Hungary: a country with great potential

Monegasque entrepreneurs welcomed the chance to hear more about business opportunities arising from the Principality’s collaboration with Hungary, a country with many advantages. Organised at the Novotel on Monday 21 October by the Hungarian Embassy, the MEB operation met its objective which was to give targeted entrepreneurs in Monaco access to high-level contacts.

Hungary has embarked on a major promotional campaign that includes Monaco. A top-level delegation was headed by H.E. Mr György Károlyi, Hungary’s Ambassador in France and Monaco, accompanied by Vice-Consul Péter Bakos-Blumenthal, Róbert Ésik, CEO of HIPA (Hungarian Investment Promotion Agency) and Edina Nagy, Deputy Director of HTA (Hungarian Tourism Agency).

With GDP up 5% in 2018, a shrinking public deficit, a competitive tax regime (9% corporate tax rate, lowest in the European Union, income tax at 15%) and almost-full employment for its population of 10 million, Hungary presents as a country on the rise, boasting remarkable macroeconomic stability, as underlined by Róbert Ésik.

To maintain this momentum, the country has set a target to post growth rates 2% higher than the European average over the coming years. Róbert Ésik highlighted sectors that are expanding such as the car industry (AUDI, Mercedes, BMW, Suzuki), R&D (Samsung has just built a factory) and artificial intelligence notably for self-driving cars.

Edina Nagy drew attention to Hungary’s rich heritage, which includes the oldest metro in Europe and numerous UNESCO World Heritage sites. Dubbed “Pearl of the Danube”, Hungary is keen to promote its cultural and culinary diversity.

After the presentations, entrepreneurs had a chance to sample Hungarian wines and attend an official evening in honour of Hungary’s National Day, organised by its Honorary Consul in Monaco who paid tribute to his country’s film industry.