Jointly organized by the DUIHK and EY Hungary, the event gathered business leaders, policymakers, and industry experts to explore how Hungary continues to attract diverse FDI amid global economic and geopolitical shifts.
The opening remarks by András Sávos, the DUIHK president, emphasized the need for ongoing dialogue between East and West to sustain competitiveness. Tamás Vékási, EY Hungary’s country managing partner, noted Hungary’s reliance on FDI, particularly from Germany and, more recently, Asia.
“There was a time when Japan, then South Korea, and now China emerged as key investors,” he said, stressing the need for resilience amid global disruptions.
Vékási highlighted EY’s role in supporting investment through tax, regulatory, and strategic guidance. He pointed to shifting consumer habits and the broader uncertainty caused by inflation, war, and migration.
“Despite the challenges, we must remain optimistic and proactive,” he concluded.
In the first keynote, Simon Moger, a partner at EY in the United Kingdom and the EMEIA leader for global location services and incentives, examined how geopolitics are reshaping FDI flows. Citing a drop in global FDI from over EUR 1 trillion in 2023 to EUR 900 billion in 2024, Moger warned that national industrial strategies and protectionist policies are becoming the norm. While sectors like semiconductors and data centers are gaining importance, traditional manufacturing investments face tougher scrutiny.
In a follow-up discussion moderated by Barbara Zollmann, CEO of the DUIHK, with Simon Moger and Tamás Szűcs, EY Hungary partner and tax and subsidy expert, both stressed Hungary’s competitiveness in high-value sectors. Szűcs outlined recent changes in Hungary’s subsidy framework, allowing for more flexible job creation metrics and a shift toward innovation and renewables.
“It’s not just about greenfield anymore,” he said. “Existing investors must demonstrate their strategic value to global headquarters.”
A highlight of the day was the appearance of Joe Wang, managing director of Sunwoda Hungary, who detailed the Chinese battery giant’s EUR 1.5 bln investment in Nyíregyháza. Sunwoda Group/Electronic, which employs more than 50,000 globally, is establishing a European base for EV battery production and automotive electronics in Hungary.
Wang cited incentives, infrastructure, and Hungary’s geographic position as some of the key factors to the investment decision. Construction is underway, with plans to localize the workforce and supply chain in phases.
“We’re not just building a factory,” he said. “We’re relocating a part of our value chain.”
Sunwoda is also partnering with the University of Nyíregyháza to ensure long-term talent development and has established a procurement team in Budapest to scout local suppliers. Wang said that although the EV rollout in the EU is not progressing at a rapid pace, he remains optimistic about future development prospects.
“Clean energy and smart mobility are the future. We’re here for the long run.”
A central feature of the conference was a roundtable discussion moderated by Róbert Ésik (EY Hungary partner for global location services and incentives covering the EMEIA Region), and featuring Melinda Topolcsik (representing Japan’s Bridgestone), István Szászi (for Germany’s Bosch), and Hu Tao (Semcorp, from China). All three offered insights into FDI trends and emphasized workforce quality and cultural adaptation as keys to success.
Szászi stressed that the growing complexity of automotive technologies requires a skilled, collaborative workforce.
“The first, second, and third factor is competencies,” he said, highlighting Bosch’s collaboration with universities and its R&D hub in Budapest.
Topolcsik described Bridgestone’s Tatabánya plant as a model of automation and continuous reinvestment.
“Our people aren’t just operators; they work with AI and program PLCs,” she said. She underscored the importance of employer branding and performance-driven investment.
Hu outlined Semcorp’s expansion, noting that Hungary was chosen for its proximity to customers and cost-efficiency. The company aims to localize 80% of its workforce by year-end and is building European supplier partnerships. “Hungary is our best location globally,” he said.
In terms of competition from Asian investors, panelists were primarily positive. Szászi saw it as a catalyst for innovation and stressed the need for ecosystem thinking, integrating startups, universities, and SMEs.
“Traditional supplier hierarchies no longer work,” he said. “We need new models of partnership, even between competitors.”
Topolcsik acknowledged the challenge posed by Chinese tire makers but emphasized internal improvement. She also encouraged Asian firms to empower local leadership early on: “Once the local team is trusted, the whole company benefits.”
Hu echoed this, stating that Semcorp intends to become a “Hungarian company.” The firm is actively developing local suppliers and exploring automation and AI to remain competitive.
“We must adapt together; building understanding is just as important as building factories,” he said.
In the final keynote, Margit Farkas, EY’s people consulting leader for the region, offered a human-centered view on navigating cultural differences in business. Drawing on the “cultural iceberg” model, she explored how unspoken norms, like attitudes toward time, leadership, or risk, shape business outcomes.
During an interactive session, attendees named trust, language, respect, and communication as top cultural concerns. Farkas explained that language barriers go beyond vocabulary.
“The same word can mean different things based on tone or timing,” she noted, and urged leaders to embrace behavioral diversity and avoid stereotyping.
Using personal and professional examples, Farkas described how Hungary’s position between Western and Eastern values allows it to serve as a cultural connector. She outlined three key strategies for success: fostering cultural safety, balancing difference and unity, and encouraging inclusive mindsets.
“Treat others how they want to be treated,” she advised, advocating what she called the “platinum rule” of leadership.
She concluded with a personal story about her early international assignments, beginning not in Singapore, as she once hoped, but in Slovakia.
“From there, I ended up working in 90 countries. It starts with openness, and it grows with curiosity.”
As the formal section closed, moderator Robin Marshall, editor-in-chief of the Budapest Business Journal, thanked speakers and organizers and invited attendees to stay for networking.
“Perhaps as important as the knowledge we’ve shared today is the chance to make connections,” he said, encouraging participants to keep the dialogue going.
This article was first published in the Budapest Business Journal print issue of May 16, 2025.
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