Hungary

Hungary is one of the most developed countries in Central Europe.
Located with strategic land routes between Western Europe, the Balkan Peninsula, Mediterranean basin, and Ukraine.
Hungary is currently in a stage of economic growth.
Domestic and international companies are demanding good office space.
Budapest cost of living is 50% that of New York City (according to The Economist).
Hungary seeks accession into the European Union.
Over 85% of the economy is privatized.
Hungarian currency is the Forint (Ft).

Production and hotel investments valued at least 4.5 million dollars may qualify for a 50% corporate tax allowance
Productive facilities established with investments over 43 million dollars receive a ten year 100% tax allowance on net sales earned.
A 6% tax allowance of the value of the investment project for companies located in a priority region or an enterprise zone.

Hungarian’s like to maintain a personal distance of about two feet when conversing.
Dinner gatherings are for socializing--not business meetings.
Hungarian business people need time to digest facts before making their decision.
Women are found in most business settings, but often must prove themselves.
Dark and conservative dress is standard.
Hungarian workers are known for their technical skills (especially quantitative), flexibility, and motivation.

Do’s

Don'ts

The number of university and college graduates is continually increasing.
Tourism, one of Hungary’s largest sources of revenue, increased by 5.3% during 2000 and should continue to increase for 2001.
Living conditions in Hungary continue to rise which should increase retail sales (among other industries).
Hungary’s annual inflation could drop below 10% and the annual inflation target for 2001 remains 5% - 7%.