Hungary seeks to domesticate a stronger bilateral relationship with Thailand as a part of the Central European nation’s goal to realize 4% financial progress within the present yr, in keeping with Péter Szijjártó, the nation’s Minister of Overseas Affairs and Commerce.
Commerce between Thailand and Hungary hit a brand new excessive final yr, exceeding US$730 million (roughly 26 billion baht). Thailand made important investments in Hungary’s meals and hospitality sectors, contributing to this record-breaking determine. Throughout his go to to Bangkok, Szijjártó highlighted the growing curiosity of Hungarian firms within the Thai medical and pharmaceutical markets.
He additionally identified that tourism between the 2 nations has seen a twofold improve. Over 10,005 Thai residents visited Hungary, whereas greater than 30,000 Hungarians travelled to Thailand final yr. As a part of efforts to spice up tourism, Szijjártó revealed that he has inspired Thai AirAsia to think about launching a flight path to Hungary.
In 2023, Hungarian exports to Thailand noticed a rise of 9%, establishing Thailand as Hungary’s Eleventh-largest enterprise associate. Nevertheless, Thai exports to Hungary have been triple the quantity that Hungary exported to Thailand. This information was supplied by the Hungarian Embassy in Bangkok as a part of a response to a Bangkok Submit inquiry.
The normal sectors for commerce between the 2 nations are meals, hospitality, automotive and medical. The embassy acknowledged that there are plans to boost bilateral commerce relations by collaborating extra intently within the defence sector.
Szijjártó additional revealed that Hungary is striving to hurry up the free commerce settlement negotiations between Thailand and the European Union. These negotiations have lately resumed. As well as, discussions are being initiated relating to a possible visa facilitation settlement between the EU and Thailand.
Overseas direct funding
Overseas direct funding inflows into Hungary have been at a file excessive of 6.5 billion euros in 2022. This determine climbed to 13 billion euros final yr. Roughly 82% of all investments final yr originated from Asian nations, specifically China, South Korea and Japan.
The automotive sector is a key participant in Hungary’s financial system. Hungary is the only nation, other than Germany and China, the place all three top-tier German automakers have a manufacturing facility every. Mercedes-Benz and BMW Group are increasing their manufacturing capacities in Hungary, whereas Suzuki Motor’s solely European manufacturing facility can also be situated within the nation.
Moreover, Chinese language vehicle producer, BYD, lately chosen Hungary as the placement for its first European plant, reported Bangkok Submit.
In line with Szijjártó, Hungary boasts probably the most secure political system in Europe, having been ruled by a single-party authorities for the previous 14 years. The nation’s company revenue tax price is a aggressive 9%, the one single-digit price in Europe. Hungary additionally supplies enticing money incentives for traders, providing to refund as much as 60% of their funding primarily based on the developmental degree of the particular area by which they select to take a position.
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