'Launch of the Hungary-Korea Business Council... Hotline Also Established'

Local Investment Agency and KOTRA Strengthen Cooperation

The 'Hungary-Korea Business Council,' consisting of 34 Korean companies operating in Hungary, has been officially launched.

KOTRA announced on the 25th that this council was launched the previous day through cooperation with the Hungary Investment Promotion Agency (HIPA), the Embassy of the Republic of Korea in Hungary, and the KOTRA Budapest Trade Center, aiming to strengthen economic cooperation between the two countries.

The council includes a total of 34 companies, encompassing both large corporations and small and medium-sized enterprises. They are expected to receive support for business growth in Hungary, further solidifying the economic ties between Korea and Hungary.

At the launch ceremony, HIPA and KOTRA signed a Memorandum of Understanding (MOU) for mutual cooperation. Additionally, a 'HIPA-KOTRA Hotline' was established to promptly resolve difficulties faced by Korean companies locally. This hotline will contribute to the successful operation of Korean businesses in the Hungarian market through close communication between the two organizations.

Hungary is emerging as a key hub for Korean companies seeking to enter the European market. Korea has been the top investor in Hungary in 2019, 2021, and 2022 consecutively, with more than 200 Korean companies having entered Hungary. The launch of this council is expected to further expand successful cases of economic cooperation between the two countries.

Lee Seong-hoon, head of the KOTRA Budapest Trade Center, stated, "Since entering Hungary, Korean companies have been responding to various regulations such as the Carbon Border Adjustment Mechanism (CBAM), the European Union Cybersecurity Directive (NIS2), and Hungary's new immigration law. Through this council, we will actively support the growth of companies by strengthening information sharing and joint responses through public-private cooperation."