Budapest, 6 November 2021 (TDI): Moon Jae-in, the President of South Korea addressed the business leaders from the Visegrád Group (V4) and Korea.  As Chair of the Visegrád Group, Hungary is hosting the Second V4-Korea Summit.

Visegrád Group

The Visegrád Group, Visegrád Four, V4, or European Quartet, is a cultural and political alliance of four countries of Central Europe. The countries are the Czech Republic, Hungary, Poland, and Slovakia.

Cooperation between V4 and Korea

Whilst speaking to the gathering, the Korean President stated that V4 and Korea have prevailed over difficulties. The two can cooperate on many fronts to achieve mutually beneficial objectives. He thanked the organizers of the event for arranging an invaluable event to intermingle.

Samsung Electronics

Talking about the growth of Samsung Electronics in Hungary, he said that the company started from a small TV factory in 1989; the city of Jászfényszaru. That marked the beginning of cooperation between Korea and V4. That factory has now transformed into a global production base in Europe.

Automobile Industries

Over the years, Korea has collaborated with the automobile industries of V4 and it has broadened bilateral cooperation. Hyundai-Kia Motors has had factories in Nošovice, the Czech Republic, since 2007. It also operates from Žilina, northwestern Slovakia.

Korean Businesses

More than 600 Korean businesses are a part of mutually beneficial cooperation between V4 and Korea. The businesses vary from electronics, automobile manufacturing and parts, to chemical and steel. V4 is the largest investment destination of Korea in the European Union.

Trade between V4 and Korea

Trade between the two is thriving despite the economic setbacks because of the Covid-19 situation. The South Korean President highlighted that V4 is growing dynamically because of its outstanding workforce and geographical advantages.

Sectors of Economic Cooperation

During his address, he emphasized three sectors of economic cooperation; electric vehicle batteries, new industries in the post-Covid-19 era, and infrastructure.

Electric Vehicle Batteries

Korea’s battery manufacturers have production bases in V4. The production bases collaborate for mutual benefit. They signify the deepening ties between the V4 and Korea.

Ever since the Covid-19 pandemic, the world is tilting toward green and digital options. The prospects of collaboration between V4 and Korea in the domains of basic science and technology have increased.

Hydrogen Economy

Korea is working to become a leading hydrogen economy and it will be advantageous for V4 as well as Korea; if the two collaborate on this front.  The President expressed his desire for joint cooperation between V4 and Korea in the bio-health industry. Various Korean companies are working in the V4 on multiple infrastructure projects.

Signing of MOUs

The country signed seven MOUs with the V4; in the green, digital, bio-health, and other sectors. 2nd V4-Korea Summit is a great opportunity to share the opinions of business leaders with the V4’s prime ministers.

Moon Jae-in concluded by stressing the need to gather knowledge for mutually valuable development. He said that this Summit will deepen the ties and the economies of V4 and Korea will thrive. He also held individual meetings with the Prime Ministers of the V4.