Korea-Hungary to Sign TIPF on 18th... First in Europe

Supply Chain and Green Cooperation, Industrial, Trade, and Energy Policy Collaboration
Ministry of Industry Dispatches Economic Delegation to Hungary, Poland, and Slovakia from 17th to 21st

South Korea and Hungary will sign the Trade and Investment Promotion Framework (TIPF) on the 18th. This TIPF is the third to be signed following the UAE and the Dominican Republic, and it is the first in the European region.

The Ministry of Trade, Industry and Energy announced on the 17th that a South Korean economic delegation led by First Vice Minister Jang Young-jin will meet with Levente Magyar, Deputy Minister of Foreign Affairs of Hungary, to sign the TIPF. Prior to the TIPF signing, the two countries signed a Memorandum of Understanding (MOU) in December last year to promote trade and investment between them.

The main contents of the TIPF include ▲investment protection ▲supply chain and green cooperation ▲industrial, trade, and energy policy cooperation. An official from the Ministry of Trade, Industry and Energy explained, "As a package encompassing new trade issues such as supply chains, bio, and clean energy, it is expected to serve as a catalyst for economic cooperation between the two countries."

On the same day, Vice Minister Jang is scheduled to meet not only with Deputy Minister Levente Magyar but also with M?rton Nagy, Minister of Economic Development, to discuss ▲bilateral investment and trade ▲industrial technology cooperation (joint research and development and promotion of Korea Eureka Day) ▲economic legislative trends within the EU.

The economic delegation’s visit is scheduled from the 17th to the 21st, during which they will visit Poland and Slovakia in addition to Hungary to discuss ways to expand economic and trade cooperation. In the cases of Hungary and Poland, the trade volume with South Korea reached record highs last year (6.96 billion USD and 8.95 billion USD, respectively), and over 70 Korean companies, including Kia Motors and Samsung Electronics, have established operations in Slovakia.

The economic delegation will hold business roundtables in Hungary and Poland with participation from companies and institutions of both countries to discuss ways to expand bilateral investment and trade, EU trade policies, business activities, and proposals for cooperation directions. In Slovakia, they will hold a luncheon meeting with local companies and visit the Koavis factory. Vice Minister Jang is also scheduled for a media interview to introduce the activities of Korean companies locally, their economic contributions, and bilateral economic cooperation plans.

On the 19th and 20th, meetings are planned with Arkadiusz Mularczyk, Deputy Minister of Foreign Affairs of Poland, and Waldemar Buda, Minister of Economic Development and Technology, to discuss ▲bilateral investment and trade ▲industrial technology cooperation (joint research and development and promotion of Korea Eureka Day) ▲Korea-Poland infrastructure and defense cooperation ▲EU trade issues such as the EU steel safeguard.

On the 21st, meetings will be held with Karel Herman, Minister of Economy of Slovakia, and Ingrid Brockova, Deputy Minister of Foreign Affairs, to discuss ▲bilateral investment and trade ▲cooperation in the fields of automobiles, hydrogen, and nuclear decommissioning ▲EU trade issues such as the EU steel safeguard.