Chamber of Commerce Corner, April 19, 2024

Swiss-Hungarian Chamber of Commerce (Swisscham)

“How to Start to Work with AI” was a great event co-organized by the AI Coalition, Netzwerk Digital (and two partner chambers) at Ericcson Hungary. During the event, attendees learned that embarking on an AI project requires a thorough understanding of several aspects. We heard a presentation from Marc-Tell Madl on the legal backbone of AI and that understanding the legal environment is essential to ensure compliance and mitigate risks identified by the new EU AI Act. Case studies were presented by two experts who provided fundamental insights into how to get AI projects off the ground. Finally, there was an inspiring panel discussion with industry experts sharing their views on the future of AI, trends and opportunities. The importance of C-level leadership in AI strategy-making and public decision-makers to support AI start-ups was also highlighted during the discussion. Swisscham’s next event in May will be a factory visit to the EU-Fire Group • When: Thursday, May 2, 10:30 a.m.-3 p.m. • Where: EU-Fire Kft. Ipari termelés, 4751 Kocsord, 042/3/A hrsz. • Fee: Members free; non-members HUF 15,000.

Hungarian-Norwegian Chamber of Commerce (HNCC)

Adam Laska, one of the founders (and still an active member) of the HNCC, jointly with the Embassy of Hungary, Oslo, organized a cultural event promoting Hungary for the residents and the employees of the “Midtåsenhjemmet” elderly care facility on April 18. Guests could taste Hungarian food and wine accompanied by live Hungarian music performed on the piano by Per Roger Karang. They also had the chance to glimpse Hungarian culture and the most attractive sights worth visiting, not only in the cities but also in the countryside and the traditional spa culture.

Canadian Chamber of Commerce in Hungary (CCCH)

In today’s fast-moving business scene, AI is making waves. Recently, the CCH and Dentons Budapest teamed up to host an event titled “Future Shock in the Age of AI,” delving deep into this exciting frontier, featuring Tímea Bana and Theodore Sebastian Boone. Leading the charge was Boone, a well-known figure in the legal and academic worlds. He broke down the risks and rewards of AI, drawing on his expertise from Dentons and Corvinus University, where he teaches. Boone covered everything from the risky bits of AI to how it can read our emotions and what we need to watch out for. Bana’s significant input supplemented Boone’s ideas, notably in addressing AI’s legal and regulatory complexities. As a partner at Dentons Budapest, her experience helped her navigate the complex legal landscape. Bana’s astute analysis highlighted critical legal considerations and strategic methods for firms seeking to maintain compliance and reduce risks in an increasingly AI-driven future. Boone and Bana gave guests a thorough understanding of AI’s disruptive influence on business. Their speeches emphasized the critical need to thoroughly understand AI to make informed and smart business decisions in today’s rapidly changing landscape.

The Netherlands-Hungarian Chamber of Commerce (Dutcham)

As in previous years, Dutcham will organize a casual seated Orange Dinner with Dutch, Indonesian and Caribbean cuisine in May. The dress code simply requests that you wear something orange. • When: May 31, 7 p.m. • Where: Crowne Plaza Budapest, Váci Út 1-3, Budapest 1062 • Fee: Member single ticket HUF 55,000; non-member single ticket 65,000; member table of 10 HUF 500,000 (all include 27% VAT).

The Italian Chamber of Commerce for Hungary (CCIU)

On April 8-9, the CCIU was invited to “Selecting Italy: Attraction of Foreign Investments and Regional Value Chains” in Trieste, representing an important pillar for cooperation with Italy and leading professional partners. The event was organized by the President of Friuli Venezia Giulia Regional Council, Massimo Fedriga, along with our association Assocamerestero, which groups 86 Italian Chambers of Commerce Abroad (CCIEs) in 63 countries and connects local associations with entrepreneurs and professionals to foster the internationalization and promotion of “Made in Italy” in the world. CCIU vice president Alessandro Balli represented the chamber at the event. “Selecting Italy” is a platform for government representatives, local authorities, and businesses to initiate dialogue and build solutions.

German Hungarian Chamber of Industry and Commerce (DUIHK)

This year’s 12th DUIHK Information Day once again offered the opportunity to realize one of the chamber’s core concerns (and competencies), promoting direct business relationships between German and Hungarian partners. The thematic forums focused on global supply chains, sustainable HR management and the effective use of the benefits provided through a membership within the chamber. Economic development trends were also presented, and around 70 individual counseling sessions were held with the chamber’s experts. The information day highlighted German-Hungarian business relations from a concrete and practical perspective. Managing director Barbara Zollmann presented the critical tasks and areas of expertise of the DUIHK, while head of communications Dirk Wölfer gave an insight into current business forecasts and the initial results of the latest economic report, which will be published at the end of April.

The “Hungary in the Global Supply Chain: Opportunities for Hungarian Suppliers” forum focused on the increasing relevance of adaptability and versatility in the market to be able to cope with global crises (and consequently with strains on supply chains), but also with market influences such as the planned EU law on supply chain due diligence. The advantages of preventative measures in escalation management and the growing competition with non-European competitors were also underlined.

In the “Sustainable HR Management: Proven SME Strategies” forum, ideas for recruiting a competent workforce were explained, and the reciprocity between employee and employer in terms of productivity and efficiency, from the induction process to full integration into the company, was emphasized.

Finally, in the third forum, a panel discussion allowed guests to ask existing members questions about their experiences and cooperation with the DUIHK and to receive valuable tips for effective membership. All members stressed the importance of interactivity and personal involvement in realizing the full potential of the membership. Used correctly, it offers opportunities to find operational interfaces, expert groups and new target groups. Members could utilize helpful advice, information and experience to improve their company’s market position.

Belgian Business Club in Hungary (Belgabiz)

Upon the invitation of the Embassy of Denmark in Budapest, Belgabiz members participated in a networking event at the Danish residence in Budapest on April 9. Equilibrium Institute’s co-founder Ákos Kozák and chief economist Barna Szabó presented an insightful overview of the Hungarian economic outlook to the members of the Danish and Belgian business community. The event served as a platform for professionals to gain valuable insights into the current state and prospects of the Hungarian economy, providing a comprehensive analysis and forecasts and addressing key factors such as GDP growth, inflation rates, investment opportunities, and challenges. The gathering facilitated meaningful discussions and networking opportunities, fostering collaboration and informed decision-making among attendees from various sectors.

Hungarian-French Chamber of Commerce and Industry (CCIFH)

Join the CCIFH for its next HR club, where the invited speaker will be Szabolcs Pintér, executive director of the UpScale Group, to discuss “AI Supported HR Functions and Major Workforce Reorganization.” • When: Wednesday, May 8, noon-2 p.m. • Where: MGallery Hotel Nemzeti Budapest, József körút 4, 1088 Budapest. • Fee: Members HUF 14,900 (+ VAT); non-members HUF 22,400 (+ VAT).

To take action and build solutions, one must first understand the problem. CCIFH proposes the Climate Fresc workshop, a powerful tool for providing quality climate education accessible to anyone within member organizations. The workshop animators are from Air France-KLM, Decathlon, and Michelin, professional event partners. • When: Tuesday, June 4, 9 a.m.-noon. • Where: Milestone Intézet W17, Wesselényi u. 17, 1077 Budapest.

This article was first published in the Budapest Business Journal print issue of April 19, 2024.