Korea has strengthened its economic ties with Hungary and Romania. A Korean delegation, including representatives from both government and the private sector, visited Hungary and Romania for five days from January 25 to 29. Amongst others, the delegation consisted of officials from the Ministry of Trade, Industry and Energy (MOTIE), the Small and Medium Business Administration (SMBA), the Defense Acquisition Program Administration, the Korea Chamber of Commerce and Industry and from KLC, a shipping company.

The delegation took part in the first Korea-Hungary joint economic committee meeting on January 27 and discussed cooperation on trade, investment, creative industries, the defense industry and small- and medium-sized enterprises (SMEs). The two sides also agreed to collaborate on building an electronic trade system in Hungary.

The SMBA and the Hungarian Ministry of National Economy signed a memorandum of understanding (MOU) to expand cooperation between SMEs in the two nations. KEPCO, a Korean electric power company, and the Budapest University of Technology and Economics agreed to cooperate on training human resources specialized in developing nuclear energy. The Korean Institute of Industrial Technology (KITECH) and Hungary’s National Innovation Office (NIO) concurred in pursuing joint research and development and in exchanging information on technological and industrial innovation. K-sure, a trade insurance company, and a Hungarian export creditor agreed to cooperate on collecting trade-related debt and to pursue the exchange of trade insurance-related human resource and information.


In addition, chambers of commerce of both nations held an economic cooperation forum in celebration of the 25th anniversary of Korea-Hungary diplomatic relations. Some 120 government officials and business leaders took part in the forum.

At the forum, Vice Minister of Trade, Industry and Energy Kim Jae-hong introduced Korea’s policies on the creative industries and suggested that both sides pursue joint R&D and industrial innovation projects, focusing on nurturing world-leading companies.


Later, the delegation visited Romania and took part in the seventh Korea-Romania industrial cooperation committee meeting. Both sides discussed collaboration on building an electronic trading system and a pumped-storage hydroelectricity power plant, as well as trade insurance, renewable energy, information technology and the defense, shipbuilding and steel industries.

By Limb Jae-un
Korea.net Staff Writer
jun2@korea.kr