KITECH

On Jan. 27, 2014, during the inaugural meeting of the Korea – Hungary Joint Economic Committee in Budapest, Hungary, Korea Institute of Industrial Technology (KITECH) signed a Memorandum of Understanding (MOU) with Hungary’s National Innovation Office (NIO) to set out their mutual understanding of future collaboration and cooperation.

KITECH’s President Young-Soo Lee and NIO’s Acting President László Korányi signed on the MOU on behalf of each institute. NIO is a governmental body of Hungarian Ministry for National Economy. The roles of NIO are building and operating administrative cooperation structures, cooperation networks, national innovation service and analytical capacity in the field of R&D and innovation.

The Korean delegation including representatives from both government and private sector discussed cooperation on trade, investment, small and medium sized enterprises. Also, the Chambers of Commerce of both countries held an economic cooperation forum, as this year marks the 25th anniversary of diplomatic relations between two countries.