role in the Hungarian economy. According to the Ministry of Trade, Industry and Energy, about 270 Korean companies have entered Hungary, creating approximately 20,000 jobs.

Furthermore, he mentioned that the two countries are promoting research and development (R&D) cooperation in information and communication technology (ICT), biotechnology, and machinery based on the EUREKA program, and urged the strengthening of R&D cooperation in various fields in the future, taking advantage of Korea's promotion to a full member of EUREKA last year. EUREKA was established in 1985, led by Germany and France, with the goal of creating a market-oriented industrial technology development community, and currently has 48 participating countries.

Minister Lee said, "I understand that Hungary plans to expand the share of nuclear power and is actively considering the introduction of small modular reactors (SMRs)." He added, "This aligns with the Korean government's energy policy direction, and I hope that cooperation between the two countries will expand in the future, centered on the ‘innovative SMR (i-SMR)’ being developed by Korea."

In response, Speaker L?szl? K?v?r agreed on the necessity to promote trade and investment and expand industrial cooperation between the two countries, and pledged that the Hungarian National Assembly would make every effort necessary to enhance economic cooperation between the two countries.

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