By Reporter Anna Kim 

President Yoon Suk-yeol held a summit with Hungarian Prime Minister Viktor Orbán in conjunction with his participation in the North Atlantic Treaty Organization (NATO) summit on July 11.

The two leaders, meeting for the first time since President Yoon's inauguration, acknowledged the rapid development of a close relationship between the two countries since establishing a strategic partnership in 2021, following the resumption of diplomatic relations in 1989. 

They emphasized the substantial deepening of cooperation, as evidenced by the record-breaking bilateral trade volume of $7 billion last year, even amidst global uncertainties.

President Yoon highlighted the fact that South Korea has become Hungary's largest investment destination, which demonstrates the solidity of bilateral cooperation. He requested Hungary's continued interest and support in securing stable manpower and facilitating smooth operations for Korean companies established in Hungary.

Prime Minister Orbán acknowledged the contributions of Korean companies, particularly in expanding investments centered around electric vehicle batteries, to Hungary's economic revitalization. He expressed his commitment to actively supporting Korean companies in their endeavors.

Prime Minister Orbán expressed his desire for Hungary's growth momentum to be bolstered through collaboration with Korea in research and development (R&D), defense industry cooperation, and active promotion of student exchanges, aiming to strengthen the bonds between the two nations' peoples.

President Yoon emphasized that if Hungary, known for its expertise in fundamental sciences, and Korea, renowned for its manufacturing and ICT sectors, cooperate, there will be significant synergy in technological collaboration. 

He suggested expanding the scope of bilateral cooperation to include promising areas such as bio-technology and small modular reactors (SMR) in nuclear power cooperation.

Furthermore, President Yoon expressed his gratitude for Hungary's early support for the successful bid of Busan as the host city for the Expo, as Hungary was the first country in the Eastern European region to establish diplomatic ties with South Korea. 

He emphasized that Hungary's support, as a close and friendly nation, has greatly contributed to the efforts in hosting the Expo.

Both leaders agreed to collaborate in order to achieve the cessation of the Ukraine conflict and the restoration of peace.