Country :- Hungary

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Europian Union country Capital :- Budapest Official Language:- Hungarian Ethnic groups:- 92.3% Hungarians, 1.9% Roma, 6% others Political system:- Parliamentry Republic President:- Pl Schmitt Prime Minister:- Viktor Orbn Currency:- Forint (HUF) India-Hungary Relations Background Indias relations with Hungary have been close and friendly, multi-faceted and substantive. They have survived the vicissitudes of political and economic changes particularly in Hungary and reorientation of foreign policy in the postcold war period. Both countries commemorated the 50th year of establishment of diplomatic relations in 1998. Hungary is an important partner in Central Europe for India.

Indo-Hungarian relations have always had their own intrinsic logic and raison dtre. Generations of eminent Hungarian Indologists laid the foundations of the great respect and admiration Hungarians have for Indian culture, philosophy, art and intellect. Decades of Indo-Hungarian economic interaction further sustained the relationship. Fruitful scientific and technological

interactions created further value. All of this added up to tremendous political goodwill. Political

Over the years, high-level visits have regularly taken place between India and Hungary, including that of PM Medgyessy to India in 2003, followed by EAMs visit to Budapest in Jun 2005; Culture and Tourism Minister Mrs Ambika Soni in Oct 2006, and FM Kinga Goncz in November 06.

Institutional Mechanisms between India and Hungary include: Joint Trade & Economic Commission at Minister level; Foreign Office Consultations / Joint S&T Committee / Joint Defence Committee each at Secretary level; JWGs (Joint Working Groups) on Education and Culture at Director General Level and Joint Business Council at Industry level.

Indian and Hungary have put in place a legal framework for bilateral cooperation by signing wide ranging cooperation agreements covering, inter alia, Double Taxation Avoidance, Investment Protection and Promotion; Information Technology, Defence, S&T, and Culture & Education. Economic & Commercial

India-Hungary bilateral Investment relations have been showing a marked increase. Indias biggest IT and software company Tata Consultancy Services(TCS) has set up a European Software Development Centre(SDC) in Budapest. Satyam Computers has opened an office in Budapest on the 2nd November 2004. It was announced in August 2006 that Satyams subsidiary NIPUNA would a BPO (Business Process Outsourcing) centre in Budapest in 2007. TELCO has a Swiss company called SWISSCAR acting as its regional distribution centre in Budapest for sale of its vehicles. In 2000 A Calcutta based company M/s Mc Nally Bharat Engineering Ltd acquired 100% of the equity of a company in Hungary called M/s Eroterv Wagner Biro Ltd., which specialises in handling ash in large plants. An Indian company Technocraft

Industries( India) Ltd has acquired Danube Knitwear Ltd. in Baja, Hungary. In August 2006, Indian major Crompton Greaves, through their Belgian subsidiary Pauwels Limited, acquired the Ganz Transelektro (GTV), in the power sector. The Thapar group also acquired a caning firm Dunakiliti Konzeruzem in North-west Hungary. Indian companies in Hungary employ more than 1000 people.

As to Hungarian Investments in India, Richter Gedeon Rt the leading pharmaceutical company of Hungary has invested US $ 20 million in an Indian venture with Themis Medicare Ltd., based in Mumbai, India to expand production capacity.

Bilateral trade has registered an impressive 75% growth in calendar year 2006 reaching the US$ 230 mn mark.

In Nov 06, the Indian and Hungarian EXIM Banks have renewed an MoU for a $ 10 million reciprocal credit line. Science & Technology

Cooperation in the field of Science & Technology is active with regular exchange of visits; the 7th session of S&T JCM was held in New Delhi in Dec 06. S&T Co-operation is implemented through two Agreements - between the Indian National Science Academy (INSA) and the Hungarian Academy of Sciences (HAS), and between our Department of Science and Technology (DST) and the National Office for Research and Technology [NKTH] Hungarian Ministry of Economy and Transport. There is also an MoU between IIT (Mumbai) and the premier Hungarian University of Technology, the Budapest University of Technology and Economics (BUTE) under which joint research activities, exchange of academic staff and post-graduate students and organisations of various seminars and workshops is envisaged.

Education & Culture

India - Hungary Cultural relations are very strong. Performances of the visiting cultural troupes [vocal, dance and traditional arts etc] are well received in Hungary. Hungary also has an old tradition of Indology. With ICCR sponsorship, a Tagore Research Fellowship on Indology / Indian studies is being established at ELTE University. Hungary Country Report GDP data and GDP forecasts; economic, financial and trade information; the best banks in Hungary; country and population overview

Central bank

Magyar Nemzeti Bank

International Reserves

US$ 45.967 billion (Source: IMF; Data updated: November 2010)

Gross Domestic Product - GDP

US$ 133.677 billion (2009 estimate)

GDP (Purchasing Power Parity)

194.974 billion of International dollars (2009 estimate)

2000

2001

2002

2003

2004

2005

2006

2007

4.9%

4.1%

4.4%

4.3%

4.9%

3.5%

4%

1%

Real GDP growth

2008

2009

2010

2011*

0.6%

-6.7%

1.2%

2.8%

*Estimate

GDP per capita - current prices

US$ 13,370 (2009 estimate)

GDP per capita - PPP

$19,501 International Dollars (2009 estimate)

1980 GDP (PPP) - share of world total

1990

2000

2010

2015**

0.48%

0.39%

0.29%

0.25%

0.24%

**Forecast

GDP - composition by sector

agriculture: 2.8% industry: 34.7% services: 62.5% (2009 estimate) (Data released on November 2010)

1% (2008) Gross domestic expenditure on R&D (% of GDP) (Data released on November 2010)

2008

2009

2010

2011*

Inflation

6.1%

4.2%

4.9%

4.1%

*Estimate

2008

2009

2010

2011*

Unemployment rate

8%

10.1%

11.2%

11.5%

*Estimate

5.2% (Net saving; 2011 forecast) Household saving rates (Data released on November 2010)

Public debt (General government gross debt as a % of GDP)

2007

2008

2009

2010

2011*

65.8%

72.9%

78.4%

80.4%

76.6%

*Estimate

2007 Public deficit (General government net lending/borrowing as a % of GDP)

2008

2009

2010*

2011**

-5%

-3.7%

-4.1%

-4.2%

-4.5%

*Estimate **Forecast

Standard & Poor's: BBB-/Negative/A-3 Moody's rating: Baa1 Government bond ratings Moody's outlook: RUR(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

2007 Market value of publicly traded shares

2008

2009

US$47.651 billion

US$18.579 billion

US$28.288 billion

Largest companies in Hungary

MOL (Oil & Gas Operations), OTP Bank (Banking) (2010)

HUNGARY IMPORTS AT 5824 MILLION Hungary imports were worth 5824 Million EUR in July of 2011. Hungary's major imports are machinery and equipment, other manufactures and fuels and electricity. Hungary imports 70% of products from other European Union countries. Main import partners are also Russia and China. This page includes: Hungary Imports chart, historical data and news.

Country Hungary

Indicator Imports

Reference Jul/2011

Actual 5824.00

Previous 5933.00

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Impact