Doing Business in Hungary

EENI- School of International Business

Subject - Doing Business in Hungary. Budapest. Syllabus:

1. Introduction to Hungary (the European Union)
2. The Hungarian Economy: the largest producer of Mobile phones in the European Union
3. Doing Business in Budapest
4. The Hungarian Foreign Trade
5. The Foreign Direct Investment (FDI) in Hungary
6. Access to the Hungarian Market
7. Business Plan for Hungary

The objectives of the subject “Doing Business in Hungary” are the following:

1. To analyse the Hungarian Economy and Foreign Trade
2. To evaluate the business opportunities in the Hungarian Market
3. To analyse the trade relations of Hungary with the country of the student
4. To know the free trade agreements of Hungary as a member of the European Union
5. To develop a business plan for the Hungarian Market

Description of the Subject: Doing Business in Hungary

Hungary (Europe)

1. Capital: Budapest
2. Official Language: Hungarian
3. Area: 93,028 square kilometres
4. Population: 9.9 millions of people
5. Type of Government: Democratic Parliamentary Republic
6. Borders of Hungary: Slovakia, Ukraine, Romania, Serbia, Croatia, Slovenia and Austria
7. Religion in Hungary: Catholicism (Christianity)
8. Hungary belongs to the Western Christian Civilisation (European Economic Area)

The Economy of Hungary.

1. Hungary is a moderate-high growing economy
2. Economic recession in 2008-2009
3. The Hungarian GDP (nominal): 132,276 millions of dollars
4. The private sector generates about 80% of Hungarian GDP
5. GDP per capita: 13,200 dollars
6. Currency: Hungarian Forint
7. Hungary is a member of the European Union since 2004
8. Hungary attracts ten million tourists every year
9. The Hungarian automotive sector is increasingly important. Brands like Audi, Mercedes, GM-Opel or Suzuki have factories in Hungary
10. The Hankook tire company is also in Hungary
11. Hungary is the main hub for the production of mobile phones in the European Union
12. Main Hungarian products: building materials, processed foods, textiles, chemical and pharmaceutical products, cars

The Hungarian Foreign Trade.

1. Main Hungarian Exports: machines, equipment, foods, raw materials
2. Top Hungarian Export Markets: Germany (28%), Italy, France, Austria, Rumania, the United Kingdom, Slovakia, Poland
3. Main Hungarian Imports: machinery, raw materials, manufactured products
4. Top suppliers: Germany (27%), China, Russia, Austria, Italy
5. As a member of the European Union, Hungary is the beneficiary of the Free trade agreements of the EU with Moldova, Ukraine, South Korea, India, Mexico, Georgia, etc

International economic relations of Hungary

1. Central European Initiative (CEI)
2. International Chamber of Commerce
3. Organisation for Economic Cooperation and Development (OECD)
4. World Bank
5. Regional Cooperation Council
6. European Union
7. World Trade Organisation
8. Economic Commission for Europe (UNECE)
9. International Monetary Fund (IMF)
10. Group of States of the Council of Europe Convention against the corruption (GRECO)
11. United Nations
12. European Investment Bank (EIB)
13. European Bank for Reconstruction and Development
14. Organisation for Security and Cooperation in Europe (OSCE)
15. Asia-Europe Economic Meeting (ASEM)

Examples of the subject - Foreign Trade and Business in Hungary: