Hungary - Indian SMEs New Market
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by: Guest
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A former member of the erstwhile Soviet Union, Hungary joined the European Union (EU) in 2004.
Today, this East European country is ranked as one of the most prosperous countries in East Europe.
Significantly, cumulative foreign direct investment (FDI) in the country has crossed $60 billion since 1989.
Prior to the collapse of the Soviet Union, India was its major trading partner in Asia.
In 1980, bilateral trade has fluctuated between Hungary and India around $ 100 million.
During this period, India exported tobacco, tea, finished leather, cotton, engineering goods and chemicals to Hungary.
Alternatively, Hungary exported steel products and steel, machine tools, newsprint and pulses in India.
Notably, around 60 major business alliances were forged by Indian and Hungarian companies during this period.
After the collapse of the Soviet Union, the growth of bilateral trade between India and Hungary decelerated.
However, in the past few years, the governments of both countries have shown a keen interest in reviving their former trade ties.
93 million in 2004-05.
In addition, Indian SMEs in the biotechnology space should target Hungary, as it is one of the major biotech centres in Europe.
Hence, in recent times, the governments of both countries have initiated joint R&D programmes in various industry verticals.
Through this initiative, areas including green chemistry, optics and biomedicine will benefit immensely.
Looking into the future, economists believe that the Hungarians emerge as a major economic power in the near future.
Therefore, Indian SMEs can explore a plethora of opportunities in Hungary by forging joint ventures with their Hungarian counterparts.
Recognized the business potential in this vast land that can be opened up, have some Indian companies to expand in Hungary, in an attempt to increase its presence in international markets, investing.
With India and Hungary showing great commitment in taking bilateral relations to a higher level, trade and investment activity between the two countries is expected to gain further momentum in the near future.
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