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Map of Hungary

Hungary – and in particular Budapest – offers an IFA great business opportunities, a strong and growing economy, a long and diverse list of leisure activities, and a cost of living that is conducive to a superior lifestyle.

Situated in the heart of Europe, the Republic of Hungary has a population of about ten million, and is bordered by Austria, the Ukraine, Romania, Serbia, Montenegro, Croatia, Slovenia and Slovakia.

After the collapse of the Soviet Union in 1991, Hungary established closer relations with Western Europe, joined NATO in 1999, and the European Union in 2004.

As one of the most recent members of the European Union, Hungary has experienced strong economic growth, and provides one of the highest standards of living among Eastern European countries.

By some estimates, Hungary receives close to one third of all foreign direct investment into Central Europe. The country has witnessed extensive foreign ownership of - and investment in - Hungarian firms. Collectively, foreign direct investment in the country totalled more than US$23 billion during recent years.

In addition, inflation and unemployment have declined substantially. The country aims to adopt the euro currency in 2010, but its introduction is only in the early planning stages.

Hungary began 2006 with intensity. Among other factors, the introduction of innovative incentive programs has improved the country’s competitiveness and further reinforced its position globally. This has translated to greater business opportunities – especially in the capital city of Budapest.

Hungary

Capital City

Budapest is known by many names. Among them: Paris of the East, The Pearl of the Danube, The Little Paris, and The City of Baths. It is an extremely cultured city, and one considered by many to be among the most beautiful cities in the world.

Budapest forms the country's major political, cultural, commercial, industrial and transportation centre, and has a populace of approximately 1.7 million.

The capital city sits on the banks of the Danube – one of Europe’s most magnificent rivers. What many people do not realise it that the city became a single municipality when the Danube’s right-bank city of Buda joined with Pest on the left bank. Budapest is the seventh largest city in the European Union.

The city features a sizeable expat contingent, estimated at close to 40,000. As in many of the major cities internationally that draw large numbers of expats, the majority of expats in Budapest fill senior positions for major firms there – and have a significant amount of disposable income to invest.

Doing Business in Hungary

Conducting business in Hungary is repeatedly described in positive terms by seasoned and new expat employees and investors alike. “Almost limitless potential,” “few obstacles,” “terrific opportunities,” “a virtual gold mine,” and “the ideal business environment,” reflect the general consensus about doing business in the country.

A large number of leading global companies and small and medium-size firms have invested in Hungary. Many of them choose it as the locale for their regional operational centres, due largely to the country’s strategic geographic location as well as its advantageous business climate.

 

Among the many reasons often cited for investing in Hungary:

  • Political Stability
  • Advanced Banking Sectors
  • EU Accession
  • Strong GDP Growth
  • Continued Rise in Foreign Direct Investment

During the past two-to-three years, Hungary was ranked as the third most attractive country in the region for foreign investment. In addition, the country was ranked first by a prominent research organisation in terms of overall investment attractiveness, specifically citing Hungary’s stability and growth opportunities.

Budapest

Budapest: A City That Does Not Disappoint

Apart from providing a wealth of terrific business opportunities for the IFA based there, Budapest offers an almost endless list of sporting, cultural and gastronomic activities in which to partake.

The city is at once described as “peaceful and bustling…a big metropolis and yet friendly…it treasures the old and embraces the new.” Budapest is a city that seems to appeal to all tastes and preferences.

The country is among the sunniest in Europe – reporting an annual average of 2000 hours of sunshine a year, which is conducive to many outdoor activities and comfortable road trips.

Both spring and autumn are magnificent in Budapest, with loads to see and do. Winter cold doesn't arrive until about the middle of December. Summer can be hot and languid, ideal for partaking of the celebrated local beer at one of many outdoor cafes. In addition, Budapest’s many local festivals are famous for surprising and delighting locals, expats and holidaymakers.

Travelling is amazingly easy and inexpensive. Most surrounding countries can be easily visited by car and/or by fairly inexpensive train and air journeys. As one expat stated: “Within a few hours of leaving your luxury office overlooking the Danube, you can be anywhere in Europe.” 

Budapest

Landmarks & Other Points of Interest

During off hours, there’s no shortage of places to visit within Budapest’s city limits. Among some of the most popular points of interest:

  • Andrássy Avenue features several sights including the State Opera House, the Pest Broadway and the House of Terror
  • Buda Castle with the Royal Palace, the Funicular, Hungarian National Gallery and National Széchényi Library, Matthias Church and Fisherman's Bastion
  • City Park with Széchenyi Medicinal Bath, Vajdahunyad Castle, the Timewheel, the Zoo, the Municipal Grand Circus and the Amusement Park
  • Danube Promenade (Duna-korzó) with Vigadó Concert Hall
  • Grand Market Hall and Liberty Bridge
  • Heroes' Square with the Millenary Monument, the Palace of Art and the Museum of Fine Arts
  • Palace of Arts and National Theatre
  • Saint Stephen's Basilica
  • Széchenyi Chain Bridge, Academy of Sciences and Gresham Palace

The city’s new restaurants, as with its hotels, have brought innovative design to formerly scruffy older structures, and have introduced a long list of exotic international dishes.

Budapest’s foreign-owned restaurants are some of the most adventurous in the city, with ethnic cuisine that runs the gamut from the expected to the absolute astonishing.

For IFAs who possess a sense of adventure, a desire to work in a new and fantastic locale, while earning a very handsome income, Budapest – and Hungary overall – has much to offer.

For further information about Hungary we recommend that you visit http://en.wikipedia.org/wiki/Hungary where you will find many useful links and informative articles to prepare you for your move.