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15 May, 2014 - 21:42 By News Desk

UKTI and EEN launch trade mission to Budapest and Debrecen

UKTI-Budapest

East of England businesses keen to develop new contacts in Central Europe can join a trade mission to Debrecen and Budapest, two of Hungary’s largest cities.

Enterprise Europe Network (EEN) and UK Trade & Investment (UKTI) are organising the three day visit (June 23-25) which will offer delegates the opportunity to meet new business partners in one of Central Eastern Europe’s most advanced economies.

EEN CEE market expert Mark Hofman who is directing the mission said: “The UK brand has a good reputation and is viewed very positively in Hungary; British products are associated with durability, reliability and quality - a clear advantage for UK companies who want to enter the Hungarian market.

“The trade mission will highlight the potential of the Hungarian economy to companies in the East of England region and help them either expand into Central Europe or explore the prospective market.”

Hungary is one of the UK’s most significant EU trading partners with exports in 2013 recorded at £1.1 billion. The Central European economy is forecast to continue to grow in 2014 with Eurostat forecasting a 2.4 per cent expansion.

Hungary has seen an influx on EU funds in recent years and received over €25.7 billion of EU funding for the 2007-2013 period. A further €22 billion allocation is due for the current strategic period (2014-2020) which will be concentrated on improving the competitiveness of SMEs, education, skills, road, rail and energy infrastructure.

One of the more advanced Central Eastern European countries, the private sector accounts for approximately 80 per cent of GDP and has attracted more foreign direct investment (FDI) per capita than any other country in the region. 

Since 1990 British companies have invested more than £3.5 billion in Hungary with UK companies such as Tesco, PwC, Marks & Spencer, Vodafone, GlaxoSmithKline, DC Smith Recycling, Provident, Shell and Unilever just a handful of more than 200 members of the thriving British Chamber of Commerce in Hungary.

Interested businesses should contact Mark Hofman on 01707 398069 or email m.hofman [at] eeneast.org.uk 

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