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Korea to fortify investment relationships with Central Europe
First Vice Minister of Trade, Industry and Energy Jang Young-jin / Korea Times file
By Lee Kyung-min
By Lee Kyung-min
Korea will send a delegation to Hungary, Poland and Slovakia to strengthen economic and trade cooperation, the trade ministry said Sunday.
The Ministry of Trade, Industry and Energy said the delegation, led by First Vice Minister Jang Young-jin, will visit the three countries from Monday to Friday.
The group will hold a business roundtable in Hungary and Poland, to expand investment and trade. They will discuss developments in European Union (EU) trade policies and business activities of Korean firms. In Slovakia, a luncheon meeting with local companies as well as a tour of a local manufacturing plant is scheduled.
The ministry said the three countries are a gateway for Korean companies seeking business expansion in the EU market.
Trade between Korea and Hungary hit a record high of $6.96 billion (9.09 trillion won) in 2022. That between Korea and Poland also came to a record high of $89.5 billion in 2022.
More than 70 Korean firms are operating in Slovakia, including Kia Motors and Samsung Electronics. Kia's manufacturing plant in Slovakia will begin producing electric vehicles (EVs) for the European market in 2025.
Jang will meet with Hungarian Vice Foreign Minister Levente Magyar and Economy and Development Minister Marton Nagy Tuesday (local time).
The high-level policymakers will discuss challenges and developments of joint investment and trade conditions and outline efforts for successful cooperation in the areas of industrial technologies and joint research and development (R&D) opportunities.
The meeting with the vice foreign minister will entail the signing of the Trade and Investment Promotion Framework (TIPF) between the two countries.
Hungary is the third country to sign the TIPF with Korea after the United Arab Emirates (UAE) and the Dominican Republic.
The Korea-Hungary agreement involves supply chain stabilization, green drive cooperation, industrial, trade and energy policy cooperation.
The delegation will visit Poland from Wednesday to Thursday. Jang will meet with the country's Vice Foreign Minister Arkadjusz Mularczyk and Minister of Economy and Development Waldemar Buda.
On Friday, Jang will meet with Slovakia's Economy Minister Karel Herman and Vice Foreign Minister Ingrid Brockova to discuss EU trade issues as well as cooperation in the areas of automotive, steel, hydrogen and nuclear energy.
Jang will have interviews with Hungary's TV 2, Polsat TV of Poland and Hospodarske Noviny of Slovakia.