Chamber of Commerce Corner, February 9, 2024

Netherlands-Hungarian Chamber of Commerce (Dutcham)

The 2024 Dutcham membership year started on Jan. 31 with the annual members’ meeting, where the board of directors and supervisory board were elected. The annual events calendar will include a wide range of professional and socializing events. Visit our website for the updates www.dutcham.hu

Swiss-Hungarian Chamber of Commerce (SwissCham)

Members of SwissCham participated at the January launch event of the LeitnerLeitner Group, attended by clients and employees of the company. The event was opened by Márta Siklós, partner of LeitnerLeitner Group, with a short introduction, followed by a surprise guest and first speaker, Ákos Péter Bod, professor at Corvinus University, and a former Minister of Industry and Trade and Governor of the National Bank of Hungary, who gave a presentation on the economic outlook for the region and Hungary. Following the presentation, the firm’s new subsidiary, Leitner Law, was introduced. It will provide legal services to the firm’s clients, focusing on mid-sized family businesses in Hungary. Two of the firm’s tax partners then spoke about the importance of employee retention, changes in transfer pricing rules and essential tax changes for 2024. The evening closed with an informal reception, providing valuable networking opportunities. Swisscham will also hold a networking event this month. • When: Feb. 12, 5-7 p.m. • Where: Tokaj Art Wine Galery, Hold utca 21, 1st floor, 1054 Budapest • Fee: free for members, HUF 10,000 for non-members.

American Chamber of Commerce (AmCham)

AmCham will hold its next HR Dream Day in March, looking deeper into the crucial role of diverse workplaces in increasing competitiveness and cultivating an inspiring and innovative work environment. This year’s spotlight is on generational diversity, a historic milestone where five generations collaborate in the workforce, from seasoned traditionalists to the vibrant Gen-Z. Understanding and harnessing the strength of each generation is vital to driving innovation and a high-performing work environment. Embracing diversity is not merely a matter of social responsibility but also a strategic advantage for businesses and economies. • When: March 21, 2024 • Where: Öbölház, Kopaszi-gát • Fee: Members HUF 39,990 (+ VAT / person); non-members: HUF 54,990 (+ VAT / person)

Belgian Business Club in Hungary (Belgabiz)

Belgabiz and the Swiss-Hungarian Chamber of Commerce (SwissCham) are organizing a networking event titled “Navigating Hungary’s Tax Landscape in 2024.” The professional partner of the event is VGD Hungary, for whom Viktor Szabó, tax and payroll partner, will present the recent changes in the Hungarian taxation system. The presentation will be followed by professional networking and refreshments. The event is open to non-members. • When: Thursday, Feb. 15, 6-9 p.m. • Where: Courtyard by Marriott Budapest City Center.

Hungarian-French Chamber of Commerce and Industry (CCIFH)

Minister for National Economy Márton Nagy was the special guest of the CCIFH for the second time since January last year at the chamber’s opening business lunch. The event generated massive interest among its member companies and the business community of the partner chambers Belgabiz, Joint Venture Association, Swedish Chamber of Commerce in Hungary, and Swisscham. After a welcome from CCIFH president László Károlyi, the minister presented Hungary’s economic perspectives for 2024. In his introduction, the minister touched on the exemplary economic cooperation between Hungary and France. According to the minister, trade relations are flourishing, and French businesses are an essential building block of the Hungarian economy. France is the fifth largest investor in Hungary, and French companies account for about 6% of the foreign working capital holdings, amounting to EUR 100 billion. Nagy said that between 2016 and 2019, France was the fourth largest investor in Hungary and expressed his hope that France could reach this position again. The 425 French companies operating in Hungary ensure the livelihood of 41,000 families, and their sales revenue exceeds HUF 3.7 trillion. Parallel to this, Hungarian-French foreign trade relations are also flourishing: France is Hungary’s 10th largest foreign trade partner, with a trade turnover of EUR 10 bln.

German-Hungarian Chamber of Industry and Commerce (DUIHK)

The DUIHK kicked off the New Year with an extraordinary event in an exceptional setting. Some 250 guests attended the traditional annual opening evening in Budapest’s Millenáris Park, including the ambassadors of Germany and Hungary, Julia Gross and Péter Györkös, and István Joó, CEO of the Hungarian Investment Promotion Agency. German-Hungarian economic relations have reached an unprecedentedly high level in recent decades, providing a broad and stable basis for future cooperation. At the same time, however, it became clear that the companies and economies of both countries are facing several significant challenges and uncertainties in global competition. This makes it all the more critical to have continuous, objective and result-oriented discussions between all players, as well as reliable, fair and future-oriented framework conditions on the part of economic policymakers. This was the central message of the evening. Pictures and further information on the DUIHK’s plans for 2024 can be found on our website.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH invites members and non-members to its next business breakfast, looking at how the Hungarian economy will cope with uncertain times, with so much geopolitical tension and 2024 being a global election year? This breakfast will delve into a capital market analysis, featuring a presentation by Tamás Móró, lead strategist at Concorde Értékpapír Zrt., and a roundtable discussion on Hungary’s response to global economic uncertainties. • When: Feb. 14 from 8:30-11 a.m. • Where: Concorde Értékpapír Zrt. Offices, Alkotás u. 55-61, 1123 Budapest • Fee: Members HUF 13,500 (+VAT); non-members HUF 23,500 (+VAT). Includes breakfast, coffee, and networking.

Italian Chamber of Commerce for Hungary (CCIU)

The CCIU congratulates its vice president, Sandra Samoggia, who, on Feb. 2, took part in the presentation of the Turrita d’Argento Award together with the Mayor of the City of Bologna. The Friends of the Industrial Heritage Museum Association, for whom she also serves as VP, was honored. The award recognizes the association’s commitment to enhancing the technical and business culture of the area, which has promoted a virtuous partnership between the public and private sectors, creating a unique synergy between the Industrial Heritage Museum and a network of 72 companies, organizations and trade associations.

Hungarian-Norwegian Chamber of Commerce (HNCC)

The HNCC, in collaboration with the Embassy of Hungary in Norway, organized an online Scientist Seminar, known as “Tudós Est,” on Jan. 29. This event series, launched in 2018, aims to present the work of Hungarian scientists, researchers, physicians, and more, who are based in Norway. These presentations are designed to be easily understandable, popular, scientific, and concise, with each talk lasting a maximum of 20-30 minutes. This session offered attendees the chance to enjoy two presentations: Enikő Bali, professor at the Faculty of Earth Sciences, University of Iceland, presented “The Role of Mineral Associations and Fluid Inclusions in Geothermal Research” while Balázs Badics, a geologist at Wintershall Dea Norway Exploration, Stavanger, discussed “CO2 Capture, Utilization, and Storage (CCUS) in the North Sea: Norway, Denmark, and the United Kingdom.” These lectures provide a unique opportunity for experts and the general public to engage with diverse research topics in an accessible language, fostering a deeper understanding of the subjects covered.

This article was first published in the Budapest Business Journal print issue of February 9, 2024.