The automotive segment is a top industry of the nation even as it produces nearly 21% of its total exports. Over 600 firms, hiring a combined total of 100,000 persons, are currently in the business, in the field. And four leading automotive Original Equipment Manufacturers, namely, Audi, Suzuki, Daimler, and Opel have manufacturing facilities in the nation.
The electronics business is yet another major industrial sector in the nation, even as it is responsible for 22% of the country’s whole manufacturing production. Hungary is – by far – the biggest electronics maker in the CEE region, and is behind 26% of the entire regional manufacture. Close-to 112,000 persons are presently working in the segment.
Hungary also has a fairly good presence in the field of Pharmaceuticals and Medical Technology. Its pharmaceutical business is a top and highly well-organized and flourishing division of the country’s economy. Courtesy the most developed pharmaceutical and biotechnology segments in the entire Eastern and Central Europe, the nation proffers a perfect launch pad for the life science firms keen to grow in the area, or expand towards the states of the Balkan region, and also the more far-away Asian and Eastern European markets.
Even in the food industry, Hungary’s presence is rather remarkable. Business of food processing continues to be a key sub-division of the Hungarian economy. The food industry’s export revenues are crucial to the nation’s general trade balance. The country is the sole net exporter of agricultural and food goods in the entire CEE area. And, the business produces 6% of the nation’s total exports.
The ICT segment-comprising telecommunications, IT services, IT outsourcing, and software and hardware manufacturing-is another vital cog, and one of the main businesses of the Hungarian economy. The ICT segment is responsible for 10%,or one–tenth, of the whole Hungarian GDP even as it hires 100,000 -plus persons. During the past some years, the Hungarian ICT market has developed speedily, and heads the field in communications tools manufacturing and computer assembly.
Now let’s take a look at the cost of doing business in Hungary
At only 10%, the nation has possibly the least corporate tax rate across the whole Europe, and this makes it pretty sensible to shift proceeds to the many Hungarian subsidiaries.
Trained, Committed Individuals
Its qualified, creative manpower is accessible for just 33% of the cost of their Western European matching parts. The administration’s attempts to boost employment have formed a rather supportive atmosphere for recruiters, with non interventionist employment rules and regulations. Robust employer rights make it quite simple to use only those one requires. Against this backdrop, the labour market conditions of Hungary are appreciably more flexible and fairly priced, in relation to those in Western Europe.
Not Too High Costs
The prices of real estate have nose-dived by close-to 30% since 2008 even as the costs of business immigration services are incredibly low, vis-à-vis Western Europe. The overall cost of doing business in Hungary is not too high even as the nation has taken advantage of its just right geographical setting to emerge as a manufacturing, and logistics, besides services powerhouse.