With its central location in the continent, Hungary is a popular destination for investors who would like to expand their business in Central or Eastern Europe. The country's greatest assets are the transport infrastructure and the quality of education and labor force. Several companies in the automotive, electronics, pharmaceutical and food industry have a subsidiary in Hungary.Transport
Because of Hungary's central location in Europe, the country is at crossroads of four European transportation corridors, No. IV, V, VII and X. The country's capital, Budapest, is the center of Hungary's cultural and economic activity. The other important cities, like Debrecen, Miskolc, Nyíregyháza or Pécs are connected to Budapest by motorways. Hungary has the third highest road density in Europe, the total length of the motorways is 1099 km. The country also has an expansive railway network, the total length of the railways is 7729 km. Its neighboring countries are easy to access. Hungary has three international airports, the Budapest Liszt Ferenc, the Debrecen and the Sármellék International Airport.
Foreign Relations
In 2004 Hungary became an EU member state, and the accession brought a lot of commercial advantages, like the free movement of goods and labor. Because of the high standards of the education system, the country has a well-qualified and skilled labor force, for example in the electronics and the medical field. Besides the EU Hungary is a member of several international organizations, such as NATO, IMF, CERN, ICT, the Schengen Agreement or the Danube Commission. The country's GDP is USD 199 billion (2012), and the inward direct investment is 3.85 billion (2012).
Main Industries
The electronics sector generates 22 percent of the country's total export and has 112 thousand employees. Some of the top 10 Electronic Manufacturing Services (EMS) have a subsidiary in Hungary, such as Flextronics or Videoton. The automotive sector generates 21 percent of the country's export. Four large automotive companies have a subsidiary in Hungary, Audi, Opel, Suzuki and Daimler. The headcount of the labor force in this sector is 100 thousand. The pharmaceutical and medical industry has a century-long tradition in the country. The sector employs 15 thousand people. The most important companies are TEVA, Sanofi and the Hungarian EGIS and Richter Gedeon.
Source: www.pwc.hu
