Budapest: The Emerging Gateway Between East and West

Published: November 23 2023

Hungary has positioned itself as a gateway between Eastern and Western countries, facilitating increased investments from the East. This shift is attributed to government measures that prioritize Hungarian interests and encourage broad cooperation, rather than creating barriers between nations. The country's work-based economic policy has improved the investment environment and garnered praise from rating agencies. Hungary's economic performance is thriving, surpassing pre-pandemic levels with a growth rate of 5.3%, higher than the EU average.

Hungary's proactive approach to fostering cooperation between Europe and Asia is exemplified through initiatives like the Eastern Opening programme and its support for the Belt and Road Initiative. Long-term investments, such as the upgrade of the Budapest-Belgrade railway line and the development of the Central Europe Trade and Logistics Cooperation Zone (CECZ), further solidify Hungary's role as a vital gateway between Europe and Asia.

The National Bank of Hungary is emphasizing the importance of strengthening ties between Europe and Asia and accelerating the green transition. China, in particular, has taken a leading role in environmental sustainability, and it is essential for all global players to contribute to addressing the pressing challenge of climate change. Knowledge sharing and cooperation are key in navigating this critical issue.

The fourth Budapest Eurasia Forum, held on November 23-24, brings together over 50 speakers from 15 countries. The forum serves as a platform for discussions on various topics, with this year's focus being sustainability. The event underscores Hungary's commitment to addressing environmental concerns and promoting a sustainable future.

Hungary's strategic positioning as a gateway between East and West has yielded significant benefits in terms of increased investments and economic growth. By prioritizing Hungarian interests and fostering cooperation, the country has created a favorable environment for businesses and strengthened ties between Europe and Asia. As Hungary continues to support long-term investments and initiatives, it solidifies its role as a prominent player in the global economic landscape.

What is the Budapest Eurasia Forum? The Budapest Eurasia Forum is an annual conference held in Budapest, Hungary that focuses on strengthening ties between Europe and Asia, promoting economic cooperation, and discussing sustainability and green transition.

What is Hungary's role as a gateway between East and West? Hungary has positioned itself as a gateway between East and West, as it has seen a growing volume of investments from Eastern countries. The government's work-based economic policy and measures prioritizing Hungarian interests have improved the investment environment, leading to increased cooperation with both Eastern and Western countries.

How has Hungary's economic performance been compared to the EU average? Hungary's economic performance is currently 5.3 percent over pre-pandemic levels, which is higher than the EU average of 3.5 percent. Additionally, Hungary has one of the highest investment rates in the EU, at 27 percent.

What is Hungary's Eastern Opening program? Hungary's Eastern Opening program was introduced after 2010 and aims to boost cooperation between Europe and Asia. It actively supports initiatives like the Belt and Road Initiative and implements long-term investments, such as the upgrade of the Budapest-Belgrade railway line and the development of the Central Europe Trade and Logistics Cooperation Zone (CECZ).

What is the role of the National Bank of Hungary in strengthening ties between Europe and Asia? The head of the National Bank of Hungary, György Matolcsy, highlights the importance of strengthening ties between Europe and Asia, as well as speeding up green transition and knowledge sharing. The bank and the Budapest Eurasia Forum focus on sustainability and address climate change as one of the greatest challenges facing humanity.

When and where is the Budapest Eurasia Forum held? The Budapest Eurasia Forum is held annually in Budapest, Hungary.