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Hungary: The Untapped European Resource by Charlas William
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Hungary: The Untapped European Resource |
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Business
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The global recession has put many countries at a position not favoured by anyone. As with many European economies, that of Hungary has also suffered a substantial level of unpredictability within its economy. As expected the economic downturn has led to poor business growth rates in particular affecting direct investment form foreign parties which is a growing worry for the Hungarian government who fear that economic inactivity could be around the corner. Despite this factor people in Hungary are still enjoying a pleasant lifestyle but this can act as a distraction from the issues which bubble under the surface. As with such a topic critics offer their opinion on the matter with many European political commentators asking the question: is it the Hungarian government's poor business licensing strategy the cause of poor economic development in the country. Many of these critics would insist that the governments poor planning is the cause of declining growth however another proposal could be offered. A lack of cultural understanding and awareness of Hungary by the American and British investors could be a major contributing factor in the fading business opportunities in Hungary.
The question left to answer is what could be done in order to better the situation? As a starting point companies in the Anglophone West require a change of perception and an appreciation of all that is Hungarian. Few businesses fail to spot that Budapest is a cultural marketing hub waiting to be exploited. Perhaps there is hope for small start-up companies or entrepreneurs and below are three key steps that can govern a successful investment in Read more about Hungarian translation.
1. Culture is the King- Although some countries do not necessarily require an understanding of their culture before investing, Hungary is the opposite. More than any other European country, most potential investors are expected to have a culturally aware approach when conducting business with Hungarian companies. Investors are expected to be aware of the ethnicity of people, food, architecture and language of course as well as politics. Hungary is unique in a sense that the country lacks a visible influence imprinted by its neighbouring countries so if you take this approach you will be on the road to success.
2. The Government Requires Appeasement- it has been found that local authorities in Hungary do not pose a huge interest in foreign investment making it harder for non-native businesses. This can be said to limit economic growth in the country, however it is not something that should put off foreign investors from investing at all. It is important in this case to take an entrepreneurial approach by making valuable local contacts as well as networking which will help create a smooth entry into the Hungarian market.
3. There is Only One Tongue- despite many Hungarian business people speaking a good level of English, it is not to say that they have abandoned their native Hungarian language because that is not the case. When dealing with Hungarian firms it is vital to invest in professional Hungarian translation services in order to ensure that every step taken in the process will lead to success.
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