Hungaryis a part of the European Union’s single market, with a medium-sized economy.Hungarymay represent anattractive business environmentfor investors seeking out to enlarge their operations, especially in theleading industriesavailable here, such as automotive or electronics.Our Hungarian company formation specialistscan provide you with a detailed presentation on thetop industries in Hungary.
Foreign investors interested inopening a company in Hungaryshould know that themost representative industriesavailable here are the following:
Table of Contents
The Automotive industry
Theautomotive industry, in which more than 115,000 persons are employed, generates 21% of the country’sGross Domestic Product (GDP). At the moment, it is thefastest growing industry in Hungary, sustained by 712 companies with operations in this field.Hungaryrepresents a regional distribution centre for countries in the Center and Eastern Europe, benefiting of a strategic geographical position (member of theEuropean Unionand Schengen area) and developed logistics and infrastructure.
The electronics industry
Hungaryis the most important electronics provider of theCentral and Eastern Europe (CEE), employing more than 112,000 people. Theelectronics industryrepresents 22% of the totalmanufacturing industry in Hungary;at thesame time, Hungary is responsbile for 26% of the total electronics production in the region.
Pharmaceutical and medical technology industry
Thepharmaceutical and medical technology industryinHungaryis the most representative in the CEE, employing more than 15,000 individuals. Hungary’s economy is highly influenced by the pharmaceutical industry, as the industry has developed here from more than one century ago.
Information and communications technology industry
Theinformation and communication technology (ICT)accounts for 10% of the country’s GDP. TheICT market in Hungaryis comprised of telecommunications, IT services, outsourcing services and software and harware products. Hungary stands out in theICT research and development market, which one of the most important in the region. Reseafrch and development in theICT sectoris highly concentrated on software development, providing anti-virus and IT security services.
Food industry
The food industry is mainly made up bymicro-enterpriseswith less than 10 employees (up to 85% of the companies involved in the industry); 47% of the food industry is represented byforeign capital. The products with the highestshare of foreign direct investmentare: meat and meat products, tea, coffee and soft drinks. Food and beverages industries accounted for 7.6% of the total level ofexports(at the level of 2014), mainly destined to countries in theEU space(more than 90%).
Hungarian economy
Hungary, a member of theOrganization for Economic Cooperation and Development (OECD)since 1995, became a part of the European Union in 2004. Theservice sector inHungaryrepresents60% of the GDPand forecasts have shown that the industry will further grow due to localinvestments.
Manufacturingindustry in Hungaryaccounts for 30% of the GDP.
Another important industry is tourism, which employs almost 150,000 individuals. The main touristic attractions are the capital city, Budapest (3,000,000 visitors), and the Lake Balaton (1,000,000 visitors).
If you need further information on themain industries in Hungary, pleasecontact our Hungarian company formation agents.
Regardless of the industry in which you will opt to set up a company,our consultantscan provide additional services that can be requested by investors after they set up a legal entity.
Investors can request from our team taxation and accounting services. For the latter, we can put you in contact withour accounting firm in Hungary, who have an in-depth experience in providing corporate accounting services.
