Trade and Investment in Hungary and new States in the European Union Istvan A. MOLNAR Investment and Trade Commissioner
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1 Trade and Investment in Hungary and new States in the European Union Istvan A. MOLNAR Investment and Trade Commissioner Hungarian Consuate General Los Angeles, CA
2 A market of 250 million people within 1000 km Hungary 1000 km Land: 35,919 sq miles - like Indiana Population: 10,1 million like Michigan GDP/capita, at PPP: USD 18,840 (2009) half of Florida (wiiw, EIU) GDP: 199 b USD - like Connecticut, Arizona (World Bank)
3 Improving economic performance in 2010 EU EU-member since 2004 GDP GDP growth 2010: +1% (2009: -6.3%) Output Employment and wages Export growth 2010: +16% (2009:-9.1%) Industrial production: +8.5% (2009: -15.9%) Average wage: 750 (H1 2010)* Unemployment rate 2010: 11.3%, (2009: 10.1%) Inflation Average inflation rate 2010: 4.8% (2009: 4.2%) *Exchange rate: 1 = HUF Source: GKI (Economic Research Institute) February 2010
4 Recovery in Market growth GDP per head (USD at PPP) GDP growth (%) Stability Inflation (%) Budget balance (% of GDP) Current account balance (mill. USD) Exchange rate (USD) Competitiveness Average wages (monthly, USD) FDI inflow (billion USD) Source: Economist Intelligence Unit, August, 2010
5 Investors continue to see Central-Eastern Europe as top investment destination Ernst and Young s 2010 European Attractiveness Survey CEE confronted the crisis situation robustly and regained a top-three ranking as most attractive region In 2009 Hungary was #6 in FDI job creation and #13 in the number of FDI projects in Europe by European Investment Monitor
6 Investors continue to see Central-Eastern Europe as top investment destination Ernst and Young s 2010 European Attractiveness Survey
7 Cities in CEE will see the most expansion by 2015 Source: European Cities Monitor, 2010, Cushmand and Wakefield
8 Growing Stock of Foreign Direct Investments in Hungary (million EUR) 80,000.0 New methodology 70, , , ,000.0 Other capital 30, , ,000.0 Equity and reinvested earnings Q2 Source: National Bank of Hungary, 2010
9 High FDI stock/capita (EUR, 2009) Source: wiiw, 2010
10 Ernst&Young: trust of foreign investors already established in Hungary Can't say 4% No 46% 50% Yes Half of multinational companies are planning to expand Established investors considering developing activities in Hungary Source: Ernst and Young: CEE Attractiveness Survey, 2009
11 Eighty percent of German investors would chose to locate in Hungary German-Hungarian Industry and Trade Chamber: Economic Trend Report, Hungary 2010
12 FDI stock by country of origin, 2008* Major investors: Germany, Austria, Holland (Europe: 75%)
13 FDI stock by sector, 2008 Manufacturing Services
14 Benefit from a good balance of quality and cost of labour Take advantage of high-quality infrastructure and a stable business environment Build on Hungary s knowledge-based economy
15 Excellent access to key markets At the cross roads of 4 main European transportation corridors Extensive road and railway transportation network Highly developed logistics and telecommunications infrastructure
16 Hungary 3rd in European Distribution Report Cushman&Wakefield evaluated the European logistics sector: Hungary ranks 3rd in the key cost-benefit factors CEE is a much sought after logistics and distribution location Hungary offers a plentiful supply of land and available properties Source: Cushman&Wakefield; European Distribution Report, 2008
17 Prague, 5 hrs Munich, 6 hrs Hamburg, 8hrs Expanding highway network Warsaw, 10 hrs Kyiv, 12 hrs Vienna, 1 hr Rotterdam, 12 hrs Bucharest, 10 hrs Constanza, 12 hrs Zagreb, 1 hr Trieste, 6 hrs Koper, 6 hrs Beograd, 4hrs
18 Lively Office market A class offices Stock in Budapest (2009 Q4):3,000,000 m Average rental price (headline rents) : Budapest EUR 12-15/m /month EUR 20 / m University cities EUR 8-12/ m /month (premium categories) / month EiffelSquare Vacancy rate in Budapest in 2009 Q4: 24.9% Business infrastructure in Hungary: - Top-quality telecommunications services - Easy access to 3T, xdsl connections Capital Square Source: CBRE 2010 Q1 Corvin Offices Millennium Tower Millennium Tower
19 Low Corporate Income Tax Country Corporate income tax France 33.33% Spain 30.00% Germany 29.44% UK 28.00% Greece 25.00% Czech Republic 19.00% Slovakia 19.00% Poland 19.00% Hungary 10/19% * Asian countries Corporate income tax Japan 40.69% Malaysia 25.00% China 25.00% South Korea 24.20% Singapore 17.00% Source: European Commission, 2010; France, Germany, Asia: KPMG, 2009
20 International schools in Budapest British, American, German, French, Chinese, Japanese, Austrian etc. Private medical services Well-known across Europe Expats like Hungary Entertainment facilities Thermal baths, wellness, recreations centres throughout the country Public golf courses Rich cultural life Excellent food and wine
21 Quality of life in Hungary Rank Country Final Score 1 France 82 2 Australia 81 3 Switzerland 81 4 Germany 81 5 New Zealand Hungary Czech Republic United Kingdom Slovenia Poland Ireland Slovakia Bulgaria Romania 65 Hungary excels in civil liberties, safety and health. Source: International Living, 2010
22 Benefit from a good balance of quality and cost of labour Take advantage of high-quality infrastructure and a stable business environment Build on Hungary s knowledge-based economy
23 Hungary is perceived as a quality location Top 5 satisfaction assets Telecommunication infrastructure 69% Local labor skills level 64% Transport and logistic infrastructure 61% Quality of education 56% Quality of life 54% Hungary Attractiveness Survey 2009 Respondents: 202 * Very attractive + fairly attractive responses Respondents: 202 * Very attractive + fairly attractive responses
24 Higher education - Well trained, creative and flexible human capital Number of institutions in higher education 70 Number of locations 172 Number of students in higher education 381,033 Majoring in: Business and Administration 91,501 Engineering 34,622 Informatics 31,021 Foreign languages 14,100 Number of graduates in ,368 University Towns Miskolc Veszprém Budapest Debrecen 90% of students speak English 2nd most popular foreign language: German Followed by: French, Italian, Spanish All degrees include foreign-language certificate and computer skills Pécs Szeged Academic year 2008/2009
25 Liberal labour regulations IMD s World Competitiveness Yearbook ranks 58 countries by the labour regulations According to the survey labour regulations do not hinder business activities Rank Country Scores 1 Iceland Singapore Switzerland Hungary United Kingdom Ireland Bulgaria Poland Slovak Republic Czech Republic Romania 3.3 Source: IMD, World Competitiveness Yearbook 2010
26 High number of working hours IMD s World Competitiveness Yearbook ranks 58 countries by the working hours According to the survey Hungary ranks 26, among 58 countries Rank Country Average number of working hours per year 1 Qatar Korea Hong Kong Bulgaria USA Hungary Czech Republic Slovak Republic United Kingdom Poland Spain Romania Germany 1704 Source: IMD, World Competitiveness Yearbook 2010
27 Strong scientific capacity The World Economic Forum ranks Hungary 18 of 131 countries for the quality of scientific research institutions Country Ranking Israel 1 Switzerland 2 USA 4 Germany 6 Japan 15 Ireland 16 Hungary 18 Czech R. 21 Austria 20 China 39 Spain 43 Poland 47 Greece 88 Slovakia 90 Source: Global Competitiveness Report, World Economic Forum, 2010/2011
28 Low competitive average wages 5000 Monthly gross average wages in EUR in EU27 - average Source: National statistical offices, 2009 *latest available year: 2007
29 Still attractive labour costs in CEE, 2010 Level as % of euro area, hourly labour costs in industry and services f Pl Hu Sk Cz Source: Eurostat, J.P. Morgan forecasts for 2010
30 Competitive wage levels in Budapest The survey of 73 cities found that wages costs in Budapest are very competitive in Europe. Source: UBS, Wealth Management Research, Prices and Earnings, 2009 City Gross wage level New York=100 Copenhagen Zurich Geneva New York Munich 87.9 Dublin 84.1 Chicago 80.2 Tokyo 74.0 Vienna 72.0 London 69.0 Madrid 55.1 Barcelona 54.9 Seoul 30.3 Prague 24.8 Warsaw 21.4 Bratislava 21.2 Budarest 18.6 Bucharest 15.4 Sofia 13.4
31 Cost of staff City Rank Score Bucharest Istanbul Budapest Warsaw Lisbon Leeds Europe s largest companies were asked to rank cities in terms of cost of staff Budapest is in the third place Prague Berlin London Madrid Paris Vienna Source: Cushman&Wakefield, European Cities Monitor, 2009
32 Future expansion plans of large companies The cities in CEE are the most popular destinations for potential expansion Budapest is anticipated to attract a large numbers of investors Source: Cushman&Wakefield, European Cities Monitor, 2009
33 Average office rents in the CEE and in Europe Budapest Berlin Warsaw Prague Bucharest Brussels Paris Source: Jones Lang LaSalle, 2009
34 Budapest is the best city to live in within CEE Liveability ranking, 2010 stability, health care, culture and environment, education, and infrastructure Education received an outstanding 100 points in Budapest Source: Economist Intelligence Unit, 2010
35 Benefit from a good balance of quality and cost of labour Take advantage of high-quality infrastructure and a stable business environment Build on Hungary s knowledge-based economy
36 The strength of the ICT sector with good eskills: strategic assets for Hungary* Hungary s ICT sector represents a fifth of its exports, the third highest in the EU The percentage of persons employed with ICT user skills exceeds the EU average Major software developers IBM, HP, Siemens, CISCO, SAP, Oracle, Microsoft and TATA Several IT companies, such as BT, EDS-HP and Getronics operate technology service centres in Hungary ICT-related R&D drives more than a quarter of total R&D *Source: Europe s Digital Competitiveness Report - i2020 ICT Country Profiles, August 2009
37 Biotechnology & Pharmaceuticals Hungary s biotechnology sector on par with some Western European countries (Eurapabio, 2009) The 5 th largest drug producer in Europe Hungary ranks top in clinical research (Buck Consultants)
38 Automotive Original manufacturers: Suzuki, Audi Suzuki: 282,000 pcs (2008) Audi Motor: 60,000+ TT coupés and roadsters, A3 cabriolet Engine manufacturing (2008): Audi Hungary: 1.9 million engines GM Opel: 400 thousand engines Automotive electronics prod.+r&d: Bosch, ThyssenKrupp, Knorr Bremse, etc. TIER 1s:14 of the world s top 20 present in Hungary World s 2nd largest powertrain plant in Hungary by Audi!
39 Electronics Largest electronics producer and exporter in the CEE Major global manufacturers: Samsung, GE, Philips, Sanyo, Sony and Jabil, Flextronics Booming sectors: IT manufacturing telecommunications, consumer electronics Hungary provides an ideal environment for electronic manufacturing services as the country has good industrial infrastructure and a strong industrial culture. Hannu Hanatala, Managing Director, Elcoteq
40 Renewable energy Hungary plans to reach 13% of RES in total energy production by 2020 Major areas of growth: biomass, biogas, wind power Compulsory feed-in tariff of between 5-13 cents depending on plant size EU provides EUR 600 million to support renewable energyrelated investments Emerging solar panel technology industry
41 Shared Service Centers Hungary had the highest number of shared service investments between in Europe (Ernst&Young, 2007) SSCs throughout the country: Debrecen, Miskolc, Pécs, Székesfehérvár, etc. Positive feedback from companies already present in Hungary
42 Logistics The logistics sector gives 4,5-5 % of the Hungarian GDP Logistics activities are the most often outsourced Integrated Supply Chain 6 solutions and logistics services 4 provided by global contract 2 logistics players Dynamic growth of the logistics market e 2007e 2008f 2009f 2010f 2011f 2012f Turnover in billion USD
43 Innovation in Hungary Large presence of multinationals investing into R&D activities Continuously expanding R&D investments in automotive manufacturing, software development and life sciences Latest developments: Life sciences AMRI (USA), Codexis, Richter EGIS-Servier Sanofi ICT Ericsson (Sweden) SAP Oracle Automotive Schefenacker, ZF, Knorr-Bremse, Valeo, Bosch
44 Hungarian Investment Projects (HIP): competitive projects for financial and strategic investors More than 40 outstanding innovative projects Biotechnology (15): 1,000,000-15,000,000 (ROI: 3-8 years) ICT (5): 200,000-1,000,000 (ROI: 1-5 years) Renewable Energy (10): 500, ,000,000 (ROI: 5-10 years) Tourism (10): 25,000, ,000,000 (ROI: 8-20 years)
45 HanKooK Our references
46 Thank you for your attention Istvan A. MOLNAR Investment and Trade Commissioner Hungarian Consuate General Los Angeles, CA Phone: (310) istvan.molnar at itdh.com Internet:
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