Hungarian Investment Promotion Agency

The publication aims to highlight what Hungary has to offer in terms of taxation, business environment, higher education, and logistics to all Singaporean companies Hungary wishes to attract as investors – Mr. István Joó  told Hungarian state news agency MTI.

The Government Commissioner for Investment Promotion and Implementation of Large FDI Projects, and CEO of HIPA added that while Singaporean companies are generally well-informed about Western Europe, they are less familiar with Hungary and the surrounding region.

The study, compiled in cooperation with the Singapore Manufacturing Federation (SMF), with the support of the Hungarian Embassy in Singapore, aims to fill this gap.

This is the first comprehensive study that introduces Hungary’s advantages and business environment to thousands of Singaporean companies

 – Mr. István Joó said. He emphasized that the study offers an objective analysis of why Hungary is considered an ideal investment destination.

Singapore is a global leader in many industries, particularly in the field of automation and digitalization of manufacturing processes, and HIPA is actively engaging with investors operating in these fields, he pointed out.

Everything we see and experience in Singapore will become standard practice around the world. We wanted to introduce ourselves to investors offering the most advanced solutions, and I believe today’s event successfully achieved that

 – Mr. István Joó underlined.

The launch of the publication was also covered by In Diplomacy, one of the key forums of the Singaporean diplomatic community. The magazine’s report highlighted that the publication provides highly valuable insights for any Singaporean company looking to enter the EU market through Hungary.

It added that Mr. István Joó emphasised Hungary’s growing role in global trade: “Hungary has become a meeting point between East and West, with our largest investors now coming from Asia. Just like Singapore, we strive to remain competitive in the global economy, and this whitepaper highlights why Hungary is an ideal location for businesses looking to expand into Europe” – concluded the CEO of HIPA.

The delegation of HIPA, led by Mr. István Joó, is on a three-day visit to Singapore, during which they are holding discussions with numerous companies, including potential investors.The CEO emphasized that Singapore is not only one of the most developed countries in the world but also a global financial, logistics, and industrial hub. The strategic importance of the city-state is underscored by the fact that, despite a population of just under six million, it is home to around 7,000 multinational companies and hosts the world’s second busiest commercial port.

Regarding Hungarian–Singaporean economic relations, he added that bilateral trade volume surpassed the one billion USD threshold last year, while Singaporean companies operating in Hungary currently provide employment and livelihoods for approximately 7,000 people.