Dispatch of Economic Delegation to Expand Martial Arts and Eastern Europe Cooperation Projects

Participation of Civil and Public Officials in Visits to Hungary, Poland, and Slovakia

The Korea International Trade Association (KITA) announced that it dispatched an economic delegation to three Eastern European countries?Hungary, Poland, and Slovakia?from the 18th to the 21st. The delegation included KITA Executive Director Kim Gohyeon as the head, First Vice Minister Jang Youngjin of the Ministry of Trade, Industry and Energy, representatives from industry associations such as the Korea Automobile Manufacturers Association, and officials from two companies operating in Eastern Europe, totaling 20 participants.

The economic delegation discussed bilateral economic cooperation measures through meetings with high-ranking government officials, including the Hungarian Minister of Economic Development, the Polish Deputy Minister of Foreign Affairs, and the Slovak Minister of Economy. They also introduced the activities and economic contributions of Korean companies operating locally and bilateral economic cooperation plans through interviews with local media outlets (TV2, Polsat TV, Noviny, etc.).

KITA held events in Hungary and Poland respectively. On the 18th (local time), a "Korea-Hungary Business Roundtable" was held in Budapest in cooperation with the Hungarian Investment Agency. The event was attended by Hungarian government officials and about 60 Korean companies operating in Hungary.

Jo Bitna, head of KITA’s Brussels office, stated in her keynote presentation, "The European Union (EU) is advancing legislation such as the Critical Raw Materials Act, the Carbon Neutral Industry Act, and the reform of extraterritorial subsidies to respond to the U.S. Inflation Reduction Act (IRA) and to foster carbon-neutral industries within the EU." She added, "Companies need to carefully examine the advantages and disadvantages when investing in the EU."

The Korea International Trade Association held the 'Korea-Poland Business Round Table' jointly with the Polish Investment Agency and the Polish Business Association on the 19th (local time) in Warsaw, Poland /
[Photo by Korea International Trade Association]

Istv?n J?, head of the Hungarian Investment Agency, said, "Korean companies employ about 20,000 people in Hungary and contribute to the Hungarian economy," adding, "We will actively support Korean companies to invest more in Hungary." Martin Kocsis, director of the Hungarian Investment Agency, noted, "Korea is Hungary’s fourth-largest investor and the largest investor from Asia, especially ranking first in Hungary’s battery industry." He predicted, "Cooperation leveraging the strengths of companies from both countries will further expand."

In Poland, the "Korea-Poland Business Roundtable," jointly hosted by KITA and the Polish Investment Agency, was held. About 60 representatives from Korean companies operating in Poland and Polish companies attended the event. KITA and the Polish Investment Agency also signed a memorandum of understanding (MOU) to increase trade cooperation through information exchange and economic delegation exchanges between the two organizations.

Zdzisław Sokal, director of the Polish Investment Agency, said at the event, "As of 2019, Poland accounts for 40% of Europe’s total electric vehicle battery production," adding, "Korean companies such as LG Energy Solution, which have entered the local market, play a pivotal role in Poland’s battery industry." He continued, "Poland plans to build a full-cycle ecosystem for the battery industry," and added, "We expect Korea to play a significant role in this process."

On the 21st, Executive Director Kim Gohyeon held a "Meeting with Korean Companies Operating in Slovakia" in Bratislava, Slovakia, and visited the factory of the auto parts company Koabis.