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09/25/2008
News / Market of the Month - HungaryHungary OverviewHungary is located in Central Eastern Europe with a population over 10 million, and has nearly fully transitioned from a centrally planned economy to a market-based one since the fall of communism in 1989. It is a member of the OECD (1996), NATO (1999) and the European Union (2004). Per capita income is nearly two-thirds that of the EU-25 average and total GDP (purchasing power parity) is US$182 billion. The private sector accounts for more than 80 percent of GDP. Hungary’s strategic location in Europe, access to EU markets, highly skilled and educated work-force, sound infrastructure and other advantages have led companies such as GE, Alcoa, Morgan Stanley, IBM and many others to locate facilities here, both in manufacturing and services. Hungary’s geographic position in Central Europe offers a strategic logistical hub within the region. Road, rail, aviation, and waterway networks fan out and offer access to the east and south – Russia and the newly emerging Balkans. Recognizing the critical role transportation infrastructure plays in economic growth, the government has identified logistics and transportation as part of the National Development Plan. Trade Partners The Embassy, through the U.S. Commercial Service, has enjoyed a long and productive relationship with the American Chamber of Commerce in Hungary. The American Chamber of Commerce in Hungary (AmCham Hungary) was established in November of 1989 by 32 American companies as the first AmCham in Central and Eastern Europe (CEE). Today, AmCham Hungary has grown to become the largest AmCham in CEE with close to 600 members representing 22 different nations, over 60% of total foreign direct investment (FDI) in Hungary and close to 44% of Hungary's annual total export. AmCham Hungary has become one of the most respected and influential non-profit, non-political organizations in Hungary representing not only the interests of American investors in Hungary, but also those of the entire international and Hungarian business community. Working closely with Hungary’s Investment & Trade Development Agency (ITD-H), which focuses on trade development and investment promotion, AmCham identifies appropriate Hungarian companies for trade relationships and strategic partnering. ITD-H represents Hungary as part of the Enterprise Europe Network, supported by the European Commission's Enterprise and Industry Directorate. It is also able to identify regions of interest to U.S. firms. Market Opportunities Foreign direct investment (FDI) has helped modernize industries, create jobs, boost exports and spur economic growth. Cumulative FDI stock has totaled more than US$90 billion since 1989, the highest in the region on a per capita basis. Among the important sectors: automotive, IT, logistics and, more recently, shared services (e.g., back office and/or call center operations). Funding from the EU has also driven growth, and will continue to do so. Since 2004, EU funds have been used to improve telecommunications, energy and highway infrastructure. As part of a second National Development Plan (2007-2013), Hungary will allocate approximately ?25 billion (US$36.8 billion) in projects ranging from tourism and transportation to healthcare and environment. The Government of Hungary (GOH) introduced a series of austerity measures in 2006 aimed at reducing the country’s budget deficit, which slowed GDP growth to 1.5 percent in 2007 (from 3.9 percent in 2006). Analysts suggest 2008 will be better. While Hungary still seeks to bring its budget deficit down to 3 percent of GDP, required by the EU for Hungary to adopt the euro. But the consensus view is that growth will recover and inflation will wane in the coming year. Hungary is an attractive market for U.S. investment and exports; American companies have invested more than US$9 billion in Hungary since 1989, making the U.S. the 4th-largest foreign investor behind Germany, Austria and the Netherlands. U.S. exports to Hungary have topped US$1 billion dollars in each of the last four years – in 2007, U.S exports to Hungary reached nearly US$1.3 billion. Hungary at a Glance Map of Hungary Profile Location: Central Eastern Europe Area: 93030 km² Climate: Temperate- humid winters, warm summers Geography: landlocked; borders: Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, Ukraine Population: 10,045,401 (1 January, 2008 est.) Labor Force: 4.19 million (2007 est.) Transportation (2008): Railway network: 7,937 km; Road network: 160,680 km; 6 international airports Economy GDP: $118.4 Billion (2007 est.) Annual Growth Rate: 2.1% (2007 est.) GDP by Sector: Agriculture: 3.3%; Industry: 32.5%; Services: 64.2% GDP per Capital: $19,500 (2007 est.) Foreign Trade Exports ($85,737,351 billion): machinery, vehicles, food, beverages, tobacco, crude materials, manufactured goods, fuels and electric energy Major Markets: Germany, Austria, Italy, France, UK, Romania, Poland Imports ($85,997,402 billion): machinery, vehicles, manufactured goods, fuels and electric energy, food, beverages, and tobacco Major Suppliers: Germany, Austria, Italy, France, Netherlands, Poland, Russia, China Natural Resources: bauxite, coal, natural gas, fertile soils, arable land Industry and construction: (32.415% of GDP, 2007 est.): machinery, vehicles, chemicals, precision and measuring equipment, computer products, medical instruments, pharmaceuticals, textiles Agriculture/forestry (3.4% of GDP, 2006 est.): meat, corn, wheat, sunflower seeds, potatoes, sugar beets, and dairy products. Best Prospects Hungary’s Best Prospects Market Entry Strategy According to current laws no special permit is required to establish a commercial enterprise in Hungary and registering a company in Hungary is relatively quick and efficient. The U.S. Government – through Embassy Budapest and the Departments of Commerce, State, and Agriculture – stands ready to support U.S. firms, whether entering or already doing business in Hungary. The U.S. Embassy promotes a sound Hungarian business environment and advocates on behalf of U.S. companies bidding on major Hungarian Government tenders or facing business problems due to government policies. In addition, the staff of U.S. officers and Hungarian commercial specialists at the Embassy’s U.S. Commercial Service (USCS) can assist U.S. firms to access the Hungarian market and solve commercial problems through USCS’s low-cost “Gold Key,” market research and other services. April H. Foley, US Ambassador April H. Foley, US Ambassador Read a letter from the Ambassador U.S. Commercial Service Budapest Staff Patricia M. Gonzalez, Commercial Counselor Patricia.gonzalez@mail.doc.gov Steve Knode, Commercial Attache Steve.knode@mail.doc.gov Andrea Imrik, Commercial Specialist Andrea.Imrik@mail.doc.gov Katalin Barazda, Commercial Specialist Katalin.Barazda@mail.doc.gov Agnes Pandur-Csiszer, Commercial Assistant Agnes.pandur-csiszer@mail.doc.gov Andrea.Szabo, Administrative Assistant Andrea.szabo@mail.doc.gov Cecilia Bihari, Commercial Clerk Cecilia.bihari@mail.doc.gov Upcoming Events U.S. Commercial Service Presents: U.S. Commercial Service/State of Ohio Trade Mission To Serbia and Hungary, November 3-7, 2008 U.S. Commercial Service Presents: Trade Winds Forum: Eastern Europe, April 20-22, 2009, Warsaw, Poland This program will offer an European Business Conference that includes opportunities for one-on-one client consultations with some 36 Senior Commercial Officers representing market opportunities from Western, Central and Eastern Europe as well as business-to-business matchmaking meetings with prospective partners from Poland and the surrounding markets of the Czech Republic, Slovakia, Hungary and Lithuania. AmCham Hungary Presents: Second Regional Energy Forum, October 7-8, 2008, Budapest, Hungary In cooperation with the American Chambers in Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovak Republic, Ukraine, AmCham EU, and the Forum’s initiating partner – GE. Ferenc Somogyi, Hungarian Ambassador Ferenc Somogyi, Hungarian Ambassador Read a letter from the Ambassador Recent News EU Declares Budapest Site For new Innovation Center The European Union has chosen Budapest to be the headquarters of the European Institute of Innovation and Technology. Budapest was picked over contenders, Poland, Austria, Germany, and Spain. The institute is intended to link academic and industrial research from around the European Union. (June 2008) |
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EducationalBesides making sure that your documents will be accepted abroad by obtaining an Apostille or Consular Legalization, we can also play an important role in helping you create, retrieve and translate your documents. Evaluation Education Invitation Letter |
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