Over the last 25 years, scores of international companies have based their manufacturing and service operations, and in some cases European HQs and R&D centres, in Hungary, bringing in more than EUR 78 billion in FDI. Forty-five of the world’s 50 largest multinationals, and many of their SME suppliers, have established a long-term presence here, benefiting from the advantageous location, a safe legal environment, an advanced business infrastructure, and a committed labour force.
Indeed, Hungary is a bustling business hub situated right at the very heart of Europe; in historical, geographical, cultural and economic terms, all destinations are within easy reach. As a full European Union member, businesses settling here join an EU market of more than 500 million people.
The country offers tangible investment benefits to all businesses: SMEs wishing to get closer to multinational buyers; global firms seeking safe, reliable operational and distribution centres or shared services facilities; high-tech enterprises looking to outsource clinical research, software development or other R&D activities, and manufacturers that require access to the markets of Eastern and South East Europe.
Chapter 1. An overview of the country
Part 1. Hungary
Hungary is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The country's capital and largest city is Budapest. Hungary is a member of the European Union, NATO, the OECD, the Visegrád Group, and the Schengen Area. The official language is Hungarian.
Hungary's current borders were established by the Treaty of Trianon (1920) after World War I, when the country lost 71% of its territory, 58% of its population, and 32% of ethnic Hungarians.
On 23 October 1989, Hungary became a democratic parliamentary republic.