Brief country description
Hungary is a country of 10 million people, established among the first European States more than 1000 years ago.
Our rich history has taught us over the centuries how to best utilize our unique geographic qualities and how to build innovative products in a number of fields ranging from agriculture to industry. Today we are an open market, providing opportunities for Australian firms looking to explore new international markets in sectors such as consumer products, resources and energy, health and advanced manufacturing.
At the core of Europe lies Hungary – a European Union (EU) member, a country which like Australia did not suffer a recession during the economic crisis and continues to grow consistently above average EU growth rates.
For an Australian company considering Central European markets it is important l to understand the driving factors for growth and opportunities in the region.
- Size – it is a relatively small domestic market, but within few hundred kilometer reach more than 130 million people can be accessed not to mention the 500m European Union (EU) consumer market.
- Continues growth – Hungary is growing at around 3% prior to the financial crisis, and although growth has slowed, we are forecasting approximately 2% annual growth in the near term.
- Energy import dependency is driving investment in oil and gas exploration and gas and electricity grid infrastructure.
- Throughout the 20th century, Hungary was the most important supplier of medicine for Eastern Europe, and remained at the forefront of the region life sciences industry
- Besides 4 (Audi, Mercedes, GM, Suzuki) OEM 43 of the top 100 global OEM parts supplier have already chosen Hungary for its manufacturing and R+D base.
- The Hungarian IT market has proven to be quite resilient to the recent global economic downturn. It outsourcing market is by far the most advanced in Central European region.
- A significant beneficiary of EU Structural adjustment funds which are being injected into the upgrade of transport and energy infrastructure and increasingly for the development of a knowledge economy.
- Rising consumer wealth, and aging population drives is increasing demand for higher-end products and professionalized health care services
- There are also opportunities for Australian institutions to partner with Central European universities, and companies in research and development projects and to deploy Australian models.
The following links below will give you additional information about Hungary
- Hungarian Investment Promotional Agency (HIPA) https://hipa.hu/main
- Hungarian National Trading House (MNKH) http://tradehouse.hu/
- Doing Business in Hungary (World Bank) http://www.doingbusiness.org/data/exploreeconomies/hungary/~/media/giawb/doing%20business/documents/profiles/country/HUN.pdf
If you have any questions please contact
Trade Commissioner to Hungary
Rita Vago ' (03) 9481 1450 | M +61 (0) 447 842 075 (in Melbourne) | firstname.lastname@example.org