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about opportunities in the country
Already an attractive destination for FDI, Hungary boasts an upper middle-income economy, that is structurally, politically and institutionally open. With a population of 10 million people and a strong foundation of skilled and relatively low cost labour, it’s a region characterised by modern infrastructure and good telecommunications, high economic growth and a GDP per capita standing at €7,902 in 2012.
Joining the EU in 2004, Hungary’s 19 counties have been divided into 7 development regions, sharing an exceptional 50 per cent of its 93,030 sqkm area in arable land. As a result, key sectors include a range of meat, vegetable and grain products in agriculture, along with its main industries across mining, metallurgy, construction materials, textiles, pharmaceuticals, chemical products and automotives.
Due to its lack of domestic sources of energy and raw materials, there is opportunity in exports, while the developing financial sector also shows potential in being open to competition with limited state control. Hungary is recipient of €21.9 billion of EU Cohesion Policy funding, for 2014 to 2020, while efforts towards improving fiscal transparency continue.
There is much potential across the development of the industrial and energy sectors, with the government offering tax incentives for new enterprise, as well as investment security in the rule of law and consistent protection of private property.
Read a more detailed article about Hungarian economy.