“Joint Participation in Vulcan Reconstruction Project“

After completing his visit to Norway for 3 days on Dec. 7th, President Kim Dae-Jung arrived in Budapest, starting his official visit to Hungary for 4 days.

President Kim held a meeting with Hungary`s President Ferenc Madl and a summit talk with Prime Minister Victor Orban on 8th to discuss the political situation of the Korean Peninsula and the measures to strengthen the economic cooperation between Korean and Hungary.

President Kim and Prime Minister Orban reached agreements to jointly participate in a third country market of EU or Middle European countries including the Vulcan region where a reconstruction project of 12 billion dollars is expected, the promotion of trades and investments by the mutual exchange of the trade investment missions, and the expansion of cooperation in the IT business.

Economic Senior Secretary to the President Lee Ki-Ho said, "the U.S. and EU are planning a massive reconstruction project in the Vulcan region after the democratization of the Federal Republic of Yugoslavia. 12 billion project for the infra reconstruction including expressway, raid road, and communication is expected to begin in 4-5 years."

The two leaders reconfirmed the support and contribution of Hungary to the improvement of the Inter-Korean dialogue and the achievement of permanent peace in the Korean Peninsula and appreciated the effort of Hungary to join the EU.

Prior to this, President Kim met with Norwegian Prime Minister yesterday morning and agreed to improve the cooperation in the areas of shipbuilding, Energy, and IT industry and to participate cooperatively in the plant market of a third country market.

Yun Seung-Mo ysmo@donga.com