A Luncheon Program

featuring

Tamas Deutsch
Trade Commissioner of Hungary
Chicago

Friday, February 7, 2003

12:00 Noon (11:30 a.m. reception)
World Trade Center of New Orleans
The Plimsoll Club
(Free validated parking in the WTC Garage)

BUSINESS FACTS ABOUT HUNGARY

According to the U.S. Department of Commerce, since 1989 Hungary has undergone a dramatic transformation from a centrally planned economy to become one of the most open, pro-business economies in Europe. Hungary has emerged from the transition period of the 1990s as a robust, fully functioning market economy. Following a stringent reform program in 1995-1996, which featured privatization, liberalization and strong inducements for foreign investment, Hungary’s economy quickly embarked on a path of rapid export-led economic growth, falling unemployment, moderating inflation, and rapid foreign direct investment inflows.

As a result of these reforms, Hungary is now one of Europe’s fastest-growing and most open economies, deeply integrated into the European economy. With its transition mostly complete, Hungary is moving swiftly to meet European Union enlargement requirements and is poised to become one of the first new members of an expanded EU in 2004. Historically, Hungary is a crossroads for trade in Europe. With the prosperous EU to the west and economically developing nations to the south and east, Hungary offers not only an export market itself, but a central distribution point for the region.

Hungary’s private sector has grown since 1989 from approximately 20% to over 80% of Gross Domestic Product (GDP), and nearly 2,000 state-owned companies were privatized. With about $23 billion in foreign direct investment since 1989, Hungary has been a leading destination for foreign investment in Central and Eastern Europe (including the former Soviet Union). Of this total, over $7 billion has come from U.S. companies. Foreign-owned companies account for over 70% of Hungary’s exports, 33% of GDP, and about one-quarter of new jobs. According to U.S. Census Bureau data, total trade between the U.S. and Hungary exceeded $3.6 billion in 2001, an increase of more than 12 percent from the previous year.  United States’ exports to Hungary grew at a rate of 17 percent, while Hungarian exports to the U.S. grew by 9 percent.

According to Hungarian statistics for 2001, the U.S. is Hungary’s largest export market and worldwide is preceded only by Germany, Austria, Italy, and France; the U.S. is the seventh largest exporter to Hungary, preceded by Germany, Austria, Italy, Russia, France and Japan. Hungary’s exports to the U.S. increased to $2.9 billion in 2001. Leading U.S. exports to Hungary include automotive parts, computer equipment, gas turbines, measuring instrumentation, tapes and disks. Hungary’s principal exports to the U.S. include electrical machinery, machine tools, vehicles (non-railway), and organic chemicals.

The U.S. Commercial Service considers the following sectors to be the "Best Prospects" for U.S. exports of non-agricultural goods and services to Hungary, and are in many cases also favorable sectors for investment: (1) Computers & Peripheral Equipment; (2) Pharmaceuticals & Medicinal Products; (3) Pollution Control Equipment & Services; (4) Architectural/Construction/Engineering Services; (5) Auto Parts & Supplies; (6) Travel & Tourism; (7) Franchising; (8) Information Technology Security; (9) Measuring/Scientific Equipment; (10) Medical Equipment & Healthcare Technology; (11) Agricultural Equipment; and (12) Cosmetics and Toiletries.

In the area of investment in Hungary, the three best sector prospects continue to be: (1) the automotive industry; (2) the general industrial and machine tool industry; and (3) the information technology industry.

About Tamas Deutsch

Tamas Deutsch serves as the Hungarian Trade Commissioner based in Chicago and promotes investment and trade opportunities between the U.S. and Hungary. He seeks to link U.S. and Hungarian companies as partners in business ventures. Prior to his present position, Mr. Deutsch served for five years as a Regional Sales Manager for Central Europe for Snap-on Tools Inc. From 2000-2001, he was Head Referee of the Hungarian Swimming Association, managing 750 referees in 19 countries. Mr. Deutsch holds a B.A. degree in Business Administration from the University of Miami and an MBA in International Business from Southern California University, graduating Summa Cum Laude. During his university years in the United States, Mr. Deutsch was a champion swimmer and was ranked as one of the top 10 backstrokers in the world from 1987 to 1996. He was a finalist in three Olympics, representing Hungary (1998, 1992, and 1996).

Sponsoring Organizations

The Hungarian Investment & Trade Development Agency

Honorary Consulate of Hungary

Jeno Kalozdi

Louisiana Department of Economic Development

World Trade Center of New Orleans

 

In Cooperation With

Ark-La-Tex Regional Export & Technology Center

Baton Rouge Center for World Affairs

City of New Orleans

Consular Corps of New Orleans

Hispanic Chamber of Commerce of Louisiana

International Trade Council/Red River Region

Le Centre International de Lafayette

Louisiana District Export Council

Louisiana International Trade Center/SBDC

Louisiana International Trade Commission

Louisiana Tax Free Shopping

Louisiana Technology Council

New Orleans U.S. Export Assistance Center

Propeller Club, Port of New Orleans

World Affairs Council of New Orleans

World Trade Club of Greater New Orleans

Cost: $25 for members of the sponsoring organizations and companies. 
$30 for non-members.
Registration and prepayment are required by February 6, 10:00 a.m.

If you are a WTC member, the registration fee can be charged to your account number noted on the registration form. 

Click here for driving directions to the WTC.