BAKU, Azerbaijan, September 22. Hungary has presented the outcomes of its economic diplomacy and export strategy, said Katalin Bihari, Deputy Secretary of State for Foreign Economic Relations and CEO of the Hungarian Export Promotion Agency (HEPA), Trend reports.
Speaking at the 1st Azerbaijan International Investment Forum in Baku, Bihari noted that Hungary’s economy is largely trade and investment-driven.
"I want to share a few figures to illustrate the openness of our economy. Globally, Hungary ranks 34th in exports while ranking 96th by population, highlighting the extent of our economic engagement. In recent years, exports have consistently accounted for 80 to 85 percent of GDP, underscoring the central role trade and investment play in our growth strategy.
The success of our economy depends on how effective our trade and investment strategies are. Economic diplomacy is therefore central to both our foreign trade and foreign policy,” she stated.
Bihari emphasized the importance of a specialized trade and export strategy, including geographic and sectoral diversification, and the goal of increasing the export share of small and medium-sized enterprises (SMEs).
"In terms of investments, I can confidently say that Hungary has been highly successful. This achievement is the result of a low-tax policy and a carefully crafted strategy, with a corporate tax rate of just 9 percent and a fixed personal income tax of 15 percent.
Moreover, Hungary offers a range of incentives for potential investors looking to enter the market. On trade policy, we believe that restrictions imposed for political reasons are counterproductive. Our approach prioritizes coherence and rejects policies of 'risk protection' or 'separation,' forming the foundation of our international and trade strategy.
To implement these goals, it is important to note that foreign trade and investment policy is overseen by Hungary’s Ministry of Foreign Affairs, which also fulfills the functions of a trade ministry. This integrated approach to diplomacy and economic diplomacy is, in our view, the most effective way to pursue an international investment and trade strategy.
In closing, I would like to express my gratitude for the invitation. I am confident that today’s discussions will help further expand our trade and investment relations, and I look forward to returning next year," she added.
The HEPA Hungarian Export Promotion Agency operates as a non-profit entity dedicated to facilitating the international market penetration of Hungarian enterprises through innovative and specialized service offerings. Hungarian enterprises deliver superior quality offerings and services across multiple sectors, positioning themselves as formidable contenders in the global marketplace. The organization facilitates enterprises through capacity-building initiatives, strategic promotion, and networking opportunities to enhance their ability to identify suitable business partners on a global scale.
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