BBJ_3308

New Employment Regs Impede Recruitment of Foreign Nationals

It’s been a quieter, more complicated start to the year than usual for Stuart McAlister, managing director and founding owner of Inter Relocation, a Budapest-based advisory specializing in managing the paperwork for companies seeking to recruit foreign staff in Hungary.  12

Mixed Messages Mark the Q2 Recruitment Story

What is the mood of the recruitment market in Hungary? Which roles are most challenging to fill? We ask some of the leading market specialists to give us the low down on the local employment market.  26

Chocks Away!

All Hail Halászlé: Hungarian Fish Soup

Easter in Hungary isn’t complete for David Holzer without a trip to Kiskőrössy Halászcsárda, Szeged’s hallowed fish restaurant on the north bank of the river Tisza, for halászlé, Hungarian fish soup. He takes us on a personal journey of discovery of this generational food gift.  33 SOCIALITE

Hungarian Industry: Not yet at the Bottom of the Pit

The Hungarian industrial sector has not recovered, and analysts believe it may not even have reached rock bottom yet. The on-off tariff war will likely only further increase uncertainty.  3

Thoralf Wagner, CEO of Lufthansa Technik Budapest, talks us through a remarkable COVID-era story that has finally concluded with a plane taking off from Hungary four-and-a-half years after it was parked at the airport to see out the pandemic.  5

U.S. Targets Europe for Marked LNG Expansion

The United States is working to ramp up its export capacity of liquified natural gas to more than 270 billion cubic meters per year by 2030, with much of this destined for Europe.  7

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz.

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Why Support the BBJ?

• Independence. The BBJ’s journalism is dedicated to reporting fact, not politics, and isn’t reliant on advertising from the government of the day, whoever that might be.

• Community Building. Whether it is the Budapest Business Journal itself, the Expat CEO award, the Expat CEO gala, the Top Expat CEOs in Hungary publication, or the new Expat CEO Boardroom meeting, we are serious about doing our part to bind this community together.

• Value Creation. We have a nearly 30-year history of supporting the development of diversity and sustainability in Hungary’s economy. The fact that we have been a trusted business voice for so long, indeed we were the first English-language publication when we launched back on November 9, 1992, itself has value.

• Crisis Management. We have all lived through a once-in-a-century pandemic. But we also face an existential threat through climate change and operate in a period where disruptive technologies offer threats and opportunities. Now, more than ever, factual business reporting is vital to good decision-making.

For more information visit budapestbusinessjournal.com

THE EDITOR SAYS

THE CERTAINTY OF UNCERTAIN TIMES

If there is one word that sums up the economic world today, it must be “uncertain.” Look at the comments made by the analysts in our Macroscope piece in response to February’s deeply disappointing industry figures. “The overall picture remains quite gloomy,” says ING Bank’s head economist, Péter Virovácz. It’s not limited to the economists, either. The headline for one of our two Market Talk pieces in the Special Report dedicated to HR speaks for itself: “Focus for Temporary Market Shifts From Expansion to Cost Efficiency Amid Economic Uncertainties.” Our second Market Talk notes, “Mixed Messages Mark the Q2 Recruitment Story.”

Our regular HR Matters column calls upon recent market research that points to a “pessimistic majority,” whether among employees or employers. It also notes the recent S&P Global Ratings assessment of the Hungarian economy, which maintained its investment-grade ranking (that’s the good news) but revised its outlook from “stable” to “negative” (that’s the not-so-good news).

To be clear, we are not amid a significant recession. Equally, strong growth seems unlikely this year, whatever the government says. Indeed, the poor performance of Hungary’s industry could well hold the broader economy back. What underlies a lot of this is the apparent attempt by U.S. President Donald Trump to upend the global marketplace. The on-off nature of the tariffs is destabilizing, to say the least. No wonder the stock markets reacted the way they did last week.

Given all of this, it is noticeable how much the most upbeat statements reflect bilateral relations between Budapest and Washington (not a phrase you would have heard this time last year). U.S. interim chargé d’affaires Robert Palladino suggested a promising “golden age” for U.S.-Hungary relations may be on the horizon due to the strong rapport between the two countries’

leaders during a conversation with Gladden Pappin, head of the Hungarian Institute of International Affairs, on April 8. Strikingly, that exact phrase has also been rolled out by Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó, on several occasions, not least on Feb. 13, when the U.S.-based Diligent, a provider of governance, audit, and risk management solutions, announced it will invest HUF 37 billion in establishing an R&D base in Hungary. He insisted that relations would be driven by a new, efficient, and proactive economic partnership and the personal chemistry between U.S. President Donald Trump and Prime Minister Viktor Orbán.

We can only hope so. Hungary, of course, has also embarked on a “golden voyage” in its relations with China, to use the vivid phrase of President Xi Jinping. Simultaneously pleasing both powers on either side of this growing trade war would be a remarkable feat, should the Orbán government pull it off. You might not want to bet the house on it happening, but you can certainly add it to the mix of all that confusion swirling around right now.

The vagaries of newspaper production mean I am writing this before the long weekend, but you will be reading it after. I cannot sensibly wish you a Happy Easter, but I do hope you and your loved ones were able to enjoy some rest and relaxation and maybe the occasional Easter Egg. Not to mention some nostalgic folkloric “sprinkling.” The good news is that another long weekend is just around the corner, though that, too, will inevitably interfere with the production cycle of our next issue. Ah well, it was ever thus!

Robin Marshall Editor-in-chief

THEN & NOW

In the black and white photo from the Fortepan public archive, taken near Hajógyári Island in Budapest’s District III in 1958, a fashion show unfolds on the deck of the Szabadság excursion boat, blending elegance with the scenic backdrop of the Danube. In the color image from state news wire MTI, captured on April 15, 2025, models take to the runway at the 30th Fashion Gala of the Handler Nándor Technical School, part of the Sopron Vocational Training Center.

Photo by István Filep / MTI

Photo

1News •

macroscope

Hungarian Industry: Not yet at the Bottom of the Pit

The Hungarian industrial sector has still been unable to recover, and analysts believe it may not even have reached rock bottom yet. The on-off tariff war will likely only further increase uncertainty.

Industrial Production in Hungary (2002-2025 January-February) Production volume index

The volume of industrial production lagged behind last year’s level by 8.7% in February. Based on workingday-adjusted data, it declined by 8%. According to seasonally and workingday adjusted data, industrial output was 1.3% lower than in January 2025. Production volume decreased in every manufacturing subsection compared to the same month of the previous year. In the first two months of the year, industrial production was 6.4% lower than in the same period of 2024, according to the latest data released by the Central Statistical Office (KSH). This is now a 14-month low; the last time there was such a significant annual decline was in December 2023. According to the Ministry for National Economy, Hungarian industrial production continues to be affected by weak external demand. The competitiveness problems of the European Union and the two-year recession in Germany, Hungary’s most important economic partner, are holding back Hungarian exports and industrial output. The adverse effects through supply chains particularly affect the automotive and mechanical engineering industries.

In a statement, the ministry noted that, in addition to the recovery of external markets, large-scale investments such as the expansion of production capacities of CATL, BYD, BMW, Semcorp and EcoPro could bring new impetus to Hungarian industry. The ministry emphasized that the government has also launched its “100 New Factories” program, which will play a significant role in boosting domestic industry and increasing economic performance.

Analytical Pessimism

Analysts, however, are not that optimistic. According to Erste Bank’s János Nagy, the outlook is mixed and can be described as gloomy overall. An improvement in the German economy since the beginning of the year and the planned economic recovery in the long term may positively impact business sentiment. At the same time, the massive tariffs announced by U.S. President Donald Trump may result in a decrease in output in the short term, followed by a reduction in investments and a withdrawal of capital.

According to Nagy, electromobility at the European level has not yet gained new momentum, which may delay the implementation of related domestic investments. As of now, the positive growth effect of capacity expansions may mainly appear from 2026, but with the outbreak of the tariff war, uncertainty in this regard has also increased significantly.

Gábor Regős, head macroeconomist at Gránit Alapkezelő, expressed a similar view, reminding that the base effect plays a role in the large decline, as 2024 was a leap year, and thus the number of working days was one more than this year; even seasonally adjusted, this month saw the highest production value last year. However, due to the leap day, it is surprising that the data adjusted for the working day effect hardly differs from the raw data; the decline is still 8%.

The level of production in February is worrying not only in annual comparison but also in comparison to previous months: it is almost 4%

lower than the level in October-November, meaning that the industry is still unable to recover from the crisis; in fact, the problems are only getting worse, according to Regős. Vehicle manufacturing and the production of electrical equipment continue to play a marked role in this phenomenon because these two sectors are facing particularly low demand. Since vehicle and battery manufacturing play such a significant role in Hungarian industry, it can only get on a growth path if the performance of these two sectors improves, or, at least, there is not such a big decline.

The Trump Effect

The Trump tariffs would not help industrial recovery in any way, but they would not cause an excessively large decline either. The problem is that vehicle manufacturing may once again be the affected sector. However, the fresh production data shows that the industry will continue to restrain economic performance in the first quarter and poses a serious risk to this year’s growth, Regős assumes.

According to ING Bank’s head economist, Péter Virovácz, the February industrial performance data reflects that the restart from the Christmas shutdown at

the beginning of the year was less dynamic than in previous years. “The overall picture remains quite gloomy,” he says. As he put it, after two years of decline, it does not look like

2025

will be the year when the Hungarian industry finally climbs out of the pit. In fact, it seems that rock bottom has not even been reached. He adds that the change in the global trading system caused by Trump is generating huge additional uncertainties. All in all, the outlook for exportproducing sectors has deteriorated recently, and if the tariff war really heats up, it could ultimately negatively affect world trade. Of course, the entry of new capacities will have a unique effect in Hungary, but it seems very likely that, due to the external environment, the positive impact of launching production will be postponed from this year to 2026, according to the analyst.

He warns that although industrial sectors producing for the domestic market can count on continued growth in consumption, and this may bring some expansion, the development of domestic orders does not seem encouraging either. But even if there is some recovery in the Hungarian industry, due to the predominance of the export sector, this will be just a drop in the “industrial” ocean and overall, industry may significantly drag down the performance of the Hungarian economy throughout 2025.

ZSÓFIA CZIFRA

Ukraine

Rival Consultations on Ukraine, While DK Calls for Referendum Roundup Crisis

Hungarian politicians continue to debate Ukraine’s prospective accession to the European Union. While opinions remain divided mainly along party lines, recent discussion has predominantly centered around the validity of competing polls and the legitimacy of such referendum results.

Prime Minister Viktor Orbán’s Fidesz government launched its VOKS 2025 National Consultation on April 2, asking participants to vote on Ukraine’s EU membership. Along with a single question: “Do you support Ukraine becoming a member of the European Union?” the government included a list of the risks it believes Ukraine’s accession poses to Hungary, which it asks participants to consider carefully before making a decision. The envelopes started to be delivered on April 14. Citizens have until June 20 to return their vote.

Rightist opposition party Tisza held its own poll, dubbed the “Voice of the

Nation,” between March 24 and April 11, which posed 13 questions to participants, ranging from domestic policy preferences, such as a tax reduction on healthy foods and income, to international concerns, like EU and NATO membership and Ukraine’s EU accession. The results of the poll, in which 1.137 million people participated, were announced on April 13.

While most of the issues received an overwhelmingly affirmative response, the matter of Ukraine’s accession was a little less enthusiastic. In response to the question, “Do you support Ukraine becoming a member of the European Union?” some 58.18% of respondents said yes, while 41.92% said no.

Commenting on the results in a video posted on Facebook on April 14, Orbán

said the approval signaled “the birth of a pact between Brussels and Tisza.”

According to Orbán, “Brussels is helping Ukraine-friendly Tisza to assume power in Hungary, while Tisza supports Ukraine’s EU accession in turn,” which he claimed could “destroy the Hungarian economy.”

Rather than accept this arrangement, Orbán encouraged voters to participate

in the government’s VOKS 2025 referendum on Ukraine’s EU membership.

A Divisive Issue

Tisza Party leader Péter Magyar responded by accusing the PM of “lying” about Ukraine’s EU accession prospects in a post on his Facebook page later that same day. “Every day he gets weaker [polling] numbers […] so he’s forced to lie even about the most obvious things,” Magyar said. While he acknowledged Tisza’s position on Ukraine’s EU accession, he rejected Orbán’s characterization, saying “the issue divided” the participants.

Magyar instead pledged that when all the conditions and the planned date of Ukraine’s EU accession became known, which he admitted could take up to two decades, Tisza would call a legally binding referendum on the matter.

Meanwhile, Balázs Barkóczi, MP of the opposition Democratic Coalition (DK), called on the National Election Committee (NVB) to make a decision on his party’s initiative to hold such a legally binding referendum on Ukraine’s EU accession. Barkóczi said the party supports Ukraine’s EU membership once it meets the required criteria.

Barkóczi criticized Fidesz and Tisza for focusing on “pseudo-consultations” while DK actively pursued a national referendum. He also claimed that the right-wing parties have a vested interest in preventing such a referendum, while Hungary’s true interest lies in allowing its citizens to decide, adding, “We are not afraid to ask people’s opinion about this.”

A Standout Workplace Benefit Built on Diversity

Workplace wellness programs have long been linked to improved productivity, lower employee turnover, and higher engagement. Yet despite broad awareness, many companies still approach wellness as an optional extra, often limited to a oneoff health screening or a standard offering outsourced to HR.

BENCE GAÁL

Rather than being embedded into workplace culture, well-being is frequently treated as an isolated initiative. All You Can Move aims to change that. For 25 years, the Hungarian company has worked to provide a broadbased, flexible solution for employers

seeking to support the health and activity levels of a diverse workforce. Their offering, the AYCM pass, gives employees access to a wide range of recreational and sporting activities across Hungary, from swimming and physiotherapy to wakeboarding, minigolf, gym access, and even escape rooms. The goal is to accommodate various preferences and life situations, from Gen Z newcomers to older employees seeking more moderate exercise. In doing so, AYCM positions itself as a practical tool for companies wanting to offer more than just the standard wellness options. Rather than presenting wellness as a campaign or checklist, AYCM

promotes it as a mindset that should be integrated into the daily rhythm of the workplace. The underlying premise is that companies willing to support employees’ physical and mental health will see a return in higher engagement and fewer health-related absences.

Stronger Team Cohesion

The program can also contribute to stronger team cohesion, particularly relevant in hybrid or remote environments. Group workouts or shared recreational experiences may encourage colleagues to reconnect in person, building relationships that

often suffer when people are scattered between home offices and meeting rooms.

In contrast with narrower benefit schemes, AYCM’s strength lies in its adaptability. The service offers hundreds of activities, allowing employers to support a broad palette of interests and health goals without committing to a single facility or activity type. That diversity of choice is a key factor in helping companies stand out in an increasingly competitive labor market.

The company argues that financing healthier lifestyles is not only a gesture of goodwill but an investment that pays off in productivity gains and reduced absenteeism. While the value of wellness programs can be hard to quantify, research over the past four decades has consistently shown that employee well-being influences organizational performance. With corporate culture in flux and employee expectations evolving, wellness offerings are increasingly seen not as a luxury but as a core part of the employment package. In this context, AYCM’s approach, emphasizing variety, ease of use, and a minimal administrative burden, offers a model that may be more aligned with current workforce needs than traditional, one-size-fits-all health initiatives.

More information is available at allyoucanmove.hu

Photo by fizkes / Shutterstock.com

NICHOLAS PONGRATZ

Photo by Zoltán Kocsis / MTI

A postman delivers ballot papers for the referendum on Ukraine’s accession to the EU in Budapest on April 14.

LTB Closes Biggest Order and Takes Off for the Future

A remarkable COVIDera story has finally concluded with a plane taking off from Hungary four-and-a-half years after it was parked at the Lufthansa Technik Budapest base to see out the pandemic.

Talking to LTB CEO Thoralf Wagner and some of his senior aircraft technicians in the days before the flight, there was a palpable excitement that this chapter was about to close. “This was the largest order in our history,” Wagner says with evident pride. The team also showed a certain affection toward their longest-standing guest.

To be clear, the time lag between arrival and departure had nothing to do with LTB. All the aircraft parked at Budapest Ferenc Liszt International Airport during the pandemic stayed a minimum of two years until passenger flights returned to the air.

The aircraft owner (in this case, Lufthansa Airlines, part of the same group as LTB, though the two companies are separate) had to decide which aircraft it wanted operational when. That then had to be slotted in with the ongoing maintenance, repairs and operations schedule at Budapest.

Finally, aircraft of varying ages will require different levels of maintenance. This particular plane was, in fact, the second to arrive. It is now 31 years old, although walking around it out on the apron, you wouldn’t know it. Before it could be allowed to leave, however, the inevitable paperwork had to be put in order.

“That was followed by a so-called maintenance check flight, a three-hour flight over Hungary, where everything

Return to the Skies

To get an aircraft that has been parked for a longer period back in the air, so-called return-to-service checks, are required.

“This means that you make the aircraft ready so that it can at least fly on to an overhaul facility. We flew some of them to our sister facility in Sofia,” says Thoralf Wagner, CEO of Lufthansa Technik Budapest.

Thus, of Lufthansa’s original 44 aircraft kept on standby in Hungary during the pandemic, 25 were given major overhaul checks and put directly back into

is checked in detail, and that was the first time it had been in the air in fourand-a-half years,” says Wagner.

Back in Budapest, the aircraft was rechecked on the ground, and any minor issues reported were fixed, a process that generally takes one or two days. And then, finally, it was cleared to fly off into the sunset.

Airline Parking Scramble

Perhaps, at this stage, it is worth rewinding to 2020. When it became clear that passenger flights would fall victim to travel bans and lockdowns, airlines scrambled to find suitable places to store their aircraft. It made sense to have the planes near facilities that could also look after them; that’s where LTB came into the picture.

“Lufthansa wanted to bring 44 aircraft to Hungary, and Budapest Airport was also urgently looking for new revenue streams because, although there was a ramp-up in cargo traffic at that time, passenger traffic was totally down.

what is known as revenue service from Budapest. Another 16 were given RTS checks and sent on to other locations. But that still leaves three unaccounted for.

Salvage and Overhaul

These, the airline decided, were not worth putting back into service. Two underwent “tear down,” allowing a total of 6,000 parts to be salvaged and overhauled for reuse as spares before a specialist company cut up the airframes.

“It’s sad to see but also impressive, I have to say,” Wagner admits. “But one of the three

Wagner, CEO of Lufthansa

They were super happy to cooperate,” Wagner explains. Budapest Airport took 41 of the Lufthansa aircraft, with three others sent to Debrecen.

“We also accepted around 20 aircraft from other airlines and leasing companies. So overall, we served, at that time, 60 to 70 aircraft. And it was already a big challenge simply when they were coming in, aircraft after aircraft,” Wagner says.

He’s not kidding. You don’t just taxi the plane to its spot and switch off the ignition. An aircraft can be “temporarily parked” for three months. Any longer than that and it becomes much more complex, as several tasks need to be performed to help conserve the aircraft (all liquids must be drained, for example). Routine checks continue during the parking period.

Hangar Time

It was two years before passenger travel returned. By then, nearly all the aircraft had hit the timeframe

aircraft survived.” Stripped of its engines and airline livery, Budapest Airport now uses that third plane for training its fire crews. Wagner says it is another example of the good cooperation between the airport operator and Lufthansa Technik Budapest.

“This aircraft you can see behind the tower. So, out of these 44 aircraft, one is still here with us in Hungary and will probably stay for at least the next 10 years. It has a blue tail, so next time you are flying, watch out for it. We have a remarkable monument to remember that time when we weren’t flying!”

when a more significant overhaul was necessary, requiring one or two months in the hangar.

LTB currently has two hangars at the airport: the first can take two aircraft simultaneously, and the other, which has an awning extension, can fit three. In the mid-term, the company sees additional demand for aircraft repair bays. To that end, it is discussing possible options with Budapest Airport, which Wagner appreciates as “a good, professional partner for our business.”

That’s for the future; a more immediate issue has been finding staff. Wagner says while it is still a challenge, labor force issues have eased somewhat. Staff fluctuation has come right down, helped by “realistic” salary adjustments and much greater flexibility around benefit packages. Secondly, the career structure, even for an aircraft technician with no particular management aspirations, is transparent and predictable across the five years it takes to become fully qualified.

“The third pillar is our own training school, which is super paying off now. We take the guys directly from school, and they are given a trainee technician’s contract, which also provides them immediately with nice flight benefits within the Lufthansa Group,” Wagner says. It isn’t all 18-year-old school leavers, however.

“We have people like car mechanics who might be 35 but join our training school because they understand the career path is so valuable and want to retrain as an aircraft technician. And normally, these people stay with us a long time.”

What lies in the future? You won’t be surprised to read that digitization is in the air. But that, as they say, is a story for another time.

ROBIN MARSHALL

Thoralf

Technik Budapest (far right) and some of his team wish their last COVID-era guest “happy landings.”

Gránit Asset Management Makes Bucharest Office Purchase Real Estate Matters

Gordiusz Private Equity Fund, managed by Hungary’s Gránit Asset Management, has purchased the first 21,000 sqm phase of the Equilibrium office complex in Bucharest from Skanska in a deal put at EUR 52 million. The transaction indicates the growing role of regional institutional capital in shaping the CEE office markets and that quality office assets across the region are attractive to investors.

GARY J.

“This transaction reflects our ability to deliver office projects that meet the expectations of a broad spectrum of institutional investors across the CEE region,” says Adrian Karczewicz, head of divestments at Skanska Commercial Development Europe.

A biweekly look at real estate issues in Hungary and the region

as a dynamic and increasingly mature investment destination. We are proud to see another high-quality Skanska development become part of a long-term investment portfolio,” he adds.

“With this transaction, Gránit Asset Management aims to expand its international real estate portfolio further and strengthen its presence in the CEE real estate market,” comments Álmos Mikesy, CEO and board chairman of Gránit Asset Management.

Capital Strategy

“The sale of Equilibrium 1 continues our track record of working with regional capital and reaffirms Bucharest’s position

“Equilibrium 1 perfectly aligns with our long-term ‘5B Strategy,’ a vision to establish a sustainable, high-quality, and dominant office portfolio across the region’s key capital cities, Budapest, Bucharest, Belgrade, Vienna [Bécs in Hungarian], and Bratislava. The property’s prime location, diverse tenant mix, and outstanding

Living Undertakes Sales at Le Jardin 2

Sales have started on the second phase of Living’s latest residential development, Le Jardin residential park, located in Rozsnyay utca in District XIII, close to the Váci út office corridor. Le Jardin 2 is expected to be completed in the first half of2027; 147 apartments are available.

The residential development will have a range of efficient floor plans from practical studio apartments to 5-room penthouse apartments. Flats on the ground and first floors will have direct access to an interior garden.

Le Jardin 2 has energy-efficient, highquality technical solutions in compliance

ESG credentials make it an ideal fit for our investment strategy,” he says.

The office complex, consisting of two buildings, is located in Bucharest’s northern business district, Floreasca –Barbu Vacarescy. The first entirely let phase was completed in 2019 and is Leed “Platinum” certified.

Gránit is a Hungarian institutional investor managing 24 investment funds, including the third-largest retail fund in the country. Its current assets under management amount to more than EUR 2.7 billion.

“Gránit Asset Management’s goal is to rapidly expand in the CEE and SEE region by further investing in, among others, commercial real estate. To fulfill this, we have been actively building our pipeline and plan to close on further, similarly remarkable investments in the near future,” the investor comments.

with market standards and is expected to get an “A+” energy rating. Annual heating and cooling costs should be considerably lower than in conventional flats, as the development features a modern heat pump system that uses only renewable energy, heating and cooling panels on the ceilings and triple-glazed plastic-framed doors and windows for efficient heat and sound insulation, according to Living.

Living, the residential development arm of Wing, was established in 2017. Since then, it has delivered close to 2,000 apartments, including those currently under development, with more than 1,700 already sold, it says.

“The current market offers exceptional opportunities for investing in real estate, so now is definitely the time to invest in a home that will provide value in the long term,” says Tibor Tatár, head of Wing’s residential and office development businesses in Hungary.

Completed Living projects include Kassák Residence, Metropolitan Garden, Park West 1-2, Kassák Passage, Kassák Terrace and the first phase of Le Jardin. In addition to Le Jardin 2, other projects underway are West 3 and Római Park in District III.

Panattoni Hands Over ZF Chassis Modules facility

Developer Panattoni Hungary and owner OTP Real Estate Investment Fund have officially handed over a 15,300 sqm built-to-suit production unit in Debrecen to ZF Chassis Modules. The facility will supply chassis systems to the nearby BMW plant, which is due to start production this year.

The factory is ZF’s second such development in Hungary, following its recent project in Kecskemét. Representing an investment of nearly HUF 7.5 billion and implemented in close cooperation with the local municipality, the environmentally friendly facility embodies 21st-century solutions and will create 220 new jobs in the Northwestern Economic Zone.

“Following our success in Kecskemét, we are proud to announce another high-tech industrial development in Debrecen. The project progressed at a demanding pace and was delivered on time, a clear reflection of Panattoni’s core values: agility, efficiency, and reliability in industrial real estate development,” said László Kemenes, managing director of Panattoni Hungary.

As a critical part of BMW’s supply chain, the new plant assembles front and rear axles in a just-insequence process, aligning delivery precisely with BMW’s production schedule and specifications.

“Once operating at full capacity, the facility will produce and deliver chassis systems for 35 vehicles per hour. The highly automated production lines perform 22–24 assembly steps separately for front and rear systems. To ensure continuous operation, logistics must coordinate the delivery, storage, and supply of nearly 500 different parts from more than 60 suppliers, based on BMW’s forecasts,” explained Csaba Varjassy, plant manager of ZF Chassis Modules Hungary.

This development represents another significant milestone in the economic growth of Debrecen and the surrounding region. Industrial investments like this are particularly important for eastern Hungary, strengthening the local economy, reducing outmigration, and enhancing regional competitiveness, commented László Papp, Mayor of Debrecen.

MORRELL

The ZF Chassis Modules production facility by Panattoni & OTP RE Fund.

Le Jardin, by Living, the residential arm of Wing.

The Equilibrium office in Bucharest, by Skanska.

2 Business

U.S. Targets Europe for ‘Return to American Energy Dominance’ via LNG

The United States is working to ramp up its export capacity of liquified natural gas to more than 270 billion cubic meters per year by 2030, with much of this destined for Europe.

U.S. President Donald Trump moved to boost American energy exports, specifically LNG, from the very beginning of his return to the White House, Lawrence Korb, senior advisor at the U.S. Department of State’s Bureau of Energy Resources, told participants of the sixth Budapest LNG Summit on April 14.

“I think from his first day in his office, President Trump put energy at the top of the agenda. He emphatically confirmed within minutes, if not maybe an hour of his inauguration, his plan to unleash America’s affordable and reliable energy and natural resources,” Korb declared.

Moreover, Trump’s words soon resulted in action at the highest levels, with Christopher Wright, the U.S. Secretary of Energy, issuing the first new export permit on Feb. 14.

“Secretary Wright concisely summed up our policy on LNG exports,” Korb said. “Exporting American LNG strengthens the U.S. economy and supports American jobs, but it also bolsters the energy security around the world.”

Adding further to the new drive, Secretary of State Marco Rubio has declared that the State Department would use its diplomatic muscle “to help President Trump fulfill his promise for a return to American energy dominance,” Korb added.

To some extent, the focus on Europe is merely an expansion of an ongoing process. The continent has been a top destination for U.S. LNG since 2016, historically attracting half of all such exports. But America is convinced there is more to be had.

On the Upswing

“Already, just taking 2025, [we can see] record U.S. LNG exports to Europe. In March, over 70% of U.S. LNG went there, and February [it] was more like 85%, so everything is on the upswing,” Korb beamed.

However, today, the project is more broad-based, with the United States planning an active role in addressing any impediments to success, including, for example, the infrastructure required to shift gas deliveries across the European continent.

“We want to ensure U.S. LNG can reach every corner of the continent. So, this means working with European partners to identify infrastructure bottlenecks and maximizing efficiency,” Korb reasoned.

“If U.S. LNG imported in France, Spain or Croatia cannot reach every corner of the continent, or if it’s difficult to book capacity, then we’re missing a market opportunity [...] and European customers

GERGELY MOLNÁR , gas analyst, International Energy Agency

“Natural gas markets are becoming increasingly complex. First, we have a rapidly changing geopolitical context with profound implications on gas supply security, and this includes military attacks on gas infrastructure but also commercial decisions which are increasingly influenced by geopolitical considerations and an increasingly complex [mix of] trade policies. Second, the weather sensitivity of natural gas demand is increasing, partly because of more extreme weather patterns, but also due to the rising share of weatherdependent renewables in the power mix which need natural gas as a backup fuel to ensure electricity supply security.”

He argued, “The continuing uncertainty [on market regulation] remains a massive and unnecessary blind spot for European and U.S. businesses looking to make significant long-term investment decisions.”

Further, despite his deep awareness of the numerous European development projects, Korb said nothing about potential American finance for the necessary infrastructure improvements.

Indeed, one of his last points was the need for European companies to sign long-term contracts with U.S. LNG suppliers, which he said would secure European energy needs but equally would reduce the financial risks taken by the American partners. But what, in the grand scheme of European gas needs, does the U.S. ramp-up mean?

According to the latest European Commission quarterly energy report, after a decline since 2022, the EU’s gas consumption began increasing again during the winter heating period, with annual consumption last year at 332 bcm, up 2 bcm on 2023. Total EU gas imports amounted to 273 bcm, of which the United States supplied 17%, or approximately 46 bcm. Hungary’s total consumption last year was a mere 8.5 bcm.

are being deprived of a reliable, costeffective product, and also of having the security that comes from multiple, flexing options. You know, two suppliers are better than one,” he added.

Citing several projects already realized or planned, including the Krk Island floating storage and regasification unit, expansion in Croatia, and the so-called “Vertical Corridor” project connecting Greece to Ukraine, Korb said the States would be “trying to help out with” such developments, lending its diplomacy “to getting these projects moving and at times, saving them from becoming victims of local politics and vested interests.”

Korb stressed the need to realize current plans “before the next crisis, and not because of it; when the crisis happens, it’s already too late!”

But for all his optimism, the U.S. diplomat had his concerns, not least the need for, as he put it, “a fair and simple regulatory landscape in Europe.”

As an example of potential sticking points, he pointed to EU regulation on methane as being of “particular concern” in Washington.

Improved Market Access

“The second thing we’re focused on is to improve market access for U.S. suppliers [...] U.S. producers are leaders in methane management, so we need to work together to ensure that the methane measuring, reporting and verification rules and regulations don’t [work against] US LNG,” he said. It was a strong hint that differences in dealing with this greenhouse gas between the United States and the EU could prove a significant sticking point for developments.

In light of these numbers, the U.S. plans to more than double its export capacity to 270 bcm (more than double the country’s total LNG exports of 123 bcm last year) would significantly impact European markets if achieved.

ZOLTÁN ÁLDOTT, chair, International Association of Oil and Gas Producers Europe

“Europe lost nearly 100 bcm of pipeline supply in 202223, and this crisis, which we survived, put the EU’s resilience to an unprecedented test. Remember that LNG alone bridged over half of this gap in 2023, which meant plus 55 bcm of imports coming through the LNG networks. By [using] alternative pipeline imports, fuel switching, and, of course, demand reduction, energy savings filled the rest. To put it simply, without LNG, the continent would have been in recession a long time ago and with no end in sight. [...] LNG is no longer a detour; it is a foundational part of our energy future.”

But perhaps surprisingly, Katalin Tamás, head of LNG advisory with the MET Group (a Hungarian-owned energy company headquartered in Switzerland), played down any concerns about a gas glut and potential price reductions, at least for the near future.

Speaking at a panel event after Korb’s presentation, she said: “First of all, I don’t see this glut coming in 2026-27 [...] I don’t see how this project could deliver any LNG in 2027 [...] rather we see it at the end of the decade, so ’29 or ’30,” she said.

Photo by pymata / Shutterstock.com

Aerial drone shot of a gas tanker moored at the LNG terminal on Krk Island, Croatia.

Strategic Lending and a Strong Sectoral Focus Drive UniCredit Bank’s Corporate Strategy

In an exclusive interview with the Budapest Business Journal, UniCredit Bank’s deputy CEO Giacomo Volpi and head of the corporates division Albert Hulshof outline how shifting client needs, innovative digital tools, and tailored sectoral approaches are shaping the bank’s corporate lending strategy in 2025.

BBJ: How did the macroeconomic environment impact corporate banking in the past year, and what are the key economic indicators shaping business operations in 2025?

Giacomo Volpi: The high uncertainty in the world and Hungary makes planning quite tricky for companies. The global setup can twist and turn input prices very fast if something changes in the geopolitics. At the same time, global demand is low, and we have only recently started to see some light at the end of the tunnel. On domestic grounds, the availability of subsidized programs is lower compared to previous years, and energy prices again soared at the start of 2025, which is compounded by the high interest rate environment. The change in the regulations affecting the employment of third-country workers also creates doubts for several companies. In short, in this kind of scenario, companies tend to postpone investment decisions and focus on streamlining and efficiency. These activities hardly require any lending from the banks. We cannot ignore inflation, driven by both cost factors and expectations. The most problematic part is the question of wages. Here, we see a situation where companies feel forced to offer wage increases above their expected productivity. The situation initiates a vicious circle where companies increase prices to compensate for wage hikes, employees ask for higher wages to compensate for inflation, and the process repeats itself. This threat is also something that makes businesses conservative in their financial decisions.

BBJ: What financial products or services are in the highest demand among corporate clients, and how have these preferences shifted in recent years? Albert Hulshof: Loan demand has moderately increased since last year, with the drivers explained by Giacomo. SME clients still prefer subsidized loans

due to the beneficial interest rates. One of UniCredit Bank’s strengths, international trade financing, remains a strong client demand for 2025. Related to this, our bank was voted Hungary’s number one trade finance bank. Our clients also appreciate our digitalization efforts; for example, the popularity of our Digital Document Exchange platform is on the rise, thanks to the easy way customers can exchange documents and sign contracts.

BBJ: Given UniCredit’s presence across Europe, how does the Hungarian market compare to other countries regarding corporate banking trends and client needs?

AH: Generally speaking, client demand is no different in Hungary than in other CEE markets. I had the pleasure of working in Austria, Serbia and Croatia before coming to Hungary two and a half years ago, and clients in all markets value a stable banking partner that innovates and puts clients at the center by offering tailored products supporting clients’ growth. What sets Hungary apart is the higher share of subsidized lending. Also, the relative number of foreignowned companies with production facilities in Hungary is higher than in some other markets I worked in before.

BBJ: What are some of the biggest financing challenges businesses in key sectors currently face, and how is UniCredit Bank supporting them?

GV: In general, there is, as mentioned, heightened uncertainty in the market, which puts a drag on investments.

Our bank supports its clients with tailored advice and innovative solutions to weather the current situation and support companies’ growth plans in Hungary and when expanding abroad. Our obsession is to deliver excellent customer service and be a long-term partner of trust.

AH: UniCredit Bank is a major player in renewable project finance and has significantly increased its relevant portfolio in past years. Presently, the market is transitioning towards merchant- and Power Purchase Agreement-based financing structures. In this area, we can leverage our group’s expertise; for example, other markets have financed renewable energy projects with longer-term PPAs. Such projects are frequently combined with energy storage investments, where we see considerable potential.

In commercial real estate, the challenges are the changing demand on the back of working from home, increased vacancy rates, higher financing costs due to increased Euribor levels, as well as transitioning to meet ESG requirements. On the other hand, there is robust traction in residential real estate again after years of hardly any new investment decisions.

As one of the major real estate lenders in Hungary, UniCredit Bank remains a reliable partner that supports clients with tailor-made solutions leveraging the expertise of our dedicated team.

The agri-food industry faces multiple challenges due to the need to adapt

to a more innovative and sustainable business model. Our bank aims to facilitate the green transition of the industry and supports sustainabilityoriented investments with tailormade financing structures. These developments are pivotal to conserving biodiversity, pursuing food security and contributing to the long-term financial stability of our customers.

BBJ: Which industries have shown the most dynamic growth in corporate financing, and what factors drive their expansion?

AH: One promising growth sector is renewable energy, both globally and locally, as well as within UniCredit Bank’s portfolio. We provided HUF 92 billion in new solar park financing in 2024 alone. In the future, we also expect the demand for green transition financing to be a catalyst for loan market growth in various sectors.

Locally, IT and communications, real estate and accommodation, and metalworking industries have shown accelerated financing demand over the last years, which UniCredit Bank has supported. There were some outstanding and unique transactions as well, like Budapest Airport, where our bank participated.

As for the future, we expect a continued growth path for these sectors and forecast that the tourism, agri, residential, and defense industries will join as critical growth sectors for the Hungarian economy in the coming years.

BENCE GAÁL

Albert Hulshof, head of the corporates division (left) and UniCredit Bank’s deputy CEO Giacomo Volpi.

News Company

Auchan Opens

HUF 100 mln Smart Store in Budapest

Auchan Hungary has invested HUF 100 million in launching an unstaffed smart store in Újbuda’s District XI, Budapest. The 18 sqm “Auchan GO” unit will operate 24/7 and be accessible via a mobile application. The retailer noted it would evaluate the potential demand for the store model in Hungary based on customer feedback. The company added that the return on the investment would depend on how many similar outlets could be launched and operated.

AutoWallis Q1 Vehicle Sales Up 1.8%

The listed car dealer AutoWallis sold 11,814 vehicles in the first quarter, up 1.8% year-on-year, according to a release published on the website of the Budapest Stock Exchange on April 15. Turnover in the wholesale division dropped 5.1% to 8,145 vehicles due to production delays affecting Opel Grandland and Frontera models.

The retail division’s new car sales rose 12.7% to 2,731, supported by acquisitions in the Czech Republic and the launch of new Renault and Dacia dealerships in Budapest. AutoWallis noted that without these acquisitions, retail sales would have declined, though from a high base. Used car sales surged 57.1% to 938.

MTel Shareholders

Approve HUF 90.9 bln Dividend

Magyar Telekom shareholders approved a HUF 90.9 billion dividend payment on 2024 earnings at the company’s annual meeting on April 15. The dividend amounts to approximately HUF 100 per share, accounting for treasury shares, and will be paid from an after-tax profit of HUF 154 bln. The dividend record date is set for May 9, 2025.

J-Star to Launch Production in Kaposvár

Trial production will begin at J-Star Motion Hungary’s new plant in Kaposvár (185 km southwest of Budapest) after Easter. Full-scale

operations across the entire line are scheduled to start in mid-May. The plant will initially employ 100 workers, with plans to double the headcount when operations move to two shifts. Factory director Toni Fang said the company primarily sells to partners in Germany, France, Spain, Italy, Austria, and Sweden. Most employees will be recruited from Kaposvár, as J-Star aims to support the city’s development. The company also has plans to expand the facility. The firm manufactures linear actuators (a device that converts rotational motion into linear motion to move objects in a straight line and is used in machine tools and computer peripherals) and lifting columns for use in medical and home care equipment.

Sensirion Makes HUF 4.5 bln Expansion at Debrecen

Swiss-owned Sensirion Hungary has opened a 7,000 sqm extension to its sensor manufacturing facility in Debrecen (225 km east of Budapest by road), according to a press release. WX Sharing, a joint venture between Szinorg Group and Xanga Group, developed the HUF 4.5 billion production hall and warehouse. Franziska Brem, vice president of operations at Sensirion AG, stated that the company had outgrown its strategic base in Debrecen and is planning further expansions.

ViennaUP 2025 Startup Festival Returns as a Global Innovation Magnet

ViennaUP, one of Europe’s largest and most diverse startup festivals, is set to return this year with a nine-day innovation journey blending entrepreneurial energy, cutting-edge tech, and international networking across the Austrian capital.

BENCE GAÁL

Launched in 2021 by the Vienna Business Agency, ViennaUP has grown into a globally recognized platform for founders, investors, and change-makers. As a non-profit initiative of the City of Vienna, it uniquely reflects the collaborative nature of the local ecosystem, bringing together dozens of partner events across various industries and districts.

“Over the years, ViennaUP has proven that it’s so much more than just a festival; it stands as proof that a tightknit, diverse community can transform big ideas into tangible impact,” says Gabriele Tatzberger, head of startup services at the Vienna Business Agency. “This is why innovators from across the globe choose to return to the city; to share insights, forge connections, and to experience what the vibrant Viennese startup scene has to offer. We can’t wait to welcome them in 2025!”

The festival will once again take place throughout the city, with events happening in 33 venues across 11 districts. Attendees can expect workshops, pitch sessions, and conferences organized around five curated themes: Venture, Collaborate, Transform, Level Up, and Connect.

Viennese Startup Spin

With more than 15,000 participants in 2024 (97% saying they would recommend the experience), the event has emerged as a must-attend event on the European startup calendar. In addition to formal

E.ON Launches HUF 16.5 bln Transdanubia Transmission Line Project

The E.ON Hungária Group is constructing a high-voltage transmission line over 120 kilometers in Transdanubia as part of the Danube InGrid program, the company operating the power grid in Transdanubia, Pest County, and Budapest, said on April 7. The total investment amounts to HUF 16.5 billion, funded partly from E.ON’s own resources and partly with support from the European Union. According to the statement, the development will enhance long-term power supply stability for households in the region, reduce the likelihood of power outages, and support the broader adoption of renewable energy in residential areas.

ZF Opens HUF 7.5 bln Plant in Debrecen to Supply BMW

A HUF 7.5 billion production hall for German automotive supplier ZF Chassis Modules was inaugurated in Debrecen (225 km east of Budapest) on April 9. The facility will begin serial production in August to supply BMW’s local plant. The investment has created 220 new jobs.

programming, the ViennaUP Homebase at Karlsplatz and its signature Coffee House Sessions will provide informal spaces for networking and pitch opportunities, offering a uniquely Viennese spin on startup culture. The festival aims to spotlight startups not only as economic engines but as drivers of social and environmental progress. This is reflected in events like Impact Days, the Smart City Summit, Creative Days, and The Green 100, which focus on sustainability, innovation, and inclusion. International entrepreneurs say the event helps open doors across Europe. “ViennaUP has provided a unique platform to explore Austria’s thriving startup ecosystem and helped me in gaining the insights into how Vienna and Austria could be our gateway to Europe, with its extensive startup support ecosystem, which I found best in whole of Europe,” said Ankit Kumar of Shoegaro Fashion Private Limited, an attendee from India. What began as a response to growing local momentum, fueled by Vienna’s first unicorns and a proliferation of separate events, has become a signature part of the city’s identity. Now in its fifth year, ViennaUP is listed by StartupBlink as one of Europe’s best startup festivals. Organizers expect 2025 to build on that legacy with a fresh lineup of events and new collaborators.

More information, including a full schedule of events and registration links, is available at viennaup.com.

Gabriele Tatzberger, head of startup services at the Vienna Business Agency.

Sector Leaders Address Structural Barriers at 4th Budapest Hydrogen Summit

High-level representatives from 90 companies and 19 countries came together to evaluate the sector’s development status in Europe, and particularly Central and Eastern Europe, at the 4th Budapest Hydrogen Summit, held on April 15.

Organized by White Paper Consulting, the summit provides a platform for stakeholders to discuss the technological progress, policy frameworks, and market dynamics shaping the future of hydrogen in the region. Key themes included the persistent lack of demand, the complexity of European regulations, and the significant technical and administrative barriers slowing down deployment across member states.

Participants expressed shared concern that the European regulatory framework is overly complex and continues to hinder cost-effective implementation. While technical solutions have matured in several domains, policy-related uncertainty and prolonged administrative procedures remain among the sector’s most significant bottlenecks.

In his opening remarks, Hydrogen Europe CEO Jorgo Chatzimarkakis emphasized the difficulties posed by the current EU rules.

“Although the European Union has established a regulatory framework, its complexity renders hydrogen prohibitively expensive,” said Chatzimarkakis. His perspective was echoed by numerous experts and industry representatives throughout the day.

During a panel discussion, Tamás Mérő, head of green hydrogen value chain management at MOL Group, illustrated the practical consequences of such a regulatory environment. Referring to Hungary’s largest hydrogen investment project, he explained that building a 10 MW electrolyzer at the Százhalombatta refinery took two years to complete and then required an additional 1.5 years of paperwork to obtain all the necessary certifications and approvals.

In response to these challenges, Chatzimarkakis welcomed a recent initiative from several Central European national hydrogen associations. The hydrogen platforms of the Czech Republic, Hungary, Slovakia, and Poland have jointly raised the issue in Brussels, with the Czech government proposing its inclusion on the European Council’s agenda.

Regulatory Bottleneck

According to Veronika Vohlídková, executive director of the Czech Hydrogen Technology Platform, “The current framework makes it practically impossible for countries in our region to meet their hydrogen-related targets.” She added that a joint position paper had already been published, and a workshop would be held in Brussels involving industry representatives and decisionmakers from the European Commission.

The summit also provided insight into the infrastructure side of hydrogen development. Ralph Bahke, managing director of German gas transmission company Ontras and representative of Gas Infrastructure Europe, presented its latest project from eastern Germany, where the company has launched its first operational hydrogen pipeline.

He emphasized the benefits of adapting existing natural gas pipelines for hydrogen transport, claiming that such a method can yield up to 80%

in cost savings compared to constructing entirely new hydrogen-specific infrastructure.

Many of the summit’s speakers highlighted the limited market demand for hydrogen as a significant structural issue. Hungary’s State Secretary for Energy and Climate Attila Steiner, of the Ministry of Energy, stressed that the government intends to prioritize the demand side of the hydrogen value chain in future negotiations with market participants.

He also pointed to the need for sufficient energy storage capabilities, noting that Hungary’s increasing reliance on solar energy results in significant production volatility that requires a reliable balancing mechanism.

Ákos Kriston, CEO of Hungarian Gas Storage, presented updates on their Aquamarine pilot project in Kardoskút (220 km southeast of Budapest by road). The facility includes a 2 MW electrolyzer and is designed to provide balancing services for electricity providers.

“The project has obtained an operational license and is part of the MVM Partners Small Power Plant Control Center,” said Kriston, who emphasized its role in testing hydrogen’s potential as a grid-stabilizing solution.

Storage Technology

Alternative approaches to long-term hydrogen storage were also discussed. János Elek, co-founder and CEO of Hydrogen Revolution, introduced a technology capable of storing hydrogen at atmospheric pressure and ambient temperature.

According to Elek, this method is characterized by its low cost, high safety, and scalability. “We are currently expanding our facility to reach a capacity of 1,000 liters,” he said.

In terms of stimulating demand, Andreas Noky, project manager for hydrogen refueling stations at Messer Group, shared his company’s approach. He explained that Messer focuses on initiating direct contact with potential customers while also promoting the practical applications of hydrogen technology to generate interest and adoption.

“We create demand by engaging customers and showing them where and how hydrogen can be used,” Noky explained.

Policy alignment and economic competitiveness also featured prominently in the summit’s agenda.

István Lepsényi, president of the Hungarian Hydrogen Technology Association, addressed the inherent tension between the EU’s climate ambitions and industrial competitiveness. He argued that these two objectives often clash in practice and must be carefully balanced to allow a feasible hydrogen strategy in countries like Hungary.

Throughout the event, panelists emphasized that without clear regulations, predictable policy environments, and support for commercial uptake, the CEE hydrogen sector will struggle to gain momentum.

The consensus among participants was that a coordinated regional effort involving both national governments and EU institutions is essential to advancing the hydrogen economy, not only as a decarbonization tool but also as a strategic pillar of future industrial competitiveness.

GERGELY HERPAI

From left, moderator and conference host Claudia Patricolo; Tamás Mérő, MOL Group; Milan Sedláček, Eustream; Ionut Ciubotaru, OMV Petrom; and Cristian Călin, Delgaz Grid.

Photo by Gergely Herpai

Hungary’s Fintech Sector Embraces Embedded Payment Technologies While Honoring Journalistic Excellence

A professional fintech press event held at Budapest’s Create 26 venue brought together key figures from Hungary’s financial technology and regulatory landscape for a roundtable on embedded payment solutions and the presentation of the 2024 “Responsible Fintech Content” journalism awards.

addressed the transformative role of embedded payment technologies. These solutions allow users to complete financial transactions directly within a service platform or app without switching to third-party interfaces or external payment gateways.

Hosted in one of the separate event halls of Create 26, a modern coworking and event space located on Budapest’s bustling Király utca, the gathering on April 3 was organized by Számlázz.hu and PastPay, two prominent players in Hungary’s fintech landscape.

Designed as a professional media event, it included a panel titled “How do Hungarians pay When Shopping Online?” which tackled real-world questions around evolving consumer behavior, the adoption of instant payment systems, and the societal trust issues around embedded financial technologies.

During the roundtable discussion, representatives of the fintech sector and financial regulation authorities

This new method offers seamless integration into the customer journey but also poses new questions regarding security, user confidence, and the pace of adaptation.

Zoltán Ács, President of the Hungarian Fintech Association and Deputy CEO at MKIK Asset Management, emphasized that this change is not just coming; it’s already happening.

“The future belongs to embedded payment solutions; that’s not even a question. Transactions must happen where the customer is. Consumer behavior continuously evolves, but this shift doesn’t occur spontaneously. First comes the technology, and then a transitional period follows where regulators, merchants, and

users must adapt. Once the younger generation adopts it, nothing stands in the way anymore,” Ács said.

Innovation vs Stability

Anikó Szombati, executive director for digitalization and fintech development at the National Bank of Hungary (MNB), highlighted the regulator’s role in maintaining a balance between innovation and stability. She emphasized the importance of proactive engagement from the MNB to create the proper framework for emerging payment technologies to thrive safely and responsibly.

Benjámin Berényi, CEO and co-founder of PastPay pointed out the growing complexity and risk merchants face in this new payment environment.

“It’s crystal clear that online fraud has increased significantly over the past year. Scammers are getting more sophisticated, forcing merchants to operate increasingly complex systems to keep customers safe,” he warned.

“And this won’t become easier in the future. We catch a lot of fraud attempts through our filters, and more and more merchants are choosing to outsource these high-risk processes to external providers. Striking a balance between seamless user experience and maximum security is extremely difficult,” Berényi added.

According to Balázs Ángyán, CEO of Számlázz.hu, trust is just as critical as the underlying infrastructure.

“In addition to robust technology and appropriate regulation, customer trust is essential for embedded payments to become truly frictionless,” he noted. “For private consumers, it’s already becoming a routine, and more businesses are beginning to recognize the value of executing payment transactions related to economic activity almost automatically, or at least without having to jump between platforms. I believe this will become even more widespread in the near future,” Ángyán predicted.

Alongside the panel discussion, the event was also the official award ceremony for the 2024 edition of the “Responsible Fintech Content” competition, launched by Számlázz.hu and PastPay in 2022.

The initiative rewards journalists whose reporting advances fintech literacy and helps the public make sense of complex digital financial services. This year’s jury was composed of Zoltán Ács, television journalist Krisztina Bombera, mathematician and publicist László Mérő, and the deputy president of the Hungarian Fintech Association, Bálint Réti. Along with votes from the general public, they selected four journalists whose work exemplified credibility, relevance, creativity, clarity, and educational value.

The winning entries explored the rise of “buy now, pay later” systems, the launch of the MoHu digital refund platform, and how AI is shaping the strategic priorities of top Hungarian banks.

István Palkó was awarded for his portfolio.hu article “Here Comes Hungary’s New Shopping Craze: Walk out Without Paying?” which examined how digital payment systems are allowing consumers to complete purchases without traditional checkout.

Anikó Urbán received recognition for her piece in FinTechZone, “We Tried MoHu’s Digital Refund System: How Bottle Deposits End up Instantly in Your Account,” offering a real-world look at the new national recycling payment solution.

Gergely Brückner of Telex was honored for his article “The New Financial Trend: Buy Now, Pay Later, Without Interest,” analyzing the growing popularity of BNPL models.

AI

and Banking Strategy

Gábor Lemák, also writing for FinTechZone, was recognized for his in-depth analysis “What do Hungary’s Top Bank Executives Expect from 2025? Generative AI and Digital Priorities,” offering a forward-looking view into how artificial intelligence is transforming banking strategy.

Reflecting on the award’s significance, Számlázz.hu’s Ángyán emphasized the role of journalism in bridging the gap between innovation and public understanding.

“Today, the word ‘fintech’ is often more complicated than the actual technologies it represents. It’s not always easy to talk about, but everyone uses these solutions in their daily lives,” he said.

“From digital payments to business automation, the role of media in making these topics clear, accessible, and engaging is critical. As one of Hungary’s leading fintech companies, we greatly value journalists who combine expertise with readability. They help the public stay informed about a field that’s not only exciting and fast-evolving but increasingly shaping our everyday lives,” he added. Applications for the 2025 award cycle are already open, and interested journalists can submit entries at felelosfintech.hu.

Fintech Journalism That Educates and Elevates

From left: Benjámin Berényi, Zoltán Ács, Anikó Szombati, and Balázs Ángyán. Moderator Krisztina Bombera has her back to the camera.

3 Special Report

Human Resource

New Employment Regulations Impede Recruitment of Foreign Nationals

It’s been a quieter, more complicated start to the year than usual for Stuart McAlister, managing director and founding owner of Inter Relocation, a Budapest-based advisory specializing in managing the paperwork for companies seeking to recruit foreign staff in Hungary.

KESTER EDDY

“There’s been a lull [in work] which started in January,” McAlister tells the Budapest Business Journal in an interview, citing amendments to employment legislation that have vastly restricted the nationalities who may be employed for lower-level categories of jobs.

“I imagine there were people in the recruitment pipeline who multinationals were planning to hire for certain positions, and [...] those people were suddenly excluded. It was ‘back to the drawing board, guys.’ There is a lot of confusion, particularly among foreignowned companies,” he says.

And not only companies seeking to recruit. Even experienced staff at Inter Relocation have been left dismayed by the changes.

“I had my colleague saying: ‘I’ve had 20 years experience in immigration, and I feel I’m back in kindergarten. Everything that we knew has gone,’” McAlister recalls. He adds that he’s employed a second Hungarian lawyer to navigate the new regulatory minefield better.

However, to best unpick the current legal and bureaucratic tangle, he returns to January 2024, when what used to be the combined work and resident permit system was replaced by a range of workbased or employment-type permits.

Massive Change

“This was a massive change. It starts with the ‘guest-worker’ [category]. This doesn’t require professional qualifications; it could be for working on a farm or in a hotel. Critically, it is limited to three years, and there is no opportunity to apply for permanent residence and nor for accompanying family members to join the worker,” he says.

The next level up is the so-called “employment permit,” which can be issued for more technical jobs specified by their FEOR codes, the Hungarian designation for the job description (see box.)

These permits, which typically pertain to sectors with labor shortages and do not require a university degree, are also limited to three years. In addition, like the guestworker permit, they do not allow permanent residence upon expiry nor for family members to accompany the employee.

The Hungarian Card and National Card: a Summary

Described by Inter Relocation’s Stuart McAlister as a “weird anomaly,” the “Hungarian Card” is issued for specified, usually professional positions in certain industries where there are labor shortages. It is not, as he has had to explain to various confused clients, anything to do with the possible Hungarian ethnicity of intended recruits.

Adding to the perplexity, though the conditions require the cardholder to have at least a bachelor’s degree, qualifications awarded by a Hungarian university are not accepted. This means in many cases that, when a student has worked for a company part-time during their studies, the same student cannot

AmCham: Rules on Employing Foreign Labor Could Impede Hungary’s Competitiveness

be seamlessly transitioned into a fulltime employee after graduation.

“So, say you are a Chinese citizen, and you’ve got an economics degree on a scholarship from Corvinus University, you cannot qualify for the Hungarian card! I can attempt an understanding of the overall philosophy, immigration-wise, of the Hungarian government these days, but that part confuses me,” he freely admits.

Finally, there is the so-called “National Card,” which McAlister describes as “somewhat controversial” because it applies to citizens of designated “neighboring” countries, including Serbia, Russia and Belorussia, for whom “a slightly easier process [is applied] for certain gaps to be filled.”

A report from the American Chamber of Commerce in Hungary is critical of the rules introduced in 2024 governing the employment of foreign nationals in the country.

The report, entitled “Cooperation for a More Competitive and Sustainable Hungary,” published in April last year, welcomes the new legislation regulating employees with different qualifications but states bluntly: “In many cases, the regulation imposes disproportionate burdens on both employees and employers.”

director and founding owner of

Next up the list are positions for which a European Union “Blue Card” may be issued. This EU-specified permit can be issued for four years and lead to permanent residence.

“The conditions depend on the position, but at the very least specify a bachelor’s degree, though more likely a master’s, and in most cases there is a minimum salary requirement of HUF 883,671 gross per month,” McAlister notes.

Complemented and Complicated

These permit types are complemented (and somewhat complicated) by two special categories, namely the so-called “Hungarian Card” and “National Card’” (see box).

So, what changed for the worse, from the employer’s standpoint, from New Year’s Day 2025?

“For the two lowest categories of employment, only citizens of ‘qualifying nations’ may apply for these types of permit, and only two nations were designated originally, Armenia and Georgia, joined later by the Philippines,” says McAlister. “We thought others would be added by now, but so far, not one.”

Such a drastic reduction in source nations has, naturally, caused recruitment problems, McAlister says, citing “a couple of clients” involved in engineering maintenance work in a key transport sector.

“They have particularly struggled because they were hiring people who had professional qualifications from countries which don’t qualify for the lower-type of permit, nor

It argues that the rules, which (mostly) prohibit foreign employees from settling permanently in Hungary, disincentivize investors from coming to Hungary for the long term.

Seemingly frustrated with a lack of awareness in political circles regarding commercial realities, the report notes that companies need to ensure a constant labor supply, which requires significant resources, both in terms of time spent on training and the cost of intermediaries.

As a result, “The model is still feasible in low value-added sectors, in terms of physical labor, but not in jobs requiring high qualification[s] or special knowledge,” it states. It concludes that, without adjustment, “This regulation could put Hungary at a competitive disadvantage in the long run.”

The report, available on the AmCham website, was written before the amendments to the employment rules in force since January.

The BBJ asked AmCham and the British Chamber of Commerce in Hungary to comment on how these changes have affected member companies but had received no by the time we went to print.

do they align to any position in the Blue Card sphere,” McAlister says.

The result of this labor bottleneck is unclear, but expensive assets may be lying idle awaiting maintenance.

“I don’t know how they are resolving this,” comments McAlister. “And I don’t know if we are rapidly draining the brains of Georgia, Armenia and the Philippines [...], but we may ask our lawyers to enquire when other countries are likely to join this scheme. The severe limitations on bringing in labor from non-EU/EEA states is definitely challenging.”

Stuart McAlister, managing

Inter Relocation.

MBH Bank Says it is Building a Workplace for Every Generation

MBH Bank earned Top Employer recognition for the third consecutive year thanks to its inclusive culture, wide-ranging support programs, and evolving HR strategy.

Kitti Dobi, the bank’s chief HR officer, shares how the institution supports more than 9,000 employees, fosters intergenerational cooperation, and ensures leaders are equipped for the digital age.

BBJ: MBH Bank received the Top Employer recognition for the third consecutive year. What do you believe are the key elements behind this consistent success?

Kitti Dobi: As a responsible employer, MBH Bank is committed to providing a supportive, inspiring and predictable working environment for all colleagues. We aim to offer all our employees opportunities that contribute to their personal and professional development. MBH Bank has more than 9,000 employees who come to the company with a wide range of knowledge, experience and educational backgrounds. This diversity helps to bring in new ideas and thus foster innovation. The organization continuously develops its HR practices to meet changing labor market requirements, supported by strong employee communities and professionally recognized managers. The Top Employer rating confirms MBH Bank’s long-term ability to maintain an attractive, supportive workplace.

BBJ: Your Generational Diversity Program has been highlighted as a unique initiative in Hungary. How has it evolved?

KD: Our Generational Diversity Program is, indeed, unique in the Hungarian market and aims to provide tailored support to employees in every stage of life. The Start internship program allows university students to gain relevant professional experience in the banking sector while still studying. The Start+ graduate program is designed to accelerate the careers of young professionals. The Baby+ program supports expectant mothers

and fathers, as well as moms staying at home with young children, helping them maintain a close connection with their employer. The MMM+ program focuses on employees with reduced work capacity. As one of Hungary’s largest employers, the bank believes in leading by example in promoting equal opportunities in the labor market. The Aktív+ program addresses the needs of employees over 60, offering popular solutions such as health support services. In addition, MBH Bank closely monitors labor market trends and has introduced intergenerational cooperation workshops to enhance collaboration between different age groups.

BBJ: How do you measure the success of programs like Start+ or Baby+ beyond retention numbers?

KD: The success of these programs is reflected not only in employee retention numbers but also in longterm integration. We currently have 400 participants in the Start internship program, of which 100 transitioned into full-time positions last year. In the Start+ graduate program, participants begin their careers with the support of dedicated mentors and receive a competitive salary. As part of the program, they can present their development proposals to senior management through a business project, and their professional growth

Assistance Program. The program offers advice on psychological, legal, financial, physical and general day-to-day life issues with the help of experts. It’s available not only to our employees but also to their families. Work-life balance is also important to us: as part of this, we support summer camps for our employees’ kindergarten and primary school children during the summer holidays. More than 1,500 employees have already benefited from our family-friendly benefits.

BBJ: With such a broad range of benefits and support systems, how do you maintain internal communication to ensure all employees know what’s available?

KD: Our aim is for all colleagues to be aware of the opportunities that matter to them, whether it’s professional development, personal support, or other benefits. To this end, we strongly emphasize internal communication: we share key news in regular all-employee letters, provide opportunities for development and networking through internally organized programs, and constantly strive to improve our intranet platform so that everyone can easily find the information that concerns them.

“A

is further supported by tailored training. We are delighted that 11 out of the 12 participants from the first program chose to stay with us after completing the program. One of the highlights of the Baby+ program is the supportive environment it has created for expectant and new parents, helping them to balance work and family life better.

BBJ: In 2025, you’re placing an emphasis on leadership development and digital competencies. Can you share more about the tools or methods you’re using to upskill leaders across the organization?

KD: Digitalization and technological advances fundamentally impact everyday working life, so we pay particular attention to ensuring that our colleagues have up-to-date knowledge. Our managers can develop their skills at the bank’s Leadership Academy, including topics such as action learning or team coaching. Our Mentoring Program is a support system designed to enhance knowledge sharing, professional development and collaboration while participants gain valuable skills. During the program, a mentor and mentee (an experienced professional and a colleague seeking development) work together towards clearly defined goals. Our benefits package includes several elements highlighted by the Employee

multi-generational workplace is a massive asset if managed well. Collaboration between different age groups brings a wealth of perspectives and ways of thinking to the organization, a huge advantage for innovation, learning and organizational adaptability.”

It is also essential for us that the flow of information is not one-way. Employee feedback, questions and needs are critical in benefits and support schemes, which only work well if they meet employees’ expectations.

BBJ: What advice would you give to other HR leaders who want to create an inclusive, multi-generational workplace culture?

KD: My most important advice would be to really get to know each generation, not just at the level of stereotypes, but understand their real needs, motivations and strengths. A multi-generational workplace means not only a diversity of ages but also different experiences, communication styles and expectations. It is, therefore, important not to think of one-size-fits-all solutions but to offer flexible options, for example, in terms of benefits, learning opportunities or even work organization. A multi-generational workplace is a massive asset if managed well. Collaboration between different age groups brings a wealth of perspectives and ways of thinking to the organization, a huge advantage for innovation, learning and organizational adaptability.

BENCE GAÁL

Kitti Dobi, chief HR officer of MBH Bank.

Pay Expectations Diverge: Employers Plan Modest Raises, Workers Hope for More

According to a comprehensive survey by Jobtain HR Services, a leading Hungarian HR solutions provider, there is a widening gap between what employers are willing to offer and what employees anticipate in terms of compensation in 2025. While companies are planning cautious increases, employees, facing rising costs of living, are demanding more.

In March, Jobtain conducted a survey among its business partners, which revealed that 88% of employers anticipate salary increases of less than 10% this year. By contrast, 86% of employees surveyed expect wage growth of at least 11%, with nearly half demanding pay raises exceeding 20%.

The current macroeconomic conditions, marked by rising unemployment, weakened corporate profitability, and sluggish economic performance, make significant pay increases difficult for most employers to implement.

“One of the biggest questions this year is whether we’ll see a repeat of the trend in which companies’ initially conservative wage increase plans ultimately adapt to the stronger demands of employees,” explains Magdolna Mihályi, managing director of Jobtain HR Services.

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The survey highlighted the challenges companies face in designing compensation policies that remain fair, motivating, and compliant with regulatory requirements. About onethird of the respondents reported using performance-based wage strategies and indicated that defining objective performance metrics was not a problem.

Little or no Change?

Meanwhile, 45% of companies plan only minor changes to their compensation structures in 2025, and 36% indicated that they do not intend to modify them at all.

This latter figure is particularly striking in light of the European Union’s new wage transparency directive, which introduces complex requirements for companies, including the principle of equal pay for equal work.

While 75% of respondents claim to already be in compliance with equal pay principles, many companies will

nevertheless need to overhaul their wage structures to meet the full spectrum of transparency-related obligations. Talent retention and employee satisfaction emerged as significant challenges for one-third of the surveyed employers.

“We also asked workers about their current salaries. More than half earn less than HUF 300,000 per month, a third fall into the HUF 300,000 to 500,000 bracket, and only 6% make between HUF 700,000 and HUF 1,000,000,” Mihályi adds. “Over half of employees didn’t receive any raise last year, while one-fifth reported wage increases of less than 5%. At the same time, three-quarters of respondents said their cost of living has risen.”

Employees reported increasingly ambitious salary expectations: even unskilled workers aim for gross wages exceeding HUF 500,000, while those in intellectual positions target figures closer to HUF 700,000. Regarding additional compensation, nearly half of unskilled

workers noted that monetary and in-kind benefits are equally important.

Inflation Worries

The survey also showed that rising prices are the main reason behind workers’ wage increase expectations. In fact, many respondents said that if prices were to fall, they would moderate their expectations accordingly. Jobtain’s data reveals that companies tend to rely less on inflation metrics and more on competitor benchmarks when designing their compensation strategies. Still, 32% of firms acknowledged that inflation remains the most significant challenge in shaping their wage policies.

Several other factors also play a critical role in modern wage strategies, ranging from talent retention and attraction to workplace sustainability and alignment with broader social equity goals. Employers are becoming increasingly sensitive to employee expectations around base pay, working conditions, and corporate values.

“Wage transparency is gaining more prominence across sectors. More companies are now openly communicating their salary structures and pay scales, ensuring that employees clearly understand compensation frameworks across different roles,” Mihályi notes.

“The effects of globalization are also felt in compensation strategies, with companies employing international teams and adjusting salary policies to reflect geographic wage differences while offering competitive packages in local markets.”

Wage benchmarking has become an indispensable tool for modern HR leaders. By comparing their pay structures with those of industry peers, companies can develop competitive, equitable, and sustainable compensation strategies. Benchmarking also provides an opportunity to address internal pay disparities by aligning wages for employees performing similar tasks. If implemented correctly, this approach can reduce wage gaps, increase transparency, and optimize payroll expenses.

“A good wage policy is more than just a financial matter. It helps build a positive corporate culture, increases employee satisfaction and commitment, and allows businesses to respond dynamically to change, ultimately contributing to longterm competitiveness,” Mihályi concludes.

GERGELY HERPAI

Magdolna Mihályi, managing director of Jobtain HR Services.

HR Fest Debates Regional Workplace Issues in Pécs

One of the most popular HR events in Hungary has made a stop at Pécs, focusing on the challenges of the labor market in the South Transdanubian region. Experts shared their experiences at the event, while regional economic actors discussed the issues of retaining young workers and encouraging investment.

County. The economy of Pécs and its surroundings is characterized by industry, agriculture, the diversity of small and medium-sized enterprises and the dynamic development of creative industries.

HR Fest, which its organizers describe as the country’s most attended HR conference series, journeyed to Pécs (200 km south of Budapest by road) on March 20. Guest speakers included Olympic champion, career coach and university lecturer Ágnes Kovács and TV presenter Áron Kovács, CEO of Game Tower Ltd. In total, the daylong event featured more than 70 speakers and was attended by nearly 500 people. The festival’s central theme was changes in the labor market in Baranya

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Crucial questions were how to ensure young people can find their place in the labor market in this environment and what can make Pécs attractive to investors? Martina Almási, director of investment promotion at the Hungarian Investment Promotion Agency and Dávid Siptár, director of innovation management and economic relations at the University of Pécs, discussed this very issue, moderated by Dávid Jakab, head of government relations at WHC.

According to the experts, the region’s SMEs and the 4,500 graduates coming out of the university every year will be the driving force for Pécs to promote investment. In support of this, the university will seek to channel newly graduated students directly into local companies, while green regional investments will help Hungarian suppliers to expand.

The Humor in HR

Following the round table, Balázs Szakály, head of payroll at WHC, and Máté Szabó Balázs, stand-up performer at Dumaszínház, injected humor into the challenges of payroll, where they highlighted common mistakes and solutions, to the appreciation of the audience.

The region’s latest investment, which will create 450 jobs, was examined on the Business Builders by HRmaster stage. British American Tobacco announced in 2024 that it would set up a new center in Pécs to manufacture its smokeless products.

Péter Kórósi and Igor Gmaz from BAT Pécs Tobacco Factory Ltd., Viktor Göltl, managing director of WHC, and Balázs Varró, managing director of ESG Esquire, discussed recruitment issues, innovation and the impact of the approximately HUF 60 billion investment on the labor market in the region.

The investment will make the Pécs plant one of the largest players in the industry on a global scale, which will not only bring in the recruitment of skilled local labor, including the retention of young talents, but will also enable the development and growth of the entire logistics chain in the long term.

WHC Group has been a professional sponsor of HR Fest, which has attracted more than 8,000 participants annually since 2019. The next event in the series will be the Business Fest held in Budapest on June 12.

From left: Dávid Jakab, WHC head of government relations; Martina Almási, director of the Hungarian Investment Promotion Agency; and Dávid Siptár, director of innovation management and economic relations, University of Pécs.

Focus for Temporary Market Shifts From Expansion to Cost Efficiency Amid Economic Uncertainties

We take the pulse of the temporary staffing scene in Hungary with some of the leading market players. Are firms looking to take on or let go of staff? Which roles are most challenging to fill, and how are government policies regarding third-country workers impacting the workplace?

BBJ: What is the general mood of the sector as we start Q2 2025? Are firms looking to take on or let go of temporary staff?

Gábor Berta: In many instances, our clients have started to replace lost staff. Larger volumes can be observed in specific projects, but this is not the trend. Most of our clients primarily prefer local Hungarian employees, and only after 1-2 months of searching do they start to open up to foreign employees.

Róbert Csákvári: Many companies are scaling back their workforce needs and downsizing their leased staff. Economic uncertainties forecast for Q2 2025, particularly the potential effects of a new trade war, may negatively impact labor market trends. While some segments remain active, the focus has shifted from expansion to cost efficiency and optimization in managing the leased workforce.

Viktor Göltl: Based on temporary employment data and the demand observed in the first quarter of this year, it is evident that companies have a higher labor demand than this time last year. The volume reported at WHC is nearly two and a half times greater than what we experienced last year, which we consider an extremely positive sign. An exception to this growth is the automotive industry, which continues to exhibit subdued

recruitment trends, although some increase in demand has emerged in connection with new developments. Recruitment efforts for workforce needs related to recent automotive investments in the country are already underway, impacting the affected regions. Meanwhile, the commercial, logistics, and tourism sectors demonstrate a clear upward trend in temporary staffing, providing further optimism for this year.

industry is even more professional and concentrated; HD Direkt alone consolidated two other qualified agencies with further transactions in the pipeline. There is also an unprecedented level of FDIs arriving in Hungary.

Péter Makay: Based on our experience at Pannon-Work, companies are still very cautious about hiring new employees. Currently, they are only considering replacing employees who are leaving and are not planning to increase their staff numbers much. They are, however, striving to retain high-quality labor in their workforce.

Lóránt Pestovics: Temporary agency work is one of the most sensitive sectors. When the economy is in a cyclical upturn, demand for our services increases. However, the last one year has been a de-cyclical period, and this applies to the whole sector. We look forward to Q3 2025 with confidence. Companies are both hiring and letting go of colleagues at the moment. Now again, in certain jobs (I stress, on a temporary basis), companies have the opportunity to pick and choose their workforce, as in many parts of the country, there have been plant closures, production volumes have fallen, and in some cases, entire companies have closed. Labor freed up from these places has thus entered the market.

BBJ: Which temporary roles are most challenging to fill today? Is there an easy way to overcome this (retraining, better education)?

Gábor Berta: We have projects with clients where employees start in unskilled positions while competencybased selection also takes place; at the end of the training process,

they can move into higher positions that match their competencies. We see that a process jointly developed with the client, which starts with a competency-based selection and is followed by internal training, is currently the simplest and fastest way to fill those positions for which there is not enough skilled workforce in the market.

Róbert Csákvári: Even semi-skilled positions are affected. Fewer young people are choosing blue-collar jobs, which makes replenishing the workforce unsustainable in the long run. Although the slowdown in the economy has slightly

Balázs Langó: HD Direkt has every right to be optimistic in its outlook; our order book is going up. Government policies have ensured that our

ROBIN MARSHALL

Gábor Berta

Róbert Csákvári

increased the supply of Hungarian labor, it’s still insufficient to meet overall demand. Mobility remains low, with workers less willing to relocate. More companies are prioritizing internal training and retraining programs, but structural changes in the Hungarian education system are also necessary.

Balázs Langó: It is hard to find an adequate number of skilled Hungarian workers in most places. There is no easy way to overcome this, but our sector is obliged to do our best to ensure we fill positions with local workforce. HD Direkt has had some remarkable successes in this field; we have many clients with large local contingents.

BBJ: Almost one in two Hungarian employees aged 18 to 65 are either actively seeking a new job or open to switching positions, according to Q1 data for 2025 from a national, representative survey on job search attitudes conducted by profession.hu. Is this a challenge or an opportunity for you?

Gábor Berta: In a certain sense, every employee considering a change is a “potential candidate” for a recruiter. However, this does not necessarily mean that the upcoming period will be favorable for all those seeking change, as the number of available positions is not exactly at its peak. Whether the intent to change ultimately materializes, whether the resume is ever sent out, depends on many factors. However, if someone leaves, a gap is created in their place. From this perspective, the employer may use a temporary agency, a headhunter, or a recruiter to find a replacement.

Róbert Csákvári: It’s an opportunity in that more Hungarian workers are becoming available, which can be utilized with the right client base. However, it’s also a significant challenge, as the turnover rate is exceptionally high; workers are willing to switch jobs for even minimal wage

BBJ: A report from the United Kingdom last year found a steep increase in businesses hiring temporary staff, freelancers and contractors as a short-term fix to address skills shortages. Are we seeing anything similar in Hungary?

Gábor Berta: There is already some openness to this at the project level, but the Hungarian market is a bit less flexible, and I would describe it as like the real estate market. Everyone wants their own property, and everyone wants a full-time employment relationship. This will also change if the legal environment is better adapted and ceases to be an obstacle.

Róbert Csákvári: In Hungary, the spread of temporary employment forms is not primarily due to skill shortages but rather a response to the general labor shortage that has emerged in recent years. Leased labor has increasingly become a part of operational routines. Freelancers are most prominent in the IT sector, but stricter regulations have led to a decline even in this area.

has become as crucial as recruitment in managing the leased workforce.

Viktor Göltl: We also observe and experience this job mobility trend, which we evaluate as a positive development and an opportunity. We are dedicated to helping people find employment or advance to better positions; this is how we contribute to strengthening the labor market, particularly in the white-collar sector. The increased job-seeking creates a favorable environment for HR service providers like WHC, as companies actively search for new talent, directly stimulating our core business activities.

Balázs Langó: No, HD Direkt has cultivated a strong core team, which has been further strengthened during our finalized and pending acquisitions.

BBJ: The World Economic Forum says global digital jobs will increase by 25% by 2030. How much of a feature are these remote workers in Hungary, and do you expect similar growth?

Gábor Berta: The growth is visible, but I do not want to predict its extent. Currently, there are many variables in the global economy. Artificial intelligence and the tech sector are undergoing a revolution where exponential advancements may come, undoubtedly bringing many changes to the labor market.

Balázs Langó: The HD Direkt forecast suggests digital jobs are prone to be adversely affected by AI; our team working on digital projects shrunk with the emergence of AI-powered tools. So, our micro-level experience somewhat contradicts this statistic by the WEF.

Dávid Varga: Yes, Hungary is seeing an increase in remote digital jobs, especially in IT, marketing, and customer service. Growth is expected to continue, although perhaps slower than globally. One thing is clear: workers increasingly value remote work, and in many cases, it has become a key factor during job interviews.

Balázs Langó: We have seen no such significant trends in the normal course of HD Direkt’s industrial business.

Dávid Varga: To some extent, yes, but the shift in Hungary is more cautious, reactive, and less strategic. Companies turn to temporary or flexible labor solutions, but mostly as a last resort, not a proactive workforce strategy.

The culture of freelancing and subcontracting is less developed, but pressure is increasing; as labor shortages and wage costs rise, the need for more flexible models will inevitably grow.

BBJ: How are government policies regarding third-country workers impacting your ability to do your job?

Róbert Csákvári: Regulations on the recruitment and employment of thirdcountry workers are changing rapidly, requiring constant adaptation from companies. Recent legislative changes have posed significant challenges to the market. Currently, the import of Filipino workers seems to be the most viable solution, but the future

direction of regulatory changes remains uncertain. The instability of the regulatory environment significantly impacts strategic planning and recruitment practices.

Viktor Göltl: Although the core of our temporary employment activity focuses on mobilizing the domestic workforce, we also employ third-country nationals. As such, regulatory changes have an impact on us as well. We believe that thirdcountry national employment can be effectively managed through strict, controlled processes designed specifically to address domestic labor shortages. The Hungarian labor market faces significant challenges due to low birth rates, an aging population, and skilled labor deficits. Consequently, several industries, particularly construction, agriculture, and manufacturing, have struggled with severe labor shortages for years. In these sectors, guest workers employed through carefully regulated channels fill critical positions that cannot be adequately staffed locally, thereby maintaining the operational stability and competitiveness of Hungarian companies. Moreover, these staffing solutions help preserve domestic jobs by ensuring business continuity at investing companies.

Balázs Langó: Like every other industry, the top players must be open to working in changing legal environments. As one of the top three agencies, HD Direkt must accept the challenges and be proactive. We see more benefits in government policies creating a favorable business environment for FDI, whether it’s a new factory from China or an expansion of production from Germany or the United States.

Péter Makay: Since decisions are often made very suddenly, our experience is that companies are cautious about opening to foreign labor. Currently, companies can fill vacant positions with Hungarian workers, so importing third-country workers has been pushed into the background.

Viktor Göltl

Balázs Langó

Lóránt Pestovics

Péter Makay

Lóránt Pestovics: At MENTON Jobs, as a Qualified Employer, we must be fully compliant with legislative changes. The fact that the legislation has changed several times in the past has not been a problem for us, because we have reacted in a timely manner and have been able to respond to these changes optimally, thanks to our proprietary foresight.

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Of course, the legal framework sometimes required multiple interpretations and resolutions, but our team is highly qualified and professionally prepared, so we have always dealt with these difficult circumstances with maximum competence.

Dávid Varga: The complexity and slow pace of procedures represent a serious challenge. What makes it more complicated is that legal changes can happen overnight, and slow administration makes it difficult to adapt to new rules. Several institutions and legal frameworks may affect the employment of third-country nationals, and these are not always aligned, which creates further inconsistency. At the same time, it’s positive to see the government increasingly recognizing the importance of foreign labor, and some areas have already seen regulatory improvements.

BBJ: How much is the Managed Service Provider (MSP) becoming part of the temporary staffing scene in Hungary?

Dávid Varga: At this stage, the MSP model is primarily used by large corporations where flexibility and unified supplier management are essential. While the volume of temporary labor is high, many companies still manage their staffing suppliers internally. However, the need for cost transparency and centralized vendor management is

increasing, and I’m convinced that the MSP model will become more widespread in Hungary in the near future.

BBJ: You have a magic wand, but only one chance to use it. What do you do to improve the Temporary market in Hungary?

Róbert Csákvári: I’d ensure everyone operates within legal frameworks, creating a safer market that serves the long-term interests of both clients and employees.

Péter Makay: First of all, I would like to improve the profession’s prestige. It should have a better reputation in the labor market among job seekers; it should be known that temporary employment companies do not take away from employees’ salaries, and so on. I think this could be achieved through communication campaigns that present the verified results and values of credible,

law-abiding, and possibly certified temporary employment companies. I consider the joint action of the key players in the temporary employment sector to be essential on this matter as members of the Hungarian Association of Temporary Staffing Agencies.

Dávid Varga: I would create a system that supervises and coordinates the entire process. I would simplify and digitize administration both for employers and employees. A faster, more transparent, and unified system would reduce bureaucracy, improve legal clarity, and accelerate recruitment.

BBJ: Is there anything else you would like to address?

Dávid Varga: It’s important that, as a society, we better recognize temporary employment as a modern and flexible form of work, not just as a last resort, but as a valid career path.

Temporary Staffing Market Talk Panel 2025

• Gábor Berta , managing director, Man at Work

• Róbert Csákvári, CEO, Work Force

• Viktor Göltl , managing director, WHC

• Balázs Langó, head of sales, HD Direkt

• Péter Makay, sales director, Pannon-Work

• Lóránt Pestovics , director of sales, Menton Jobs

• Dávid Varga , managing director, HSA

Több mint 60 év egyesített HR-tapasztalattal dolgozunk Ügyfeleinkért – hogy a létszám soha ne legyen probléma.

With over 60 years of combined HR experience, we make sure headcount issues never slow your business down.

我司凭借60多年的综合人力资源服务经 验为客户提供服务，因此员工人数不应 该是个问题。

www.hddirekt.com

Dávid Varga

MENTON JOBS - the temporary employment specialist

Our mission is to solve your labour shortage and connect the perfect employee with the perfect employer!

However, it is crucial for us that market players do not rely only on foreign imports, and we are helping SME managers in many sectors with recruitment.

In which sectors are we strong?

We play a key role in providing human resources for seasonal and agricultural work, in hospitality, tourism and its sectors, and in logistics, supporting drivers and various warehousing activities. Our partners include industrial manufacturers, production companies and their suppliers, commercial and service companies, as well as major players in the FMCG sector.

What are we working for?

To further improve the professional knowledge we acquire on a daily basis and put this knowledge at the service of our partners. A prime example of this is the introduction of our preferred innovative recruitment methods and techniques, such as A.I. based recruitment.

Our greatest value creation tool is our ability to adapt flexibly to market changes, regardless of the sector, and to help our partners to achieve successful recruitment with a forward-looking, can-do attitude.

What are we good at?

We can respond quickly and e ciently to needs from the corporate side, supporting our partners in finding the right candidate.

What di erentiates us from our competitors?

Unlike many competitors and internal recruitment of SMEs, our e cient methods allow us to find the candidate our client needs in a short time!

We can bring this success to everyone!

Choose us and us for our e cient, innovative methods! MENTON JOBS the reliable solution!

Magdolna Mihályi Veronika Balogh Attila Molnár

Domenico Marra János Halgas Ágnes Daru

Balázs G. Nagy Árpád Sándor József Nógrádi

1066 Budapest, Mozsár utca 16. (1) 429-0425 office@pensum.hu

1094 Budapest, Tűzoltó utca 72. (30) 974-6035 partner@jobtain.hu

1012 Budapest, Pálya utca 4–6. (20) 514-3249 marketing@ viapangroup.com

4025 Debrecen, Széchenyi utca 48. (52) 430-738 info@hsa.hu

1139 Budapest, Fiastyúk utca 4–8. (30) 412-8752 adecco@adecco.hu

2481 Velence, Karnevál körút 8. (22) 374-305 infohungary@ trenkwalder.com

Katalin De Cordt-Bor, Róbert Göbl, Zsuzsanna Szabó

1077 Budapest, Wesselényi utca 11. (1) 877-0900 info@humancentrum.hu

Zoltán Márkus Henrietta Gyurkóczi Zsuzsanna Ecsedi

1097 Budapest, Albert F. út 3/B (1) 248-2010 info@ humaniahrsgroup.hu

Péter Hadházy, Tamás Hadházy, Péter Tóth

HUMÁN NAVIGÁTOR KFT. www.humannavigator.hu

Takács (51), Géza Homonnay (49)

Szabolcs Németh Gergely Gáspár, Zsuzsanna Schäffer

1053 Budapest, Károlyi utca 12. (1) 235-2600 zsuzsanna.schaffer@ gigroupholding.com

Sándor Baja Lívia Tóth Ágnes Szokody

Péter Varga Balázs Deák Ksenja Osolnik

1134 Budapest, Dózsa György út 146-148. (1) 619-4243 info@randstad.hu

1133 Budapest, Váci út 76. (1) 411-1590 manpower@ manpower.hu

Dániel Bohár Nóra Kováts

Tibor Takács

1137 Budapest, Katona József utca 15. (1) 225-7313 ertekesites@ eujobshrgroup.hu

8000 Székesfehérvár, Gyümölcs utca 26. (22) 509-900 (20) 509-0008 info@humannavigator.hu

Éva Fehér, László Hadi, Botond Csordás, Attila Pál, Attila Dobár (100)

Éva Fehér György Thury Beatrix Pálvölgyi

1133 Budapest, Árbóc utca 6. (1) 239-9922 job@job.hu

Klára Pethő Lee Richards James Adams

Natasa Kovacev

Nagy-Stellini Attila Pencs Nóra Medve

1051 Budapest, Bajcsy-Zsilinszky út 12. (70) 300-9706 info.hungary@ reedglobal.com

6722 Szeged, Vitéz utca 22. (1) 267-9010 (62) 420-433 produkteam@ produkteam.hu

1138 Budapest, Váci út 135–139. (70) 883-7514 info@focusconsulting.hu

1054 Budapest, Akadémia utca 6. (1) 501-2400 hungary@hays.hu

Why None are Happy in Hungary’s

‘Pessimistic’ Labor Market

Hungary’s Ministry for National Economy has not had many opportunities to celebrate recently, and April 11 was certainly not one of them. On that day, S&P Global Ratings released its latest assessment; while it maintained Hungary’s investment-grade status, it revised the outlook from “stable” to “negative.”

BALÁZS BARABÁS

The change in outlook reflects “increasing risks to Hungary’s fiscal and external stability over the next two years from rising trade protectionism, weakening global demand, narrowing capital inflows, and elevated interest spending amid pre-election budgetary loosening,” the rating agency says. S&P forecasts GDP growth of 1.5% this year, fueled by private consumption.

Inflationary pressures persist, and although the government has introduced measures such as imposing restrictions on food product profit margins and capping bank fees, these will only somewhat contain inflation. However, the impact “will likely be only temporary,” S&P noted.

The ministry did share the rating agency’s findings, albeit partially, stating that the assessment is temporary and a positive turnaround is expected in the second half of the year.

The Hays Hungary Salary Guide 2025  outlook does not support that optimism. The guide is based on feedback from more than

3,000 respondents, 62% of whom are employees and 38% employers or managers. Both groups were asked about their perception of

HR Matters

A monthly look at human resource issues in Hungary and the region

macroeconomic changes and their impact on the labor market over the next two to five years.

The results of the survey show “a disappointing proportion” of 59% of employees who are “pessimistic” or “completely pessimistic,” compared to only 30% in the previous edition. Meanwhile, those who are “optimistic” or “completely optimistic” are reported at just 11%, down from 34% previously.

Pessimistic Majority

The guide notes that the situation is “not much better” for employers. The optimistic camp is somewhat larger among employers (20% compared to 11% of employees), but a majority of 55% remain “pessimistic” or “completely pessimistic.”

The situation in the labor market has not changed significantly. Finding qualified candidates remains difficult, and although many companies have exhausted much of their local talent pools, relocating, training, and retraining workers remains a slow and costly process. Rising costs and increasing salary expectations among candidates cannot be sustained indefinitely, the Hays Hungary Salary Guide concludes. Indeed, a survey conducted by the job board profession.hu shows that 12% of Hungarian employees are actively applying for jobs; a further 34%

are not yet initiating a job switch but would be open to it if an offer arose. Collectively, this means 46%, nearly every second Hungarian employee aged 18 to 65 in Q1 2025.

The main drivers for job seekers are salary and benefits, followed by workplace location, schedule and working hours, and general working conditions. However, the current market is not favorable to change. The time from starting a job search

to completing a transition has increased to five-to-six months, up from three-tofour months a year earlier.

“The reason for the prolonged period of transition is that recruitment has slowed while employees remain active, meaning that competition for vacancies has become increasingly intense,” explained Blanka Dencső, research expert at profession.hu.

Salary Dissatisfaction

Another survey conducted by labor force placement firm Trenkwalder Group indicates even higher dissatisfaction with current salaries. The company surveyed 500 employees in the private sector and found that 56% are unhappy with their earnings. This trend is worsening year on year: in 2023, 43% expressed dissatisfaction, rising to 50% in 2024, and now a further six percentage points higher. Moreover, 66% of respondents plan to leave their current jobs within a year, though their expectations do not appear exaggerated. More than half (53%) would accept a salary increase of 20%, while 29% would expect a 20–30% rise. However, the outlook for better job opportunities is bleak, considering

the projected low GDP growth this year. Employees appear aware of this, with 62%

of respondents stating that it is more difficult to find a job suited to their qualifications this year than last.

“There are not many signs suggesting that salary competition will strengthen significantly: the majority of companies are not in a position to finance higher wages. As such, current discontent among employees regarding salaries will likely persist until the end of the year,” says József Nógrádi, director for strategic relations at Trenkwalder. Other forecasts do not paint a much brighter picture. Labor placement company Manpower expects 33% of companies to hire in Q2 and 25% to carry out layoffs, based on feedback from 547 Hungarian employers. The most active hiring is anticipated in the sectors of healthcare and life sciences (net forecast +27%), finance and real estate (+23%), consumer goods and services (+20%), raw materials and manufacturing (+17%), and information technology (+16%). Average growth is expected in logistics and automotive industries (+6%). However, significant headcount reductions are expected in the energy and utilities (-37%) and communication services (-34%) sectors.

Hungarian Minimum Wage 2nd Lowest in Europe

According to the latest Eurostat data, Hungary has the secondlowest minimum wage in the European Union at EUR 706.94 per month, ahead of only Bulgaria at EUR 550.67.

While Hungary’s minimum wage rose by 9% this year, the increase in euro terms was only 4.7%. In comparison, Bulgaria raised its minimum wage by 15.4% in 2024. Hungary has now reached the

minimum wage level that the other three Visegrád Group countries (the Czech Republic, Poland, and Slovakia) had already attained in 2023, surpassing EUR 700. Since 2023, Romania has increased its minimum wage by 34.3%, Bulgaria by 38%, and Hungary by 22.1%. In Poland, the minimum wage rose by 46.3% over two years, from EUR 745 in 2023 to EUR 1,100 in 2025.

OTP Wins SAP Award as Digital HR Transformation Leader

OTP Bank’s multiyear strategic digital HR transformation has reached a new milestone with a planned rollout for all its international subsidiaries. At the same time, the lender has won, for the first time in Hungary, the SAP Customer Adoption Excellence Award.

The bank has been using SAP’s SuccessFactors solution, a cloudbased, integrated human resource management system, to serve the needs of its more than 12,000 employees in Hungary. Preparations are underway to expand it to cover all 11 countries across the entire group.

AI Boosts Efficiency by 50%, but Job Security Concerns Remain

A survey conducted by Comline among more than 100 managers revealed growing concern that artificial intelligence could threaten the human workforce. At the same time, companies that have adopted AI report significant benefits, including a 50% increase in work efficiency and a nearly one-third reduction in costs. “We are past the age when we feared artificial intelligence in our daily work; instead, company leaders are encouraging colleagues to acquire up-to-date knowledge if they want to remain effective,” said Béla Nagy, senior trainer at Comline Budapest during the company’s fifth

Innovation-based HR “OTP’s holistic approach and innovationbased HR practices are a truly good example of the cooperation between business and technology,” says Szabolcs Pintér, managing director of SAP Hungary. “We also see it as exemplary in the domestic market how OTP Bank finds individual ways to respond to the organization’s HR needs, fully exploiting the potential of SAP SuccessFactors. We are proud that as a professional partner, we can also support OTP on its digitalization journey.”

OTP’s HR digitalization journey is not new. The company has been using SAP-based Human Capital Management solutions since 2003. In

2017,

From left Jakob Kiblböck, head of SAP SuccessFactors, CEE; Anikó Hanke, head of people and culture, SAP Hungary; Márk Péter Zsuga, head of digital HR, OTP Bank; Gergely Jánossy, senior solution advisor, SAP Hungary; Gábor Gágyor, solution sales expert, SAP Hungary, at the HR Connect forum held on April 3, part of the second SAP Innovation Day event.

Márk Zsuga, head of digital HR at OTP Bank, received the award on behalf of the bank at the HR Connect forum held on April 3 as part of the second SAP Innovation Day event. SAP says its Customer Adoption Excellence Award is intended for companies that have achieved exceptional results using SuccessFactors in developing their HR processes. The German enterprise software firm recognizes companies that focus on both technological innovation and employee experience annually.

This is the first time a Hungarian company has received the title.

“When implementing SAP SuccessFactors, the main focus was always on adapting to business needs, not on experimenting with available technology for its own sake,” says Annamária Zentai, director of OTP Bank’s HR Expertise Center. “The goal is to create a capability-based organization in which individual jobs, employee skills and experiences can be digitally tracked, analyzed and developed. We are proud that our efforts have been recognized internationally by SAP,” she adds.

the bank decided to implement SuccessFactors. The initial goal was to provide an easily accessible, cloudbased system to replace previous, more difficult-to-scale solutions and modernize HR processes for employees and managers.

In addition to already implemented modules (Employee Central, Recruitment, Onboarding, Performance and Goals Management, Learning Management System, and Compensation), the company is working on a full, group-level extension. By standardizing, making comparable, and digitalizing subsidiary operations, even more transparent and measurable HR operations can be created at every point in the banking group.

“Our example shows that digital HR is not just the future but already the present. Strategic thinking, organizational development, openness and focusing on the employee experience guarantee that the system is not only implemented but also really works and creates value,” says Zsuga.

management summit. The survey found that AI’s most common business applications are in marketing, sales, and human resources, with recruitment automation emerging as a key focus.

Demand for HR Technologies Doubles

Across Hungary, Europe

Demand for HR technologies has doubled over the past year in Hungary and across Europe, making it one of the fastest-growing segments in IT, according to profitline. hu. Although this trend may seem contradictory and raise concerns about depersonalization, these solutions promote equal rights and interests while allowing for more individual attention to employees and creating

a safer work environment. Erik Czinger, Hungarian head of Munipolis , a company operating corporate internal communication networks, explained that despite fears that digitalization might make HR processes impersonal, experience shows the opposite, as digital tools enhance people-centered business operations.

Schneider Electric Appoints New HR Manager at Dunavecse

Krisztina Kecskés has been named HR manager of Schneider Electric ’s Dunavecse smart factory, Duna Smart Power Systems (75 km south of Budapest by road). Her responsibilities include recruiting skilled professionals for the continuously growing plant, supporting organizational development, and enhancing HR processes. Kecskés joined Schneider Electric’s Dunavecsa team last November. In addition to her liberal arts degrees, she holds multiple organizational development

qualifications, including trainer and coach certifications. She has extensive HR management experience across the pharmaceutical, automotive, and technology sectors, working for large international companies in Hungary and Austria.

Lidl Hungary Named Top Employer for 4th Year

Lidl Hungary has been awarded the Top Employer certification for the fourth consecutive year, recognizing its commitment to outstanding employee welfare, according to a press release. The company says it focuses on placing employees at the center of its operations, offering competitive salaries, comprehensive benefits, and a supportive work environment. Its HR strategy emphasizes continuous development and adaptability to technological and societal changes. Initiatives to boost employee satisfaction include health programs, additional leave for medical screenings, and premium benefits.

Mixed Messages Mark the Q2 Recruitment Story

As we enter Q2 2025, what is the mood of the recruitment market in Hungary? Which roles are most challenging to fill? How actively (and genuinely) are Hungarian employees seeking new jobs, and how common are remote roles in the Hungarian picture? Are government policies regarding thirdcountry workers having an impact? How significant is recruitment process outsourcing becoming? We ask some of the leading market specialists to give us the low down on the local employment market.

within one industry, some companies can be on the decline while others have bright horizons in front of them (see automobile). On the other hand, only 30% of the companies want to grow the number of employees this year (the same as in 2024). Every 10th decreases, while 13% are not replacing those who leave.

Zsolt Beck: In Q2 2025, so many changes are happening on the international front that, at times, it feels like we’re in the trenches with bullets flying over our heads. The problem with this is that big companies are holding back, and small companies in the Hungarian economy largely depend on the big ones.

Tammy Nagy-Stellini: I feel a cautious optimism in the sector. This sentiment is shaped by a mix of expansion and caution among companies. Some businesses are actively expanding their workforce, driven by growth opportunities and needing to fill critical roles. However, economic uncertainties have led other companies to adopt a “wait and see” approach, delaying hiring decisions until the economic outlook becomes clearer. Depending on the industry, the market is a mix of candidate and employerdriven; there is a particularly high demand for talent in the healthcare and manufacturing sectors.

tough. Everyone will need to boost efficiency through developments and quality replacements in human resources. That’s the only way to prepare for all these changes.

Tammy Nagy-Stellini: The most challenging permanent roles to fill today are software developers, data analysts, healthcare professionals, and construction and manufacturing workers. The tech sector’s rapid growth, datadriven business decisions, expanding healthcare needs, ongoing urban development, and high manufacturing vacancies drive this demand.

Péter Varga: Above-average headcount growth is expected in healthcare and life sciences, finance and real estate, consumer goods and services, and information technology. Consequently, Hungarian employers are likely to face recruitment challenges in these areas. Overall, the “post and pray” method, where companies simply post job ads and hope for applications, is no longer effective. Companies must reach and engage passive candidates and actively sell the positions.

BBJ: What is the mood of the sector as we start Q2 2025? Upbeat? In expansion mode? Wait and see? Is it candidate-driven or employer-driven?

Sándor Baja: The HR market is full of ambiguity. According to a Randstad survey from the beginning of the year, 50% of the companies expect net sales growth this year, which is 500 basis points more than a year ago. The Hungarian indicator is higher than in Romania or Czechia, which are considered reference countries for us. Analyzing the different industries shows that FMCG is the most optimistic about 2025: 75% of the companies expect to grow. IT and construction are more confident than last year, which shows the recovery in the economy. Finance and services are consolidating; they grew a lot last year, and now they want to match their 2024 results. It is fascinating that,

So, the economic recession continues, which is bad because it’s not periodic but fluctuates, making business unpredictable and impossible to plan.

Bence Szalai: The market remains candidate-driven for key roles with skill shortages, with professionals holding the upper hand due to talent scarcity. However, for positions with lower requirements, it shifts to employer-driven, as candidates in these roles have fewer options. Overall, businesses proceed cautiously, focusing on strategic growth while navigating the turbulent external environment.

Péter Varga: Manpower Group publishes a quarterly labor market forecast called MEOS. Our latest survey shows that 33% of employers plan to increase headcount. Many companies are already anticipating a revival in their markets, which could also lead to renewed growth in the recruitment sector. The unemployment rate will remain around 4%, predisposing the labor market to be candidatedriven in the upcoming quarter.

BBJ: Which permanent roles are most challenging to fill today? Is there an easy way to overcome this (retraining, better education)?

Zsolt Beck: As I see it, the abovementioned situation will be compounded by the waves of change brought by AI. This makes economic predictions pretty

BBJ: Almost one in two Hungarian employees aged 18 to 65 are either actively seeking a new job or open to switching positions, according to Q1 data for 2025 from a national, representative survey on job search attitudes conducted by profession.hu. Is this a challenge or an opportunity for you?

Sándor Baja: More job seekers are a challenge and an opportunity. A challenge is that most of them do not really want to change; they want to get an offer with which they can go back to their current employer to negotiate a raise. It is difficult to filter the free riders who waste our only asset: our time. On the other hand, it is an opportunity to refresh our database as candidates are not as passive as two years ago. Zsolt Beck: It is more a situation, and an indicator of the crisis.

ROBIN MARSHALL

Image by Kunakorn

Sándor Baja

Tibor Bányai

BBJ: The World Economic Forum says global digital jobs will increase by 25% by 2030. How much of a feature are these remote workers in the Hungarian picture, and do you expect similar growth?

Sándor Baja: AI just started to boom. According to a global Randstad survey of March 2025, 40% of surveyed companies intend to lay off people by 2030 due to AI. On the other hand, as always in the history of humankind, people will find or invent new, more creative jobs for themselves.

BBJ: Where are we in the remote vs. office vs. hybrid debate, and is this impacting Hungary? Can blanket policies set by multinational boardrooms hinder local recruitment?

Sándor Baja: It is undoubtedly true that the hybrid way is winning over fully remote. Hungary is considered to be a cheap location in international board rooms: I expect more jobs to be moved to Hungary from the West, and we see an influx of Eastern investors, too, due to our EU membership and our proximity to the EU markets.

Zsolt Beck: This mainly affects the small- and medium-sized enterprise sector because they have far less flexibility in this area. Big companies apply international standards and established technologies, with hybrid solutions being the primary focus nationally, but SMEs struggle to adapt to this. A warning sign in this area is that the government sector has scrapped all versions of remote work.

Tammy Nagy-Stellini: The debate is ongoing, but flexibility is key. Many companies, including ours, adopted a hybrid model allowing employees to work from home “x” times a week.

This flexibility attracts talent, but blanket policies from multinational boardrooms can hinder local recruitment by not addressing specific local needs and cultural differences. Tailoring policies to fit the local context is crucial for effective talent acquisition.

Péter Varga: It can be stated with confidence that there is a shift from the remote working model that emerged during the pandemic. Hybrid work arrangements will be the ideal middle ground for companies in Hungary and globally. This is an advantage for employees in terms of achieving a better work-life balance and for also companies, as the pool of potentially available workers is expanding. Employees are now more willing to commute from farther locations a few days a week.

BBJ: How are government policies regarding third-country workers impacting your ability to do your job?

Sándor Baja: The government withdrew our license to import people, which creates a monopoly among some suppliers and thus makes the import more expensive for companies.

Tibor Bányai: Extremely negatively. We held a market-leading position in mediating Indian workers within the Hungarian labor market. Unfortunately, the legislation that came into effect in December 2024 no longer allows the recruitment of new workers from India. However, we are not the most significant losers or victims of this measure; rather, it is the companies that have ongoing needs for Indian employees. We have lost prospective colleagues who were exceptionally efficient, respectful of hierarchy and family values, humble in demeanor and, not least, extremely frugal. Their professional preparedness and expertise are beyond doubt. I am convinced that it is in the fundamental interest of the Hungarian economy to employ such workers. I trust that lawmakers will come to see it the same way soon.

BBJ: How much is recruitment process outsourcing becoming a part of your business?

Sándor Baja: RPO, recruitment process outsourcing, is a standard service offering of Randstad. We are, and long have been, present at dozens of clients with this tailor-made service.

Tammy Nagy-Stellini: It has been a key part of our business for years, reflecting the growing demand for

efficient and scalable hiring solutions. Our successful RPO projects have allowed us to streamline recruitment processes, reduce costs, and improve the quality of hires for our clients. By leveraging advanced technologies and tailored strategies, we ensure that our partners can effectively meet their talent acquisition needs and stay competitive in the market.

Bence Szalai: Although there are asymmetries across different industries, Hungary does have a competitive labor market where RPO is a popular solution companies are turning to, and it is an increasingly integral part of our business. Talent shortages, especially in IT, engineering, and shared services roles, make attracting and retaining qualified candidates challenging, while internal HR teams face growing pressure to fill roles effectively. Outsourcing all or parts of their recruitment process allows companies to stay agile during fluctuating hiring needs without overstretching internal resources.

At IDBC, we see RPO not as a trend but as a practical response to a market where speed, specialization, and flexibility are essential for successful hiring.

BBJ: You have a magic wand but only one chance to use it. What do you do to improve the Recruitment market in Hungary?

Sándor Baja: In the long run, we will face serious workforce scarcity issues due to our serious demographic situation: the

competition for talent is enormous worldwide. We cannot escape it.

Bence Szalai: I would make both candidates and employers more conscious of their recruitment processes. As a candidate, it is vital to identify why you are considering applying for a new job and what exactly you are looking for and stand by that through the whole process. As changing a workplace is among the top five most stressful life events, candidates tend to waver along the way, lose sight of why they originally started the process or become involved in a counter-offer situation. One of our top priorities as recruiters is to support our candidates through this emotional journey and help them take a leap of faith out of their comfort zone.

As for employers, the speed of the selection process is still the deciding factor. This statement is almost a cliché, as every recruitment agency probably quotes it. However, the fact remains that a prompt response to a namecheck or a presented CV can heavily influence the number of offers a candidate has at the end of the day; well-qualified professionals are approached more than once every day. The lower the number of competing offers, the higher the chance that the candidate accepts yours, and this is all about speed. As for internal recruitment, carefully prioritizing those roles where vacancies are the most painful for the operation is the most distinctive trait of a well-working HR team.

Our 2025 Recruitment Market Talk Panel

• Sándor Baja , managing director, the Czech Republic, Hungary, Romania, Randstad Hungary

• Tibor Bányai , managing director, Bányai & Partners Consulting

• Zsolt Beck , CEO, owner, Beck and Partners

• Tammy Nagy-Stellini , regional director, Hays Hungary and Romania

• Bence Szalai , chief recruitment officer, IDBC Creative Solutions

• Péter Varga , country manager, Manpower Hungary

Zsolt Beck

Tammy Nagy-Stellini

Péter Varga

Bence Szalai

Recruitment Agencies

3 GI GROUP HOLDING(1) www.gigroupholding.com/

GmbH (100)

Tammy Nagy-Stellini Attila Pencs Nóra Medve

G. György Palásti Szabolcs Németh Gergely Gáspár, Zsuzsanna Schäffer

Balázs István G. Nagy Árpád Sándor József Nógrádi

1054 Budapest, Akadémia utca 6. (1) 501-2400 hungary@hays.hu

1053 Budapest, Károlyi utca 12. (1) 235-2600 zsuzsanna.schaffer@ gigroupholding.com

1139 Budapest, Váci út 99–105. (1) 354-0933 infohungary@ trenkwalder.com 5

Péter Berta Gábor Márton László Erős

1074 Budapest, Rákóczi út 70. (1) 787-8399 whc@whc-group.com

Nikoletta Mericske

Eszter Konkoly-Thege (100)

Krivánik (100)

Vivien Raus Dorottya Horváth

Zsuzsa Gárdus, Éva Paulovics

Viktória Eszter KonkolyThege

Natasa Kovacev

Gábor Krivánik

Tímea Bíró

1146 Budapest, Hungária körút 140–144. (1) 432-1280 ugyfelszolgalat@ prohuman.hu

1012 Budapest, Logodi utca 44/B (1) 950-6081 info@ banyaiconsulting.hu

1134 Budapest, Dévai utca 19. (70) 399-9557 office@jobsgarden.hu

6722 Szeged, Vitéz utca 22. (1) 267-9010 (62) 420-433 produkteam@ produkteam.hu

1054 Budapest, Szabadság tér 7. (20) 578-2756 hello@bettermore.hu

1138 Budapest, Váci út 135–139. (70) 883-7514 info@ focusconsulting.hu

Éva Fehér György Thury Beatrix Pálvölgyi

1133 Budapest, Árbóc utca 6. (1) 239-9922 job@job.hu

Dobár (100)

Fürjész (50), Gabriella Ruff Berzéthyné (50)

Beáta Fürjész, Gabriella Ruff Berzéthyné

1075 Budapest, Madách Imre út 13–14. (1) 619-0694 info@ karrierhungaria.hu

(100)

Pethő Lee Richards James Adams

1051 Budapest, Bajcsy-Zsilinszky út 12. (70) 300-9706 info.hungary@ reedglobal.com

Molnár

8000 Székesfehérvár, Berényi út 72–100. (22) 554-190 info@pannonjob.hu

4025 Debrecen, Széchenyi utca 48. (52) 430 738 info@hsa.hu

1027 Budapest, Horvát utca 14–24. building A (20) 333-8516 info@ visionrecruitment.hu

1143 Budapest, Hungária körút 83. (70) 881-1678 info@recruby.com

Budapest, Apor Vilmos tér 18. (20) 401-4766 info@carbyne.hu

1075 Budapest, Madách Imre út 13–14. (1) 619-0694 info@ karrierhungaria.hu

Cornelis Diepeveen (100)

Frido Cornelis Diepeveen

1007 Budapest, Danubius Grand Hotel Margitsziget (30) 859-3015 frido.diepeveen@ diepeveenpartners.com

Katalin De Cordt-Bor, Róbert Göbl, Zsuzsanna Szabó

1077 Budapest, Wesselényi utca 11. (1) 877-0900 info@humancentrum.hu

1012 Budapest, Pálya utca 4–6. (20) 569-7006 miseta.gabor@ viapangroup.com

Bartók Béla út 15/D (1) 381-1048 sales@pannonwork.hu

IgnáczFuszkó

1064 Budapest, Izabella utca 50. (70) 366-5274 info@foxandwolf.hu

Volano Kft. (100)

Réka DorozsmaiGallasz (75) Udo M. Chisteé (25)

Viktor Stasztny (50), Tamás Horváth (50)

Gábor Berta Orsolya Horvai Módné László Várdai

8200 Veszprém, Ady Endre utca 3. (20) 929-2430 info@manatwork.hu

Réka DorozsmaiGallasz –

Viktor Stasztny, Tamás Horváth, Tímea Horváth Varjuné Henrietta Kovács

1133 Budapest, Bessenyei utca 8–10. (30) 251-2531 ahc.budapest@ ahc-international.hu

1095 Budapest, Soroksári út 48. (70) 466-3477 budapest@ mentonjobs.hu

Bernadett Zsuzsanna Dancsa, Éva Szilágyi Dzsubákné

1095 Budapest, Lechner Ödön fasor 7. (56) 999-590 info@hddirekt.com

1165 Budapest, Papír utca 19. (20) 982-3628 (20) 941-4614 info@ workplus.consulting

4 Socialite

All Hail Halászlé: Honoring Hungarian Fish Soup

Easter in Hungary isn’t complete for me without a trip to Kiskőrössy Halászcsárda, Szeged’s hallowed fish restaurant on the north bank of the river Tisza, for halászlé , Hungarian fish soup.

DAVID HOLZER

Although Easter might be a reason to eat fish soup, the truth is I gorge on its unique flavor (paprika fieriness balanced with freshwater fish muddiness) at least once a month, as folk from my adoptive hometown of Szeged (175 km southeast of Budapest by road) have done for generations.

Like them, I take my halászlé with enormous hunks of white bread made specially for the Kiskőrössy by a bakery in the tiny village of Mórahalom, 20 km west of Szeged. I add a couple of slices of fiery fresh green Szeged pepper. Halászlé heaven.

In winter, my Hungarian wife and I sit in the cozy traditional part of the restaurant with a view of the river. When summer comes, we sit outside, linger over lunch and watch the river flow by. The air of tranquility and the unhurried waiters in their black waistcoats and white shirts always make me feel like I’ve gone back to simpler, more peaceful times.

One summer day, my wife told me a funny fish soup story that shows how important halászlé is to Hungarians. A friend of hers was at a Sunday lunch when the chandelier above the table fell into the fish soup pot. The friend was much more concerned about the soup than the damage to the chandelier.

I’d like to say that I’ve tried fish soup all over Hungary, and the halászlé at the Kiskőrössy is the best I’ve ever tasted. But the truth is I’ve only ever tried fish soup in a couple of other restaurants. I’m not a connoisseur. I’m a fan.

As was the great Hungarian cinematographer and son of Szeged Zsigmond Vilmos (“Close Encounters of the Third Kind,” “The Deer Hunter”), who ate at the Kiskőrössy on a 2014

visit to the city. Gerard Depardieu, a gourmand if not a gentleman, pronounced the fish soup magnifique Although we go to the Kiskőrössy so I can eat the soup (my wife is vegetarian), I also like the fact that the waiters know us. Until he was promoted to restaurant manager, our waiter was Zsolt Kiss, who has been at the restaurant for more than 20 years. A few days before Easter, I sat down with him to talk about fish soup and the Kiskőrössy.

A Family Affair

József Körössy built the restaurant in the 1930s. Chef Dezső Oláh managed it from the 1980s until his death in 2016, when his daughter, Krisztina Gréta Oláh Somogyváriné, and her husband, Péter Somogyvári, carried on the family tradition. They also continued to use Oláh’s fish soup recipe.

Kiss knew Oláh well. “He put all of his energy and passion into the restaurant,” the manager says of the late chef.

Kiss politely declines to answer any questions about the recipe, saying only that it’s essential to use old onions and the famous Szeged paprika powder.

Szeged fish soup differs from varieties in other parts of the country because the method involves mixing some of the fish into the liquid so the texture is thick. Fillets are added afterward. It takes four hours to make the soup, which should ideally be eaten fresh.

“I do know people who freeze halászlé for later,” Kiss admits. “Some even take it home to other countries. I’ve known people carry it in their luggage as far as Canada. Fresh tastes best.”

The Kiskőrössy serves three types of fish soup: “ponty” (carp), “harcsa” (catfish) and mixed, with soft and hard roe added. I only ever eat the catfish variety.

The Baja Method

Gábor Nemes was born in Kalocsa, close to the Danube. He lived in Baja (190 km south of the capital), where they make halászlé differently from Szeged, for 40 years before moving to Budapest. He learned to cook fish soup early on. Nemes was once a member of a society of fish soup makers in Baja who competed with other fish soup-making groups. Halászlé is a way of life in Baja.

“Everyone eats halászlé,” Nemes says, “Baja people eat more fish than they do in other parts of Hungary.” Funnily enough, Kiss of the Kiskőrössy Fish Csárda says the same is true of Szeged folk.

One difference between Baja and Szeged halászlé is that “in Szeged, they focus on the fish meat,” Nemes says. “In Baja, we focus on the liquid, and in Baja, we don’t remove the bones.”

Baja fish soup is also served differently. The liquid is ladled onto a bed of matchstick pasta. The fish is eaten afterwards.

When it comes to fish, Nemes primarily uses carp. If he’s making a mixed halászlé, he buys smaller amounts of catfish, pickerel (small pike) and crucian carp. He buys his fish from the Harcsa-Filé Kft. fishmongers in Budapest’s Lehel market. Nemes is of a like mind with Kiss that you should only use old onions and that the quality of the powdered red paprika must be first-rate. He also agrees with Kiss that the secret to delicious soup is in the preparation and the order in which you add the ingredients.

Nemes only cooks halászlé outside in a special stewpot. It takes around one and a half hours. Speaking to Nemes, who says he used to eat each fish soup every week when he lived in Baja and now makes it at least once a month, I began to appreciate just how seriously Hungarians take the dish.

“For me, halászlé is a lifestyle,” Nemes explains. “It involves meeting people and deep friendship.”

The dish is a generational gift: Nemes’ father taught him how to make  halászlé, and he’s already teaching his young grandson.

You can find Kiskőrössy Halászcsárda online at its Hungarian-language website, kiskorossyhalaszcsarda.hu

Gabriella Kiss shows ‘Neverending Game’ at Árkádia

Hungarian artist Gabriella Kiss is showing her latest work at leading contemporary art gallery Művészterem Árkádia Kiállítótér until May 16. The displayed artworks will include sculptures and her monumental “The Neverending Game” series, in which she creates an intensely symbolic, finely detailed world.

Renaissance Inspiration

“We’re delighted to show Gabriella Kiss. Her extraordinarily imaginative, deeply personal neo-surrealistic work is already attracting attention in the contemporary art scene,” says Árkádia’s Lilka Koncsik.

This will be the first time Kiss has shown her new work in Budapest. She was influenced by time spent in Mallorca, Spain, and lilies are a recurring theme.

Kiss studied at Budapest Decoration School between 1988 and 1990, where she worked and experimented with plastic forms and mannequins. From 1992 to 1997, she was a student at Budapest’s prestigious Moholy-Nagy University of Art and Design (MOME).

Hungarian Innovation Showcased at Milan Design Week

“Budapest Select: A VVoven View,” an immersive exhibition curated by the Hungarian Fashion & Design Agency, opened at Milan Design Week 2025, highlighting a dynamic fusion of tradition and modernity, according to a statement issued on April 7. Set in the 5VIE district at Via Santa Marta 21, the installation invited visitors into a creative dialogue where human craftsmanship intersects with artificial intelligence. Floating white paper sheets, symbolizing limitless artistic potential, formed the backdrop

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After receiving her diploma in textile design, she spent two years in Tuscany, Italy, as a textile designer. Here, she studied the great Italian Renaissance painters. Returning from Italy, Kiss worked for art and fashion companies in Budapest. She created her own company, Art Active, and organized fashion shows. All the while, she was making illustrations and designs, and painting.

“My works are confessions from deep within me. They show the challenges in my life, Kiss says. “We live in an increasingly surreal world, searching for our real selves, longing for freedom and

experiencing our deepest fears every day. The world I convey raises questions in the viewer and evokes a different effect in everyone depending on their own lives.”

Művészterem Árkádia Kiállítótér is at Magyar utca, 44. Entry is free. Opening hours: Tuesday-Thursday: 11 a.m.-5 p.m., Friday: 2 p.m.-6 p.m., Closed Saturday to Monday and on national holidays.

for works by 24 Hungarian designers who reinterpreted heritage techniques using experimental materials and futuristic design. The exhibition’s three thematic spaces explored sustainability, adaptability, and storytelling through material innovation, presenting a bold vision of Hungary’s evolving design identity.

Night of the Organs to Feature Global Performances on June 7

The Night of the Organs will take place on June 7, with concerts across Hungary and at 34 international venues, according to a press conference held by the organizers.

Irén Novák, deputy press secretary for arts and community education, noted that the event continues to attract new participants each year. She added that, alongside cross-border communities, Liszt Institutes worldwide are also participating. Szabolcs Szamosi, director of organizer Filharmonia Hungary, said concerts will be staged in Komárom (95 km northwest of Budapest), Oradea and Cluj-Napoca in Romania, as well as in China, the United States, Peru, India, and other countries. Performers will include Argentine tenor José Cura and organists Christian Schmitt and Vincent Dubois. The event will also mark the start of the Con Spirito Festival of religious music, scheduled for June 8–15.

Culture Matters

A regular look at culture issues in Hungary and the region

Artistic Legacy of Master MS in 15th-16th Century Hungary

The exhibition “Master MS and His Age,” dedicated to the mysterious Hungarian medieval painter, opened at the Museum of Fine Arts in Budapest on April 9. Featuring nearly 100 pieces, including newly attributed works, maps, models, goldsmith’s creations, and historical documents, the exhibition provides an in-depth look at the artistic environment that shaped Master MS, as well as the cultural influences and historical backdrop of Hungary at the turn of the 15th and 16th centuries. The museum’s deputy director, Annamária Vígh, noted that a highlight of the exhibition is the display of the artist’s most renowned work: the former high altarpiece of Saint Catherine’s Church in Selmecbánya (165 km northeast of Budapest; now Banská Štiavnica, Slovakia). She added that several paintings and drawings recently attributed to Master MS and his workshop are also on view.

Economy Minister Opens Hungarian Pavilion at Osaka World Expo

The Osaka World Expo stands as one of the world’s most significant cultural, tourism, and economic events, offering a unique opportunity for diplomacy and economic development, Minister for National Economy Márton Nagy said at the opening of the Hungarian pavilion on April 13, according to a statement issued by his Ministry. Hungary’s participation with a national pavilion alongside nearly 160 countries is of major national economic importance, Nagy noted; the event is expected to draw more than 28 million visitors over its almost sixmonth duration. The Japanese minister responsible for the expo made his first official visit to the Hungarian pavilion on opening day, which Nagy said was a tribute to the entire country.

DAVID HOLZER

Chamber of Commerce Corner

This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu

Italian Chamber of Commerce for Hungary (CCIU)

On April 10, the HQ of the CCIU hosted a significant meeting with the Chamber of Commerce of Bolzano (Italy) and Hungarian partners. The primary focus was on projects that promote female entrepreneurship, youth training, and sustainability within Italian-Hungarian small- and medium-sized enterprises. A key highlight of the meeting was the discussion of a recent survey conducted by Comites Hungary, which explored the experiences of Italian women living in the country. The findings were captured in a documentary video and an in-depth written report. Several women interviewed are entrepreneurs, providing valuable insights for future entrepreneurial initiatives. These perspectives will help shape future projects and business endeavors to support women in the business world. The meeting shed light on synergies between the Bolzano chamber and the CCIU. Specific areas of collaboration included female entrepreneurship, youth training, career guidance, and supporting SMEs. The institutions intend to strengthen their relationship and collaborate on joint projects that benefit both territories.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH is hosting, in collaboration with Swisscham Hungary, a high-impact business breakfast and workshop focused on secure communication and emerging cyber threats. Keith Balasingham, director of the security product portfolio at BlackBerry, will headline the event, joined by panelists including Robin Boros (Magyar Telekom), Andy Whiteside (former UK diplomat), Anett Mádi-Nátor (Cyex. hu, Woman4Cyber) and Nicholas Sarvari (CNS Risk). Topics include mobile espionage, AI-driven scams, NIS2 compliance, and realworld cyber risks. The seminar will feature a hands-on workshop on phishing detection, leaked credentials, and compliance checks led by experts from BlackBerry and CNS Risk. The event will be held in English and sponsored by Garantiqa Hitelgarancia.

• When: Wednesday, April 30, 8:30-11:30 a.m.

• Where: Akadémia Irodaház, Akadémia utca 61, Budapest 1054 • Fee: Members HUF 11,900 + VAT; non-members HUF 15,900 + VAT.

Belgian Business Club in Hungary (Belgabiz)

Belgabiz, in collaboration with Art is Business, presents the 2025 spring issue of Art is Business magazine, highlighting Belgium’s unique regional approach to cultural funding. Join us for the launch event, featuring Belgian companies and artists, a roundtable discussion, and a keynote by Belgium’s ambassador, offering insights into business and culturalcollaborations.

• When: Thursday, April 24, 6-9 p.m.

• Where:  Apollo Gallery (Corvin Palace, Blaha Lujza tér 1, entry from Stáhly utca) • Fee: Belgabiz members and Art is Business Circle of Friends, free; non-members HUF 3,900 + VAT

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH cordially invites you to its Hot Topic Conference and round table discussions on labor productivity in Hungary, Earnings developments, and government measures to raise productivity. The keynote speaker will be Deputy State Secretary for Labor Market, Protection and Inspection Viktória Zöld-Nagy.

• When: Tuesday, May 20, 9-11:30 a.m. (registration and breakfast from 8.30 a.m.).

• Where: Mamaison Hotel Andrássy Budapest.

• Fee: Members of CCIFH and its partners, the Joint Venture Association-JVSZ, and the Hungarian Association of Logistics, Purchasing and Inventory ManagementMLBKT, HUF 21,000 + VAT; non-members HUF 31.500 + VAT.

Netherlands-Hungarian Chamber of Commerce (Dutcham)

Dutcham invites guests to its annual gala dinner in May. As in previous years, the gala will involve a seated dinner in casual style with Dutch, Indonesian and Caribbean culinary inspirations. Guests can join a mixed table to mingle with representatives of the Dutcham business community or buy a company table and share the experience with colleagues and valued clients. A charity raffle will also form part of the program. The beneficiary will again be the Szent Miklós School and Orphanage, which Dutcham has supported for more than 15 years.

• When: Wednesday, May 28, from 6 p.m.

• Where:  Crowne Plaza Budapest, Váci út 1-3, Budapest 1062 • Fee: Member single ticket HUF 59,000; non-member single ticket HUF 75,000; table of 10 HUF 550,000 (all prices include 27% VAT).

Hungarian-Norwegian Chamber of Commerce (HNCC)

Smart Industry 2025, taking place in Lillestrøm from May 6-8, is Norway’s premier trade show for automation, digitalization, and smart manufacturing, offering a key platform for industry networking and business development. Seven Hungarian companies will participate in a joint stand organized by HNCC, the Embassy of Hungary, and supported by the Next-KPI program, showcasing cutting-edge industrial technologies. The event presents an excellent opportunity to establish connections with potential Norwegian partners.

Swiss-Hungarian Chamber of Commerce (Swisscham)

This year, Swisscham Hungary celebrates its 30th anniversary, and to mark this, Swisscham warmly invites guests to an exclusive event to celebrate three decades of Swiss-Hungarian economic relations. The Swisscham 30th Anniversary Gala will reflect on the chamber’s shared journey, express gratitude for the trust and collaboration of the past three decades, and celebrate the success of Swiss-Hungarian business cooperation. The program highlights include ceremonial speeches, an exclusive dinner, live music and entertainment, and excellent networking opportunities.

• When: Thursday, May 15, 6:30-11:30 p.m. • Where: Museum of Ethnography, Dózsa György út 35, Budapest 1146

• Fee:  Members HUF 48,000 / person (VAT exempt); non-members HUF 62,000 HUF / person (VAT exempt).

Opening a business doesn’t make you a businessman.