S.Korean gov't proposes nuclear power plant cooperation to Hungary

South Korean Minister of Trade, Industry and Energy Lee Chang-yang discussed ways to strengthen industrial and trade cooperation with László Kövér, the Speaker of the National Assembly of Hungary, who officially visited Korea on Monday. They explored the possibility of exporting small modular reactors (SMR) and other cooperative measures.

The Ministry of Trade, Industry and Energy announced that Minister Lee expressed hope for expanded cooperation between the two countries, focusing on South Korea's innovative small modular reactor (i-SMR), as Hungary, which is planning to increase the share of nuclear power generation, actively considers the adoption of SMRs.

In addition, Minister Lee praised the deepening bilateral relationship between the two countries, noting Hungary's support for 2030 Busan World Expo, the first European country to do so last year. Since the strategic partnership was established between the two countries in 2021, cooperation has further intensified in future-oriented industries, including electric vehicle batteries.

He mentioned the remarkable growth in bilateral trade, reaching a record-breaking $7 billion last year despite the global economic downturn, and emphasized the need for joint efforts to achieve a trade volume of $10 billion in 2023.

Minister Lee further raised concerns from various Korean companies operating in the electric vehicle battery and home appliance industries, expressing apprehensions about the regulations governing subsidies and battery legislation within the European Union. He appealed to the Hungarian Parliament for support, ensuring a conducive business environment for South Korean companies to operate smoothly in Hungary, given their significant contribution to the Hungarian economy.

Speaker Kövér expressed understanding and agreed on the importance of enhancing bilateral trade, investment and industrial cooperation. He pledged to make necessary efforts within the Hungarian Parliament to promote economic cooperation between the two countries.

Currently, Samsung SDI Co. and SK On are running battery factories in Hungary, while Ecopro Co. is building a cathode material plant. In total, Korean battery companies have invested about $5.5 billion in Hungary.

Write to Han-Shin Park at phs@hankyung.com