Deputy Prime Minister Hyun Oh-Seok held bilateral talks with Hungary Minister of National Economy Mihaly Varga and signed a Knowledge Sharing Program (KSP) Memoriam of Understanding (MOU).
Deputy Prime Minister Hyun said that when Korea and Hungary work together, both countries can greatly help the other develop, and agreed to work hard to strengthen economic cooperation between the two countries. The Deputy Prime Minister praised Hungary’s high growth potential, noting that Hungary has a geographically advantageous location, connecting Western Europe, the Balkans and the Commonwealth of Independent States, abundant skilled labor, and excellent science and technology infrastructure. Minister Varga emphasized that Hungary will make a good partner for international Korean firms as a production base for the EU and for its distribution market. Minister Varga praised Korea’s successful economic development experience, and was excited to learn from Korea’s investment invigoration and crisis management-related policy experiences.
The signing of the Korea-Hungary KSP MOU is expected to strengthen bilateral economic cooperation. The Korea-Hungary KSP is the second MOU Korea has signed with an Eastern European country and Hungary wanted to sign the KSP in order to support the establishment of economic development policies and strategies.
The Korea-Hungary KSP is expected to accelerate KSP cooperative momentum as Hungary is the current president of the Visegrad Group
The Visegrad Group consists of Poland, the Czech Republic, Hungary and Slovakia.
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