Located in the heart of Europe, crossed by four 4 pan-European transport corridors, benefiting from substantial European financing for the 2014-2020 period (€27 billion), and springboard to Central and Eastern Europe – home to some 150 million consumers, Hungary is an open market with plenty of opportunities for exports. Here we look at 5 particularly promising sectors.
- Pharmaceutical and biotechnology industries. These are the Hungarian economy’s flagship sectors that figure among the most competitive in the industry, according to CCI France International in a study published in June 2015 entitled “Réussir en Hongrie” (Succeeding in Hungary). In addition, a report by the US Department of Commerce entitled “Doing Business in Hungary” underscores the business opportunities to be had in the biotechnologies industry, with close to 260 research and education institutions in this field, and a sizable number of multinational firms that are already installed.
- Automotive industry. Representing 10% of Hungary’s GDP, the automotive industry is key to the continued expansion of the Hungarian economy. At the present time, 712 businesses work in this sector, accounting for a total 115,000 employees. In 2013, the automotive industry represented 20% of the country’s industrial production, generating €17.8 billion in income.
- Tourism. Representing 9.9% of Hungary’s GDP, this strategic sector is now booming, especially for thermal tourism: Hungary absorbs 20% of European demand for thermal spring therapy. It benefits from economic support programmes both from the Hungarian government and the European Union, representing €250 billion between 2014-2020.
- Logistics and transport. This sector already accounts for 6% of Hungary’s GDP, and is set to grow considerably with increasing government and European investment.
- IT. In constant growth, the number of people working in this sector increased by 15,000 between 2009 and 2013. Substantial government and European investment packages are set to boost segments that are currently booming, such as software and cloud computing.
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