Business Destination: Hungary unveils its assets

To mark the inauguration of the Hungarian Consulate in Monaco and the working visit by Mr Péter Szijjártó, Hungary's Minister of Foreign Affairs and Foreign Trade, the Monaco Economic Board organised a Business Destination conference on Tuesday 4th June at the Métropole Monte-Carlo, focusing on this Central European country with its many assets.

 

The inauguration ceremony of the new Hungarian Consulate in Monaco launched the event to which MEB member companies were invited, in the presence of Mr Péter Szijjártó, Hungarian Minister for Foreign Affairs and Foreign Trade, Mrs Isabelle Berro-Amadeï, Government Counsellor - Minister of Foreign Affairs and Cooperation, Mr Pierre-André Chiappori, Government Counsellor - Minister of Finance and Economy and Mr José Luis Delso Martinez-Trevijano, Honorary Consul for Hungary in Monaco. 

The conference organised by the MEB then had the privilege of welcoming the Hungarian Minister as a speaker, who pointed out that the government to which he belongs has been in power since 2014, "which demonstrates a stability that has become very rare in Europe, and which we are of course highlighting because when you have a Hungarian interlocutor in front of you, you know that the next day he will still be there and that is reassuring for investors".

Another argument put forward is an attractive tax policy for businesses. "The simpler and lower the tax system, the more the economy benefits", argues Péter Szijjártó. The current majority has introduced a flat tax rate of 9% on companies, the lowest in the European Union, and 15% on income, "a strategy made possible by our government's rigorous budgetary discipline. This policy has paid dividends in terms of employment: in 10 years, the unemployment rate has fallen from over 13% to under 4%, and the country has broken investment and export records year after year. "

Hungary has also become a key player in the automotive industry. It intends to remain so by hosting a large proportion of the electric car production sites of many manufacturers, bridging the gap between European brands and their Chinese suppliers or competitors. More broadly, the country sees itself as a land of investment open to both Western and Eastern nations.

But the Minister did not forget to mention the Principality "with which economic relations could be further developed in areas such as finance, health, agri-food and new technologies", inviting the Monegasque economic players present to get in touch with his colleagues. Discussions got underway at the cocktail reception hosted by the Hungarian Consul, which served to build new bridges between the two countries.

Photo credits : MEB / P.H. Sébastien Darrasse