Seoul, May 8 (IANS) South Korea’s Industry Minister Lee Chang-yang on Monday proposed enhanced cooperation with Hungary on nuclear power and various other advanced industry sectors, the Industry Ministry said.
He made the call during a meeting with Hungarian Parliamentary Speaker Laszlo Kover in Seoul, where the two sides discussed ways to enhance bilateral economic ties, and promote trade and investment, according to the Ministry of Trade, Industry and Energy.
Lee sought chances of joint work with Hungary on small modular reactors (SMRs), as South Korea is developing an innovative SMR and Hungary is considering the introduction of SMRs to expand its nuclear energy development, Yonhap news agency reported.
The Minister also asked for Hungary’s support for South Korean firms operating there, as concerns have grown over adverse impacts of the European Union’s recent regulations on foreign subsidies and the battery industry, among other things, on their businesses.
South Korean major battery makers, including Samsung SDI Co. and SK On Co., are operating factories in Hungary, and their combined investment in the European nation came to around $5.52 billion, according to the Ministry.
Bilateral trade hit an all-time high of $7 billion last year, sharply up from $2.7 billion in 2018 and $3 billion in 2020, government data showed.
Source: MenaFN