The First Hungarian Investment Day in Tel Aviv on Wednesday was attended by Minister of State for Parliamentary Affairs at the Ministry of Foreign Affairs and Trade László Szabó and about eighty Israeli businesspeople. The Hungarian Embassy and the Israeli-Hungarian Chamber of Commerce and Trade organised the event, at which Israeli businesspeople had the chance to acquaint themselves with investment opportunities in Hungary and the advantages of doing business with the country.
Opening the event, the Hungarian Ambassador to Tel Aviv Andor Nagy pointed out the shared features of the Hungarian and Israeli ways of thinking, the role of famous Hungarians in Israel, and emphasised that economic cooperation can show the positive aspects of Hungary, and Hungarian culture, expertise and innovation; advantages can be gained by combining these with Israeli business experience, he said.
In his address Mr. Szabó pointed out that although Hungary is a relatively small country, it has recently become one of the fastest growing economies in Europe, and a number of other European countries have started to copy certain elements of the previously unusual regulatory system brought in by the Fidesz government. Introducing the “Hungarian model”, he drew attention to significant growth trends in investment and industrial production, and emphasised that unemployment is falling. He spoke about government measures aimed at creating an investor-friendly business environment, and the centralisation of foreign trade activities previously scattered across different ministries. As a result, everything can be arranged in one place, where there is assistance for investment initiatives and visits to potential businesses, and information is also provided on permission procedures and local administration.
The Deputy Director of the Israeli Ministry of National Economy Inon Elroy assured participants of the Israeli government’s support, and said that it is considered important to strengthen cooperation.
Frigyes Schannen, from the economic consultancy firm Roland Berger, spoke about the Hungarian economy’s achievements in recent years, and said that growth and an increase in Israeli-Hungarian foreign trade is expected – at present it stands at less than 0.5 per cent. He also emphasised the significance of the information technology sector, in which both parties could profit from a combination of Israeli business-related best practices and outstanding Hungarian ideas and engineering expertise.
During the panel discussions, a number of businesspeople who have successfully invested in Hungary for years, or even decades – including the representative of Teva – praised opportunities in Hungary. They highlighted the advantages resulting from EU membership, a relatively cheap workforce, a favourable tax regime, outstanding cooperation with universities, and well-trained specialists.