The Prospectives of the Economic Cooperation between Hungary and the Republic of Korea Focusing on the Food-and Agricultural Sector

The Prospectives of the Economic Cooperation between Hungary and the Republic of Korea Focusing on the Food-and Agricultural Sector

This article aims to review the background of the bilateral economic relations, their peculiar characteristics, and - as an outlook towards the future - attempts to provide certain proposals with the view of increasing trade and enlargement of co-operation. The 1990's decade has brought up significant political and economic changes both for Hungary and for the Republic of Korea (South-Korea, hereinafter: Korea). On the other hand, this decade was the period of an intensive development in the relations of the two countries. Hungary and Korea established diplomatic relations on 1 February 1989, and soon after this, the legal-institutional frames of bilateral state-level ties were set up. The total turnover of the bilateral trade is continuously growing, however with a strong Hungarian trade deficit. The structure of Hungarian export to Korea has considerably changed during the recent 3 years, goods from the food - and agricultural sector became predominant, first of all pork. As a conclusion of the article the author attempts to provide several ideas for the further development of the cooperation in the field of food - and agricultural sectors of Korea and Hungary.