With a higher growth rate (3%) than the average for other members of the European Union (1.9%), the Hungarian economy offers opportunities for the city’s businesses. These have been created by the rapid rise of the middle class and sustained growth in domestic demand.
With Hungarian Cultural Week in Montréal in full swing, the Board of Trade hosted a series of experts on the Hungarian market, including the Hungarian Ambassador to Canada, His Excellency Bálint Ódor. They addressed business opportunities and key sectors in Hungary. Three important pieces of advice for positioning a business on the market emerged from the seminar.
1 – Take advantage of its strategic location and the strength of its logistics sector
Hungary is at the crossroads of Western and Eastern Europe and is one of the leading European countries for transport and logistics. Entrepreneurs operating in the Hungarian market recommend taking advantage of its infrastructures and unimpeded access to the European Union (population of 510.1 million), which it has been a member of since 2004. This is an excellent way to position a business for the entry into force of the new Comprehensive Economic and Trade Agreement (CETA), which will be another advantage to exploit. And if you are looking for suppliers, the exchange rate can benefit your business, because Hungary is not part of the euro zone.
2 – Enjoy the support of an efficient central resource
TheHungarian Investment Promotion Agency(HIPA) offers free consulting services to businesses and helps them get established. This central resource offers a wide range of support and was praised by one of the entrepreneurs at the seminar for how quickly it responds to requests. Hungary has distinguished itself for its low corporate tax rate and many incentives to foreign investors. To make your entry into the Hungarian market as smooth as possible, it is a good idea to use the services of a qualified lawyer. Any company interested in investing in Hungary should explore these resources.
3 – Leverage educated, multilingual, low-cost labour
Hungarian labour offers the undeniable advantage of being multilingual, skilled and relatively low cost. Language is not a barrier for foreign companies, as English is the language of business. You can count on high-calibre professionals, particularly in key sectors of transport, energy and life sciences.
Internationalization is a priority for the growth of the city’s businesses. Hungary is an undeniable ally in Europe, and the new business opportunities created by the CETA will increase its attractiveness. Develop your strategy using the incentive programs available, and don’t hesitate to get in touch with the professionals at the World Trade Centre Montréal, who can support you in your efforts.
Consult our calendar of international business meetings to get the tools you need to grow your business internationally and expand your network.