Japanese companies enjoy the support of Hungary
The presence of Japanese companies operating in Hungary is continuously intensifying, transpires from a survey prepared by the Japan External Trade Organization in Budapest (JETRO Budapest), which has been monitoring and assisting Japanese companies operating in our country for years. Based on the results of the survey, a total of 151 companies with Japanese interests operated in Hungary in June 2016, providing jobs for more than 30,000 people. Another significant result is that the export performance of these Japanese companies exceeded 5% of total Hungarian exports in 2015.
After the 2008 crisis and the downturn at the beginning of the decade, investors from the Far Eastern country ‘rediscovered’ Hungary. At present, 151 Japanese companies operate in Hungary, 46 of which are manufacturing companies. The past four years have seen an about 7% increase in the number of companies engaged in manufacturing activities. In addition, exports by Japanese companies operating in Hungary increased by more than 20% in 2015, reaching a value of EUR 5 billion. This accounts for 5.5% within total Hungarian exports. Within that, the most important part of total Hungarian automotive exports, nearly 23%, is represented by the exports of automotive manufacturers with Japanese interests, but the exports of all major Japanese manufacturers increased from 2014 to 2015.
The number of workers employed by Japanese companies in Hungary reached 30,000 for the first time this year. More than 80% of all such employees are employed by manufacturing companies. In 2008, the number of employees had already approached 30,000 once, then it showed a declining trend during the years of the crisis, but has begun to increase again since 2013.
Today, Japan is the most important Asian greenfield investor in Hungary and is the second largest investor apart from European countries. The Hungarian Government has entered into strategic cooperation agreements with seven Japanese companies so far. The Hungarian Investment Promotion Agency (HIPA) continues to treat investments from Japan as a priority.