News Briefing
Korea and Hungary to boost economic cooperation
Jun 2023
Korea and Hungary held a meeting in Seoul on May 8 to discuss measures for expanding trade and investment and cooperating in industrial technology and nuclear energy. The two countries also discussed the EU’s Foreign Subsidies Regulation (FSR) and Battery Regulation.
Despite the global economic slowdown, bilateral trade between the two countries has continued to increase, reaching a record high of US $7 billion last year. Noting remarkable growth, Korea’s Minister of Trade, Industry and Energy Lee Chang-yang proposed the need for joint efforts to achieve a target of US $10 billion in trade this year.
As Korean companies have entered the Hungarian market in various fields such as home appliances and electric vehicle batteries, contributing to the country’s economic development and job growth, Korea’s trade minister conveyed concerns from local companies regarding the regulations on foreign subsidies and batteries and requested the Hungarian National Assembly’s support to ensure smooth local operations for Korean companies.
Despite the global economic slowdown, bilateral trade between the two countries has continued to increase, reaching a record high of US $7 billion last year. Noting remarkable growth, Korea’s Minister of Trade, Industry and Energy Lee Chang-yang proposed the need for joint efforts to achieve a target of US $10 billion in trade this year.
As Korean companies have entered the Hungarian market in various fields such as home appliances and electric vehicle batteries, contributing to the country’s economic development and job growth, Korea’s trade minister conveyed concerns from local companies regarding the regulations on foreign subsidies and batteries and requested the Hungarian National Assembly’s support to ensure smooth local operations for Korean companies.
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