Hungary and Its Key Sectors

The Republic of Hungary (Magyar Köztársaság) is a landlocked country in Central Europe, bordered by Austria, Slovakia, Ukraine, Romania, Serbia, Croatia and Slovenia.

  • Area: 93 036 square km
  • Population: 10,082,000 (Oct/2005); aprox. 109.2 people/square km
  • Official Language: Hungarian
  • Capital: Budapest (1.8 million people)
  • Currency: The Forint (HUF), 1 Forint is equal to 100 Hungarian Fillér. 

On January 11, 2006, the Forint was pegged to the Euro. The rate is 249.88 Forint per Euro Hungary has a continental climate with cold, cloudy, humid winters and warm to hot summers. Average temperature in the summer is 27 to 32 °C (81 to 90 °F), and in the winter it is 0 to −15 °C (32 to 5 °F). The average yearly rainfall is approximately 600 millimetres (24 in). A small, southern region of the country near Pécs reputedly enjoys a Mediterranean climate however in reality it is just a bit warmer than the rest of the country and still has snow in the winters. temperate; cold, cloudy, humid winters; warm summers.

Hungary is a parliamentary democracy. The Parliament holds the legislative power and is elected every 4 years. It is a 199-member unicameral system which is the practice of having only one legislative or parliamentary chamber, not two houses like Canada.

The head of State is the President of the Republic who is elected by popular vote for a five-year term. The role of the president is largely ceremonial. The Hungarian president is János Áder.

Executive power is held by the Government, headed by the Prime Minister, elected by the National Assembly on the basis of the principle of parliamentary majority, typically it is the head of the party with the most votes. The prime minister of Hungary is Viktor Orban. 

The following is a breakdown of how the Country is broken up:
  • 3,131 municipalities (település)
  • 19 counties (megye) and Budapest
  • 7 regions (régió): West Hungary, Central Transdanubia, South Transdanubia, Central Hungary, North Hungary, North Great Plain and South Great Plain.

Key sectors of the economy are those that our governments have decided to invest their resources into to improve the economy over the long term. The chamber’s main focus is exploring business opportunities in the common priority sectors between Hungary, Quebec and Canada. Our objective is to get government and industry to co-operate with each other to bring long term commercial benefits.

Key sectors in common between Hungary, Quebec and Canada include:

Automotive and Ground Transportation Equipment
Life Sciences and Biotechnology
Information Communication and Technology (ICT)
Other sectors of interest include:

Renewable Energy: as the cost of fossil fuels increase and becomes more difficult to procure this sector continues becoming more interesting
Service Sector: a Hungarian priority sector. Because of Canada’s experience in the Service Sector there should be a lot of opportunities for Canadian companies.