What should you know about Hungary?
Hungary’s central location makes it a favourite destination for foreign investors who intend to expand their operations in Central Eastern Europe. The country’s telecommunications, transport and logistics infrastructure, and the quality of education and life have attracted large amounts of foreign investment to Hungary in recent years. The capital, Budapest, is the centre of the country’s economic activity; however, the main cities are also gaining an increasing role.
The country’s favourable geographical location places it at the crossroads of main commercial routes. From Hungary, a market of some 250 million people can be reached within 600 miles (about 1,000 kilometres).
EU accession in 2004 brought both commercial and regulatory advantages. Becoming an EU Member state brought a free trade system, the free movement of goods, services and labour, as well as capital.
In addition to all these advantages, another of Hungary’s strengths is its well-qualified labour force. Due to the high standards of its education system, the country has a highly-skilled and talented workforce, with professional foreign language skills and relatively low wage requirements.
The country’s economy, mainly focussed on the manufacturing industry, was hit hard by the economic crisis. The international situation became disadvantageous and debt increased. Since 2010 the economy has been recovering, and this appears likely to continue for the next couple of years.
Main industries in Hungary:
For more details download our publication: “Investing Guide Hungary 2012”