Hungary: The Added Value

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1 H-1061 Budapest, Andrássy út 12. Tel: (36-1) Fax: (36-1) Hungary: The Added Value hungarian investment and trade development agency Internet: hungarian investment and trade development agency

2 Strategic logistics location Highly skilled, qualified workforce One Stop Shop investment promotion Contents Hungary: a real business centre in the heart of Europe 4 Land of welcome for foreign investors 5 Investment opportunities in the priority sectors of the Hungarian economy 10 The Automotive Industry 10 Electronics 12 THE HUNGARIAN INVESTMENT AND TRADE DEVELOPMENT AGENCY SERVICES One Stop Shop investment promotion free of charge personalized customer services global network support system business matchmaking Euro Info Centre INFORMATION ON the Hungarian economic and business environment investment opportunities investment incentive and support system legal and financial regulations tax system FOR MORE INFORMATION PLEASE CONTACT: ITDH The Hungarian Investment and Trade Development Agency H-1061 Budapest, Andrássy út 12. Phone: (+36-1) Fax: (+36-1) Information Technology 13 R&D and Innovation 15 Biotechnology 16 Logistics 18 Investors Testimonials 20 A great place to live and work 24 ITDH offices abroad 28 3

3 Hungary: a real business centre in the heart of Europe Land of welcome for foreign investors

4 Land of welcome for foreign investors Hungary: a real business centre in the heart of Europe Hungary offers countless advantages to foreign businesses, but among the most important is its strategic location: right in the heart of Europe. The country provides an ideal base for investors eyeing more distant markets or planning further expansion within central Europe or the European Union. As a result of EU accession on 1 May 2004, investors here find themselves within a single market of 455 million consumers and close to four countries poised to join the EU in the coming years enormous advantages for firms seeking new markets and new horizons. Since the beginning of the transition to democratic market economy at the end of the 1980s, Hungary has attracted a steady stream of foreign capital, well-balanced across the various sectors of the economy. The average capital influx of billion Euros per year over the past 15 years shows just how effective the Hungarian economy has been at integrating outside investment. A country of 10 million inhabitants, Hungary can currently boast of having attracted Foreign Direct Investment (FDI) of approximately 47 billion Euros to date. In the early 1990s, privatisation, conducted freely and in accordance with the rules of the market (a unique phenomenon in the region at that time), was the main incentive for foreign investment although even then investments in new industrial facilities were becoming increasingly frequent. Today, there are new incentives for foreign businesses and a new direction for incoming capital. Cumulated FDI* in Hungary , in million euros Source: National Bank of Hungary, Ministry of Economy and Transport *Including reinvested earnings from

5 A new structure for Foreign Direct Investment (FDI) 7

6 A new structure for Foreign Direct Investment (FDI) While privatisation is still in progress in other central European countries, Hungary has begun travelling down a different road. To take one example, industry, which prior to the mid-90s had consisted mostly of simple manufacturing processes, has gradually been transformed by the introduction of advanced technologies and innovation into production of goods representing higher added value. Investment in the automotive sector as a proportion of total FDI, and the growth in the associated service sectors, have become especially important: regional service centres are being set up and R&D activities initiated at an ever-increasing rate. Today, not only have the largest multinational car manufacturers established production and assembly facilities in Hungary, their major international suppliers have also come and brought their subcontractors with them. Hungary is truly a land of welcome for foreign investors and a land of opportunity. These statements are justified by the fact that hundreds, if not thousands, of foreign companies have located here. And their numbers continue to increase. While in 1990 the number of 100% foreignowned companies was 231 and the number of companies with foreign participation only 5,462, today their numbers are respectively. FDI Stock by Countries Other 26%, out of which the following countries represent about 2% each: Belgium Finland Norway Italy Spain Sweden Japan USA 5% FDI Stock by Countries Other 3% Services 49%, out of which: Trade: 9.8% Transport, telecom: 8.5% Finance: 10.1% Business services: 17.0% Germany 30% Austria 11% France 4% Netherland 20% Luxemburg 4% Manufacturing, 46%, out of which: Food: 6.0% Chemical: 7.6% Electronics: 9.0% Automotive: 11.3% Source: National Bank of Hungary 8 Energy, water supply 4% 9

7 Investment opportunities in the priority sectors of the Hungarian economy The automotive industry: Major Hungarian Automotive Companies Automobile manufacturing has longstanding traditions in Hungary. Since the beginning of the 20th century, the country has been fertile ground for important innovations, many of which are still in use today. It s no accident that since the 90s several foreign car manufacturers (such as Audi and General Motors) have followed Suzuki s example and set up production facilities in Hungary. (The Japanese car maker began production here in 1992 and was followed in the mid-90s by several of its traditional suppliers.) Today, the number of second- and third-line Hungarian equipment manufacturers who meet stringent quality standards is continually on the rise. There are currently hundreds local suppliers in this industry. 1. Gyôr / Erbslöh, Audi, Rába, Lear 15. Mosonszolnok./.SAPU, BOS 2. Veszprém / Bakony Mûvek, Continental 16. Mosonmagyaróvár / VOGEL and NOOT Teves, VALEO 17. Tatabánya / Souftec, Wescast 3. Kecskemét / Knorr-Bremse 18. Esztergom / Suzuki 4. Gödöllô / EMT 19. Nagyoroszi / KNAUS-TABBERT 5. Nyíregyháza / AIP, Hübner 20. Balassagyarmat / Delphi Calsonic 6. Nyíregyháza / Michelin 21. Salgótarján / MITSUBA 7. Sopron / Semperform 22. Sátoraljaújhely / Prec-Cast 8. Kiskôrös / Eckerle 23. Mezôkövesd / Delco-Remy 9. Diósd / Daewoo-MGM 24. Eger / ZF Hungária 10 Budaörs / VOGEL-SITZE 25. Hatvan / Bosch, Saia Burgess 11. Szentgotthárd / GM Opel 26. Solymár / Johnson Controls 12. Budapest / TEMIC, TAURIL, IKARUS, NABI, 27. Vác / Zollner RÁBA, General Electric, Michelin, 28. Jászárokszállás / Zeuna Stärker Webasto, UBP, BEROHA 29. Dunaharaszti / Schwartzmüller 13. Szombathely / Delphi-Packard, Luk 30. Szolnok / Isringhausen Savaria, BPWRÁBA 31. Székesfehérvár / Denso, Alcoa, Loranger, 14. Mór / Benteler, Michels, Sews, Visteon, Ibiden 10 Hammerstein, Lear 32. Oroszlány / Westcast-Linamar 11

8 Electronics Information technology The electronics industry provides one of the best options for foreign businesses looking for investment opportunities in Hungary. In the past few years, foreign investors have shown a particularly keen interest in four areas within this sector. In information technology, communications and consumer electronics, rapid technological innovation continues to drive product development, broaden product lines and enhance performance for consumers. In telecommunications, foreign manufacturers of mobile devices and removable parts (namely Ericsson, Nokia and Siemens) have set up centres of excellence in Hungary, spurring innovation and new applications. The assembly of electronic components has played a decisive role in the development of information technology (SANMINA-SCI, Flextronics and Philips). Finally, a number of companies supplying auto electronics parts (such as Temic, Delphi and Bosch) have made serving the large car and bus manufacturers active in Hungary (Audi, Opel, Suzuki, Ikarus, NABI and Rába) their top priority. And there are more than a thousand Hungarian smalland medium-sized enterprises (SMEs) to provide the large electronics manufacturers with their capacity and know-how. 1. Gyôr / Philips, General Electric 2. Szombathely / Philips, Siemens 3. Sárvár / Flextronics 4. Zalaegerszeg/ Flextronics, General Electric 5. Nagykanizsa / General Electric 6. Tab / Flextronics 7. Pécs / Elcoteq 8. Dunaújváros / Aikawa 9. Székesfehérvár / Philips, Videoton, Pannonplast 10 Tatabánya / Hirsch, SCI 11. Komárom / Nokia 12. Biatorbágy / Alpine 13. Dorog / Sanyo 14. Debrecen / National Instruments 15. Göd / Samsung 16. Szigetszentmiklós / Samsung 17. Vác / General Electric, Manfred Zellner 18. Veresegyház / General Electric 19. Rétság / TDK The growth rate in IT in Hungary is around 10%, far exceeding overall GDP growth. As with fixed-line telecommunications, outsourcing is playing an ever-increasing role, resulting in an appreciable increase in the volume of IT services. Its 8% share of GDP last year shows 20. Gödöllô / Sony, Lear 21. Budapest / GE, Siemens, Ericson, Continental T 22. Hatvan / Bosch 23. Jászfényszaru / Samsung 24. Nagykáta / Clarien 25. Nagykôrös / Sanshin 26. Hajdúböszörmény / General Electric 27. Tiszaújváros / Jabil Circuit 28. Nyíregyháza / Flextronics 29. Miskolc / Shinwa 30. Kisvárda / General Electric 31. Ózd / General Electric 32. Salgótarján / Videoton, Mitsuba 33. Kaposvár / Videoton 34. Kunhegyes / Videoton 35. Veszprém / Videoton 36. Enying / Videoton 37. Sárbogárd / Videoton 38. Törökszentmiklós / Videoton 2 4 just how important IT is to the overall economy. Many IT companies long-established in Hungary have begun relocating R&D activities here. This is what Nokia, Ericsson, Siemens, Avaya, Motorola, Philips, TATA Consulting Services and HP- Compaq did, just to name a few. Major Companies in the Electronic Sector

9 R&D and Innovation R&D and Innovation Non-Euclidean hyperbolic geometry, the torsion pendulum, the carburettor, the transformer, the krypton bulb with tungsten filament, radioactive marking, the nuclear reactor, thermonuclear fusion, the cooling tower, the electric train, supersonic flight, radio astronomy, the new measure of a metre relying on the speed of light in the void, the ballpoint pen, holography, the radio, the television, the computer, Basic (the first computer programming language), lead-free petrol, vitamin C and Game Theory all salient achievements of universal culture were invented or fundamentally advanced by scientists of Hungarian origin, who mastered the tenets of their scientific disciplines here in their native country. The research and development conducted at Hungarian universities and at the institutes of the Hungarian Academy of Sciences have achieved international renown. Students in Higher Education Sopron 1241 Gyôr 4250, 1341 Veszprém 4159, 737 Budapest 22714, Gödöllô 2018, 193 Dunaújváros 2795, 1344 Szeged 1135, 1445 Kecskemét 2622, 1639 Miskolc 2543, 528 Debrecen 3175, 557 Engineering, IT Sopron Gyôr BUDAPEST Veszprém Pécs Gödöllô Dunaújváros Kecskemét Szeged Miskolc Debrecen

10 Biotechnology Traditionally strong, the life sciences in Hungary have garnered recognition around the world. Educational institutions at the secondary, tertiary or post-graduate levels train highly qualified specialists in everything from agronomy to molecular biology. The Hungarian pharmaceutical industry and related sciences of pharmacy, pharmacology and biotechnology are steeped in tradition there is, therefore, an exceptional concentration of researchers and professionals here in synthetic chemistry, an area fundamental for the development of biotech. In fact, about a dozen enterprises of various sizes have focused their entire activity on biotechnology. In the past few years these enterprises have acquired crucial expertise in biotechnological innovation and developed partnerships with national and international research centres. Hungary s competitiveness lies in its brainpower

11 Logistics Logistic Centers in Hungary Sopron A *meglévô ill. megépíteni tervezett Nyugat-dunántúli körzet Gyôr V. CORRIDOR Nagykanizsa SLO Dél-nyugati körzet V/B. CORRIDOR IV. CORRIDOR HR VII. CORRIDOR (DUNA) Nagytétény Észak-dunántúli körzet Közép-dunántúli körzet Csepel Székesfehérvár Dél-magyarországi körzet V/C. CORRIDOR SK Baja Budapesti körzet Soroksár YU VII. CORRIDOR (DUNA) Észak-keleti körzet Dél-keleti körzet Debrecen Szolnok Dél-alföldi körzet Szeged X/B. CORRIDOR Miskolc Tiszaújváros Közép-alföldi körzet RO IV. CORRIDOR Logistics center Logistical region Záhony Észak-tiszántúli körzet V. CORRIDOR UA Helsinki corridors Railway Road Water-way Supplementary elements of TINA network Road Railway Possible supplementary elements of TEN Road Railway Currently, there are several hundred high-quality Hungarian and multinational logistical service providers available in Hungary. In terms of the development of this service there is a favourable competition on the market. The market of companies providing logistics for special products and complex logistical services is growing fast. The national network of logistical service centres was set up with bearing in mind easy accessibility of each centre. Hungary s EU accession is a key driving force behind the market changes, for as globalisation continues, customs regulations and authorisation procedures become ever more simplified. Hungary s role as a transit country will further grow as the new EU member state bordering four non-eu countries. During the last few years the creation of an industrial park network has been considered very important in Hungary. There is not one town in the country that does not have an industrial park in its neighbourhood within 30 kilometres at the minimum. Companies relocating to these parks can enjoy all the benefits ranging from production to delivery to the target location and a wide selection of services

12 Investors Testimonials Accor: Aware of the country s geographical advantages and economic potential, Accor began its Central European expansion in Hungary by acquiring Pannonia Hotels. In 2003, at the celebration of the 10th anniversary of Accor s coming to Hungary, they declared their development here a resounding success, adding that the projects currently underway in Hungary and the region would continue until the twenty hotels under the brand names Etap, Ibis, Mercure, Novotel and Sofitel were completed. Audi has had its strategic base for engine production in Hungary for 12 years. Gyôr was chosen from 180 possible locations due to the possibility of maximal utilisation of capital. The region has a good supply of skilled workers and high number of qualified graduates with excellent language skills, as well as developed infrastructure and good transport connections. Audi did not only safeguard its international competitiveness in the past 12 years, but also created a strategic base in Hungary, which is gaining increasing importance. Today we supply appr. 30 % of the engines for the VW group; we are the biggest exporters in Hungary and also one of the Hungarian companies with the largest sales revenue. To reach this result we rely on our highly qualified workforce constantly delivering an efficient, reliable and outstanding performance. AVIS chose Budapest due to its excellent service ethic, strong local financial and technical skills, language skills, quality of infrastructure and geographic proximity to Avis European operations. Finding highly qualified, multi-lingual employees near our core operations was a priority in making our efficiency program viable. Bosch located its pneumatic factory in Eger, because beside the favourable level of wages, the region has well trained employees and a strong tradition of the machinery industry. On top of that, the M3 motorway makes this attractive city conveniently accessible. Diageo is very pleased with its decision to locate its European Shared Service Centre in Budapest. "Significant cost savings have been achieved, and we are particularly happy with the additional benefits driven by enhanced processing efficiency - in many cases these benefits significantly outweigh the absolute cost savings." Duolog: The main reasons of our expansion to Hungary are the quality of labour force and the favourable costs. Besides the Hungarian business culture is very similar to the Irish." Getronics chose Budapest from several possible European cities, in countries such as Poland, Spain and Slovakia. "The eager and highly skilled workforce we found in Hungary played a significant role in our decision making. Budapest is also an excellent choice because we have a strong local operation on which we can build." Le Bélier: "We didn t come here to make the most of low wages. Hungary is interesting for us because of the qualified workforce and the industrial base that we found here. The country has a stable and highly developed economy including the banking system." Nief Plastic: "In 2000 our business as plastic moulding subcontractors led us to follow our clients who settled in the region. We chose Hungary as it provided the technical and economic conditions best suited to our needs. After five years we can only confirm it was the right choice; today we have two facilities with a total of 300 staff in Hungary." The Michelin Group was attracted by the high standards of the Hungarian rubber industry in addition to professional competence, international competitiveness and the country s open spirit

13 A great place to live and work 22 23

14 A great place to live and work Interesting Hungarian Facts The quality of life that Hungary offers foreign investors and employees in Budapest and throughout the country is an important factor when businesses consider locating here. Expats working in Hungary for extended periods have been highly satisfied: they have found living in Hungary pleasant and Budapest exciting and less expensive than other major European capitals. Moreover, the country boasts a rich and internationally recognised culture, distinctive cuisine, superb wines, a centuries-old spa tradition, excellent schools, and numerous leisure activities and facilities. With its millennium-old culture and awe-inspiring technological legacy, it is no wonder world business makes Hungary its central European home. Did you know...? that in1996 Hungary celebrated its 1100 anniversary of statehood?...that Central-Eastern Europe's largest freshwater lake is Lake Balaton, also called the "Hungarian Sea"?...that Lake Héviz is one of Europe's largest, natural thermal lakes? that there are 1,300 thermal springs discovered to date all over Hungary? that Hungary boasts eight sites that UNESCO recognized as part of the World Heritage? that the Hortobágy National Park has Europe s largest cohesive natural grassy meadow? that Budapest is the only capital in the world where caves can be found? that the continent's first underground service started in Budapest in 1896? that Budapest is one of the few cities in Europe with two Roman amphitheatres? that Hungary has one of the highest number of Nobel Prize winners relative to its population size? 24 25

15 Facts Useful links Credit rating (Moody s) A1 Investment support: Authorities / Ministries: Organisations and institutions assisting investors: 26 GDP/person (Euro purchase parity) GDP growth (2004%) 4.0% Inflation (2004, %) 6.8% Export volume (2004, %) 16.9% Import volume (2004,%) 13.8% Unemployment ratio (2004, %) 6.1% Balance of payments on current accounts -8.8% (2004, %GDP) Company tax (2004, %) 16% Average monthly salary (Euro/month) Director Chemical engineer Mechanical engineer Electrical engineer Skilled worker Emloyer s contributions 33.5% Source: ITDH development tax benefit development tax reserve research and development allowance tax allowances granted to SMEs non-refundable direct subsidies for technology modernization, regional centers, logistic centers etc. job creation subsidy preferable loans training and retraining support special investment package for large investments Specifically supported activities production of advanced technology standard introduction of environment friendly technologies establishment of regional company head officies development of SMEs research and development, innovation informational society and economy development Ministry of Economy and Transport (Gazdasági és Közlekedési Minisztérium) Website: Ministry of Finance (Pénzügyminisztérium) Website: Ministry of Employment and Labour (Foglalkoztatási és Munkaügyi Minisztérium) Website: National Bank of Hungary (Magyar Nemzeti Bank) Website: Tax and Financial Control Administration (Adó- és Pénzügyi Ellenôrzési Hivatal) Website: Hungarian Central Statistical Office (Központi Statisztikai Hivatal) Website: The Hungarian Investment and Trade Development Agency, ITDH (Magyar Befektetési és Kereskedelemfejlesztési Kht.) Website: Budapest Stock Exchange (Budapesti Értékto"zsde) Website: Association of Industrial Parks (Ipari Parkok Egyesülete) Website: Hungarian Export-Import Bank, EXIMBANK (Magyar Export-Import Bank) Website: Hungarian Export Credit Insurance, MEHIB (Magyar Exporthitel Biztosító) Website: Hungarian Development Bank (Magyar Fejlesztési Bank Részvénytársaság) Website: Hungarian Chamber of Commerce and Industry (Magyar Kereskedelmi és Iparkamara) Website: Hungarian Enterprise Promotion Public Benefit Co (Magyar Vállalkozásfejlesztési Közhasznú Társaság) Website: Confederation of Hungarian Employers and Industrialists (Munkaadók és Gyáriparosok Országos Szövetsége) Website: 27

16 ITDH offices abroad Austria - Botschaft der Republik Ungarn, Handelsabteilung Opernring 5/2, 1010 Wien Tel.: +43-1/ Fax: +43-1/ Belgium - Ambassade de la République de Hongrie, Section Commerciale Avenue de Vert Chasseur 44, B Bruxelles Tel.: +32-2/ Fax: +32-2/ Bulgaria - Embassy of the Republic of Hungary, Commercial Service 1113 Sofia, Ul. Nikola Mircsev 33. Tel.: / , Fax: / Canada - Consulate General of the Republic of Hungary, Trade Commission 121 Bloor Str. East, Suite 1110, Toronto, Ontario, M4W 3M5 Tel.: / Fax: / China - Embassy of the Republic of Hungary, Commercial Office Ta Yuan Diplomatic Compound , 1 Xin Dong Road, Beijing Phone: ; ; Fax: Tamás Venekei (Director) Croatia - Ured za Trgovinu Veleposlanstva Republike Madarske u Zagrebu Zagreb , Pantovcak 128/I. Tel.: / Fax: / Czech Republic - Velvyslanectví Mad'arské Republiky Obchodní Zastupitelství Rumunská 22. PSCC , Praha 2 Tel.: / , 333 Fax: / , Egypt - Embassy of the Republic of Hungary, Commercial Section 15 Abou El Feda St. Zamalek, 3rd floor, No.9, Kairo A.R.E. Tel.: +20-2/ , Fax: +20-2/ France - Section Commerciale de l'ambassade de Hongrie 140, Avenue Victor Hugo, Paris Tel.: +33-1/ Fax: +33-1/ France - Delegation Commerciale de Hongrie 21, rue Garcin, Part Dieu, Lyon Tel.: +33-4/ Fax: +33-4/ Germany Botschaft der Republik Ungarn Handelsabteilung Unter den Linden 76 D Berlin Tel.: / Fax: / Germany Botschaft der Republik Ungarn, Aussenstelle Bonn Handelsabteilung ITD Bonn Turmstr. 30, D Bonn Tel.: / Fax: / Germany - Handelsabteilung des Generalkonsulats der Republik Ungarn Dom-Pedro-Str. 17, D München Tel.: / Fax: / Greece - Embassy of the Republic of Hungary, Commercial Section GR Athen, 8. Dorileou Str. 3rd Floor Tel.: / , 95, 96 Fax: / The Netherlands - Ambassade van de Hongaarse Republiek - Handelsafdeling Postbus AA Den Haag, Laan van Nieuw Oost Indie 271 Tel.: / Fax: / Italy - Ambasciata della Republica di' Ungheria Sezione Commerciale Via Vincenzo Monti, 15, Milano Tel.: / Fax: / Japan - Embassy of the Republic of Hungary, Commercial Section No. 28. Mori Building, Nishiazabu 4-chome Minato-ku, Tokyo Tel.: +81-3/ Fax: +81-3/ Lithuania - Vengrijos Respublikos Ambasados Komercijos Biuro Saviciaus gatve 8-4,, 2001 Vilnius, Lithuania Tel.: / Fax: / Poland Wydzia Handlowy Ambasady Republiki Wengierskiej Warszawa, u. Szwolezerów 10 Tel: / , 1896 Fax: / , Romania - Ambasada Republich Ungare Bucuresti, Biroul Comercial Bucuresti, RO , Str. Drobeta nr. 11. sector 2 Tel.: // Fax: / Spain - Consulado General de Hungria en Barcelona Avda. Diagonal, 463 bis-7, Barcelona Tel.: / Fax: / Serbia-Montenegro - Ambasada Republike Madarske Trgovinsko Odelenje Beograd, 11000, Ulice Nemanjina 4/XIII. Tel.: / Fax: / Slovakia - Velvyslanectvo Madarskej Republiky, Obchodné Zastupitelstvo Palisady 40., Bratislava Tel: / , 8802 Fax: / , 08 Switzerland - Ungarischer Aussenhandelsdienst 8002 Zürich, Richard Wagner str. 6. Tel.: +41-1/ Fax: +41-1/ Sweden - Hungarian Commercial Service Birger Jarlsgatan 22., S Stockholm Tel.: +46-8/ Fax: +46-8/ Taiwan Hungarian Commercial Service 3F, No.97, Jingye 1st Rd., Tachih, Chung-Shan District, Taipei 104, Taiwan Tel.: / Fax: / Turkey - Consulate General of the Republic of Hungary, Trade and Investment Promotion Section 1. Levent, Korukent Sitesi, C Blok, Daire 5, Istanbul, Türkiye Tel.: / Fax: / United Kingdom - Hungarian Embassy, Trade Commission 46 Eaton Place, London SW 1 X8AL Tel.: / Fax: / United States of America - Hungarian Trade Office 150 East 58th Street, 33rd Floor, New York, N.Y Tel.: / Fax: / United States of America - Commercial Section of the Consulate General of the Republic of Hungary Wilshire Blvd., STE 410, Los Angeles, CA Tel.: / Fax: / United States of America Office of the Hungarian Trade Commission 500 North Michigan Avenue, Suite 810, Chicago, IL Tel.: / Fax: / Ukraine - Embassy of the Republic of Hungary, Commercial Section Kijev, ul. Streleckaja 16. Tel.: / Fax: /

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