Oppenheim has signed a Memorandum of Understanding (MOU) with JIPYONG LLC (“JIPYONG”), a distinguished Korean law firm. An opening ceremony was held at JIPYONG's headquarters on 29 October 2024 to celebrate the inauguration of the new Korea Desk in Hungary.
Recognized as a leader in overseas legal practice since its founding, JIPYONG boasts a greater number of international offices than any other Korean law firm.
Central and Eastern Europe is emerging as a significant investment area for Korean companies, owing to its status as a production hub for Europe, its integration into the European value chain, and potential for market diversification. Hungary, in particular, is viewed as an attractive destination for investment by Korean firms because of its strategic position at the intersection of Eastern and Western Europe, providing access to the entire European market.
The region comprising of Hungary, Poland, Czechia and Slovakia has developed into a European manufacturing center through export-led economic growth since joining the EU. These countries, situated in important logistics hubs, have rapidly industrialized by actively attracting the production facilities of global companies in sectors such as automotive, battery, and home appliances, thanks to favorable corporate tax rates and skilled labor.
In response to this global trend, many Korean companies have made and are making strategic investments to position Hungary as a vital production center within Europe, responding proactively to market developments and expansion. However, Central and Eastern Europe presents a landscape characterized by complex legal regulations, necessitating that companies entering the region carefully assess the legal, institutional, and management risks associated with EU member countries, including the establishment of robust management systems.
To better serve the increasing legal needs of Korean companies entering the Central and Eastern European market, the Korea Desk opened at Oppenheim benefits from a strong local presence, led by a senior CEE leader possessing over 20 years of international business experience and extensive networks. An additional partner-level attorney will soon join the team to collaborate with Oppenheim and JIPYONG’s CEE team in providing seamless and effective legal advice.
Moving forward, Oppenheim will closely collaborate with JIPYONG to deliver comprehensive, high-quality legal services in Hungary.