News Briefing
Korea and Hungary sign EIPP
Jun 2022
Korea and Hungary signed a three-year term memorandum of understanding (MOU) on Economic Innovation Partnership Program (EIPP)¹ worth around 5 billion won on April 27 in Hungary. Hungary has become a new production base in Europe for Korean electronic vehicle (EV) and battery manufacturers and has attracted related companies. Korea claimed the top position in EV battery investment in Hungary in both 2019 (US $740 million) and 2021 (US $850 million)².
The two countries agreed to cooperate in the eco-friendly and green mobility sectors by nurturing human resources in the EV field and establishing EV charging infrastructures under the EIPP. This agreement is expected to help overcome employment challenges for Korean EV and battery manufacturers in Hungary, as well as contribute to the Hungarian government achieving policy goals that comply with the European Green Deal³.
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¹ Intergovernmental and long-term policy advisory program, which was introduced in 2020, to assist Korean companies in participating in overseas projects
² Data sourced from the Export-Import Bank of Korea (KEXIM) and the Hungarian Central Statistical Office (HCSO)
³ In December 2019, EU proposed the European Green Deal that aims to make Europe the first carbon-neutral continent by 2050. The goals were adjusted with carbon emissions reduction rising from 40% to 55% and the share of renewable energy in the energy mix growing from 32% to 33.7% by 2030.
The two countries agreed to cooperate in the eco-friendly and green mobility sectors by nurturing human resources in the EV field and establishing EV charging infrastructures under the EIPP. This agreement is expected to help overcome employment challenges for Korean EV and battery manufacturers in Hungary, as well as contribute to the Hungarian government achieving policy goals that comply with the European Green Deal³.
--
¹ Intergovernmental and long-term policy advisory program, which was introduced in 2020, to assist Korean companies in participating in overseas projects
² Data sourced from the Export-Import Bank of Korea (KEXIM) and the Hungarian Central Statistical Office (HCSO)
³ In December 2019, EU proposed the European Green Deal that aims to make Europe the first carbon-neutral continent by 2050. The goals were adjusted with carbon emissions reduction rising from 40% to 55% and the share of renewable energy in the energy mix growing from 32% to 33.7% by 2030.
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