KITA checks corporate response to EU regulations in Hungary, Poland, Slovakia

Korea International Trade Association Executive Vice President Kim Ko-hyun, left, poses with Polish Investment Agency Director Zdzislaw Sokal, after agreeing to expand business exchanges and cooperation between the two institutions at the Polish Investment Agency in Warsaw, Poland, April 19. Courtesy of KITA

By Kim Hyun-bin

The Korea International Trade Association (KITA) dispatched economic missions to three Central European countries ― Hungary, Poland and Slovakia ― from April 18 to 21 to check how the new EU regulations will affect Korean companies there as well as to discuss cooperation, according to the business lobby group, Friday.

The delegation consisted of a total of 20 people, including those from industry associations and organizations such as the Korea Automobile Manufacturers Association and the Korea Steel Association, as well as two companies entering Central Europe.

The Korea-Hungary Business Round Table co-hosted by KITA and the Hungarian Investment Authority in Budapest on April 18 (local time) was attended by around 60 Hungarian government officials and Korean companies operating in Hungary.

“The EU is promoting legislation such as the Core Raw Material Act, the Carbon Neutral Industry Act, and the reorganization of offshore subsidies. As there are positive aspects such as easing procedures at the same time, companies should carefully examine the pros and cons when investing in the EU,” a KITA official said.

In addition, on April 19, KITA held a Korea-Polish Business Round Table in Warsaw, Poland, jointly with the Polish Investment and Trade Agency. About 60 people from Korean and Polish companies operating in Poland attended the event.

“Korean companies are carrying out 73 percent of electric vehicle projects currently underway in Poland. It is expected that cooperation between the two countries will be expanded in projects such as reconstruction projects in Ukraine,” a Polish Investment and Trade Agency official said.

The KITA and the Polish Investment and Trade Agency signed a memorandum of understanding (MOU) to expand trade cooperation, including information exchanges and economic mission exchanges.

The economic delegation held a meeting for companies entering Slovakia in Bratislava and visited the Coavis plant, an automobile parts manufacturer there.