Hungary’s Institute for Transport Sciences (KTI) and the Korea Transport Institute (KOTI) concluded a cooperation agreement relating to the automotive industry and the field of electromobility on Monday in Budapest.

At the “Smart Mobility for a Smart City” conference organised by the KTI and the Korean Embassy, Minister for Innovation and Technology László Palkovics pointed out that this year Hungary and the Republic of Korea are celebrating the 30th anniversary of the establishment of diplomatic relations. “Relations between the two countries are being developed further thanks to the agreement signed at the conference: the Hungarian and Korean transport institutes will be working together within the fields of the automotive industry, electromobility and smart cities”, he stated.

He recalled that the first phase of the Zalaegerszeg Vehicle Industry Test Track was officially inaugurated a week ago. According to the Minister, the agreement will enable joint research projects to be performed on the track.

Mr. Palkovics also spoke about the fact that vehicles drives are one of the greatest challenges of the currently ongoing mobility revolution. “Many investments in Hungary on the part of Korean enterprises are focusing on this field in view of the fact that South Korea is the world leader with relation to electric vehicle technology”, he said. He also spoke about the fact that the use of self-driven vehicles no longer represents a technological challenge, and it is instead legal and ethical issues that need to be addressed.

South Korean Ambassador Cho Kyu-Sik highlighted the fact that South Korea and Hungary as mutually supporting each other with relation to the future of smart mobility. “This new field of cooperation will reinforce bilateral relations over the next thirty years; Hungary and Korea will be the best partners in the Industry 4.0 revolution”, he added. The ambassador said he had attended the official inauguration of the Zalaegerszeg test track. “Economic cooperation between the two countries has become tighter within several fields, and Korea has become Hungary’s 2nd most important investor. Trade flow between the two countries increased by 40 percent to 2.7 billion dollars last year”, he told reporters.

“Hungary is competitive with relation to readying technologies to enter the market, while Hungary is strong within the field of research & development”, he said, adding: “The two countries aren’t rivals, but complement each other”.

MP and Chairman of Parliament’s Hungary-South Korea Friendship Group László L Simon highlighted the fact that the parties are celebrating the 30th anniversary of the establishment of diplomatic relations this year. “In recent years, relations between the two countries have developed dynamically and have become much closer within the fields of politics, the economy and culture alike”, he stated.