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Following a stringent reform program in the 1990s that featured privatisation, liberalisation and strong inducements for foreign investment, Hungary's economy has been marked by rapid export-led economic growth, falling unemployment, moderating inflation and rapid foreign direct investment inflows. The privatisation process has been completed in most sectors, bringing foreign strategic investors as well as know-how, technology and best international practice into the country. As one of the founding members of the World Trade Association, Hungary has a history of developing good global trade and economic relationships, with partners from Asia to Russia and the US to the EU.
Hungary, as a full member of the EU since 2004 has met the economic requirements of the accession and brought its legal system in line with the requirements of the EU. The Hungarian government has made significant efforts to establish the physical and legal infrastructure that enables the country to direct the EU sources most effectively as well as complement these sources with domestic funds.
Hungary has a developed business infrastructure available at one of the lowest costs in Central and Eastern Europe. There are well-established transportation, communication and banking systems in the country. Growth is predicted in a range of sectors including infrastructure, tourism, environmental services, construction, engineering, financial services and telecommunications.
This has helped to make Hungary attractive to external investors who have invested in new Greenfield businesses, joint ventures and newly privatised businesses. Our international clients have valued our local perspective when making these investments work, with advice delivered in a way that matches their style of doing business. Our lawyers in Budapest speak Hungarian, English and German and offer full legal advice on all aspects of developing your business in Hungary.
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