Doing Business in Hungary 2010 - International Franchise Association

More documents

Recommendations

Info

inconsistent. Although Hungary adopted a market economy only 20 years ago, competition is fierce in virtually every sector. Many of the market leaders are from Western Europe (especially Germany, Hungary’s leading trading partner), but increasingly Hungarian and Asian (e.g., Chinese) firms also play a formidable role in the economy. All companies must comply with standards, regulations and certification requirements of the EU, which Hungary joined in 2004. http://www.buyusa.gov/europeanunion For more information on Hungary’s regulations, please refer to Chapter 3, Selling U.S. Products and Services and Chapter 5, Trade Regulations and Standards. Market Opportunities Return to top In spite of the many challenges that accompany the global economic crisis, Hungary remains an attractive market for U.S. investment and exports. Hungary’s strategic location in Europe, access to EU markets, highly skilled and educated work-force, sound infrastructure and other advantages have led companies such as GE, Alcoa, AES, GM, IBM and many others to locate facilities here, both in manufacturing and services. Currently, there are 2000 partially owned, and 128 wholly owned US companies operating in Hungary. Foreign direct investment (FDI) has helped modernize industries, create jobs, boost exports and spur economic growth. Cumulative FDI stock has totaled more than US $80 billion since 1989, the highest in the region on a per capita basis. Among the important sectors: automotive, IT, logistics and, more recently, shared services (e.g., back office and/or call center operations). All told, American companies have invested more than $9 billion in Hungary since 1989, making the U.S. the 4th-largest foreign investor behind Germany, Austria and the Netherlands. Meanwhile, U.S. exports to Hungary have topped US$1 billion dollars in each of the last five years, led by IT equipment, automotive components, industrial engines and other manufacturing supplies. U.S. exports to Hungary were US$1.29 billion in 2008, up slightly over 2007 exports of US$1.10 billion. January through November, 2009 export figures from the US to Hungary were US$1.02 billion. Funding from the EU has also driven growth, and will continue to do so. Since 2004, EU funds have been used to improve telecommunications, energy and highway infrastructure. As part of a second National Development Plan (2007-2013), Hungary will allocate approximately €25 billion (US$36.8 billion) in projects ranging from tourism and transportation to healthcare and environment. For a complete listing of the most promising industries, please see Chapter 4, Leading Sectors for U.S. Export and Investment. Market Entry Strategy Return to top The U.S. Government – through Embassy Budapest and the Departments of Commerce, State, and Agriculture – stands ready to support U.S. firms, whether entering or already doing business in Hungary. The U.S. Embassy promotes a sound Hungarian business environment and advocates on behalf of U.S. companies bidding on major Hungarian Government tenders or facing business problems due to government policies. In addition, the staff of U.S. officers and Hungarian commercial specialists at the Embassy’s U.S. Commercial Service (USCS) can assist U.S. firms to access the Hungarian market and solve commercial problems through costeffective service programs and market research. For more information, please refer to Chapter 3, Selling U.S. Products and Services, and visit the USCS Budapest website, http://www.buyusa.gov/hungary/en/ 4
Return to table of contents Chapter 2: Political and Economic Environment For background information on the political and economic environment of the country, please click on the link below to the U.S. Department of State Background Notes. http://www.state.gov/r/pa/ei/bgn/26566.htm 5
Page 1 and 2: Companies Doing Business in Hungary
Page 3: efforts in order to further reduce
Page 7 and 8: Although the rate varies by industr
Page 9 and 10: Harbor is that failure to fulfill t
Page 11 and 12: According to industry experts and P
Page 13 and 14: law. Vendors of electronically supp
Page 15 and 16: For more information, please visit
Page 17 and 18: companies. Books, office supplies,
Page 19 and 20: their economic behavior or which fo
Page 21 and 22: and on billboards or merchandising
Page 23 and 24: Hungary is required to transpose th
Page 25 and 26: concrete steps to implement its IPR
Page 27 and 28: The U.S. Commercial Service at the
Page 29 and 30: Agreements of Minor importance whic
Page 31 and 32: Return to table of contents Chapter
Page 33 and 34: Franchising (FRA) Overview Return t
Page 35 and 36: www.kti.hu Institute of Transport S
Page 37 and 38: Hungary has tightened environmental
Page 39 and 40: National Development Agency: http:/
Page 41 and 42: Market Overview Return to top Econo
Page 43 and 44: • Travel services. Some American
Page 45 and 46: 3. Bovine Semen USD MILLION 2006 20
Page 47 and 48: Return to table of contents Chapter
Page 49 and 50: • The person who brought the good
Page 51 and 52: specific conditions on imports of f
Page 53 and 54: Customs Valuation - Most customs du
Page 55 and 56:
Standards are created or modified b
Page 57 and 58:
accreditation bodies. Membership is
Page 59 and 60:
Taxation and Customs Union: http://
Page 61 and 62:
The Latest on REACH: http://www.buy
Page 63 and 64:
decisions that may have unfairly im
Page 65 and 66:
The Ministry of Economic Affairs es
Page 67 and 68:
concern. In such cases, immediate a
Page 69 and 70:
Performance requirements, such as j
Page 71 and 72:
of judicial and law enforcement off
Page 73 and 74:
and five major Hungarian cities. Th
Page 75 and 76:
Hungarian legislation on combating
Page 77 and 78:
The Hungarian labor code guarantees
Page 79 and 80:
Return to table of contents Chapter
Page 81 and 82:
Tel: (36 1) 374-5000, Fax: (36 1) 3
Page 83 and 84:
will result in future project propo
Page 85 and 86:
Jordan, Lebanon, Libya, Moldova, Mo
Page 87 and 88:
Page 89 and 90:
insurance policies do not cover exp
Page 91 and 92:
Page 93 and 94:
Stephane Vrignaud 32.2.508.28.42 st
Page 95 and 96:
Business Europe The Confederation o
Page 97 and 98:
EURLEX - Access to EU law http://eu
Page 99 and 100:
KARÁT - International Jewelry Exhi
Page 101 and 102:
E-mail: mailto:info@hungexpo.hu Web
show all

Doing Business in Hungary 2010 - International Franchise Association

Create successful ePaper yourself

Delete template?

Save as template?