V4 and South Korea to Cooperate More Closely in Various Fields

President Moon Jae-in speaks at the V4-Korea Business Forum in Budapest on Nov. 3.

South Korean President Moon Jae-in attended the V4-Korea Business Forum in Budapest on Nov. 3 during his state visit to Hungary from Nov. 2 to 4. There, South Korea and the four countries, that is, Hungary, Poland, Slovakia and the Czech Republic signed seven MOUs for more collaboration in various fields such as export and investment financing, national defense, biotechnology, electric vehicle battery and digital industry.

Last year, the bilateral trade between South Korea and the four countries hit an all-time high of US$16.8 billion. The first South Korean company in Hungary built its TV manufacturing facilities in Jaszfenyszaru in 1998 and, since then, a total of 658 South Korean companies have entered the four markets. Their investment in the markets already exceeded US$10 billion and the markets are currently South Korea’s biggest investment destination in the European Union.

According to the MOUs, the two sides will further strengthen their cooperation in the electric vehicle battery industry for a greater contribution to the achievement of carbon neutrality. The top three South Korean electric vehicle battery manufacturers, that is, LG Energy Solution, Samsung SDI and SK On are currently manufacturing electric vehicle batteries in the four countries.