Budapest, January 27 (MTI) – Hungary is ready to boost business ties with South Korean companies which have so far invested 2 billion US dollars in its economy, Economy Minister Mihaly Varga said today.

Opening a bilateral business forum, Varga noted that the two countries established diplomatic relations just 25 years ago.

The factories set up by South Korean investors employ nearly 25,000 workers, he said, adding that Hungary has become the European base of Hancook Tire and the regional centre of KDB Bank.

“Based on ties, I believe both countries can give much not only bilaterally but at a regional level, too” he said.

In line with its strategy of opening towards the east, Hungary will do everything to reinforce its relations with the Republic of Korea, he said.

The minister said that two-way trade continued to show robust growth but there are still untapped opportunities in car manufacturing, IT, electronics, the pharmaceuticals industry as well as the delivery of farm produce and food products.

Kim Jae-Hong, the South Korean deputy minister of trade, industry and energy, said that Hungary is seen in Korea as a gate to the European Union, adding that both countries could benefit from the free trade agreement concluded by the EU and South Korea.

Later on Monday, Kim and Varga are scheduled to sign an agreement on cooperation in the energy sector.

Photo: MTI


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