Top Expat CEOs in Hungary 2020

Top Expat

CEOS

In Hungary 2019-2020

The most influential expat CEOs in the Hungarian economy

New Decade.

New Opportunities.

Hungary.

A smart choice in Europe.

9% tax rate

The lowest corporate income tax within the EU with a 9% flat rate.

Incentives up to 50%

Technology-intensive investments and R&D projects are eligible for up to 50% of incentives.

Fuel consumption combined: 11,2 – 9,3 l/100km; combined CO2 emissions: 254 – 213 g/km Picture is for illustration purpose only.

The new S-Class Coupé.

Risk an affair.

A glance is all it takes for it never to be forgotten. Its shape is exciting; its interior is more modern than ever. You can count on the comfort and luxury that you have come to expect from an S-Class and can look forward to technologies such as the Intelligent Light System and the new-generation Mercedes-Benz Intelligent Drive. www.mercedes-benz.hu/s-osztaly-coupe

TOP EXPAT CEOS

Top Expat

Content CEO Pessimism Over Global Growth Reaches Record High

8

CEOS

HIPA Investment Timeline

16

Hungarian Economy Still Growing Strongly, but Pace Slows

18

2020: The Analysts Look Into Their Crystal Ball

22

Investment Volumes Expected to Follow Pattern of Previous Year

25

Eloi Malta-Bey, TMF Group

58

Marc de Bastos Eckstein, thyssenkrupp

28

Dale A. Martin, Siemens Zrt.

60

Joerg Bauer, Tungsram Group

30

Christopher Mattheisen, Microsoft Hungary

62

Patrick Bontenakels, Fressnapf-Hungária

32

Kevin A. Murray, Citi

64

Gwénael Cevaer, Arval Hungary

34

Andreas X. Müller, Linde Gas Hungary

66

Prabal Datta, Tata Consultancy Services Ltd.

36

Reinhard Münster, Mercedes-Benz Hungária Kft.

68

Maciej Galant, BMW Group Hungary

38

Tammy Nagy-Stellini, Hays Hungary

70

Florin Godean, Adecco Romania and Hungary

40

Amanda Nelson, Vodafone Hungary

72

Matthias Gruber, Lufthansa Technik Budapest

42

Romke Noordhuis, ExxonMobil

74

Jan Hübner, HB Reavis Hungary

44

Simone Olivo, CPL Jobs Hungary Kft.

76

Karl-Heinz Keth, Praktiker

46

Melanie Seymour, BlackRock Budapest

78

Arne Klehn, Marriott International

48

Noah M. Steinberg, Wing

80

Daniel Korioth, Robert Bosch Kft., Budapest

50

Martin Strier, MAN Truck and Bus Hungary

82

Taira-Julia Lammi, ABB Kft. Hungary

52

Marie-Theres Thiell, Innogy Hungária

84

Enrico De Lorenzi, Opel Southeast Europe

54

Charles Wassen, Dana Hungary

86

Rahul Malhotra, Avis Budget Group

56

Klaus Windheuser, Commerzbank Zrt.

88

In Hungary 2019-2020

Published in 2020 • EDITOR-IN-CHIEF: Robin Marshall • CONTRIBUTORS: Annamária Bálint, Bence Gaál, Christian Keszthelyi, Gary J. Morrell, Zsófia Végh • LISTS: BBJ Research (research@bbj.hu) • NEWS AND PRESS RELEASES: Should be submitted in English to news@bbj.hu • LAYOUT: Zsolt Pataki • PUBLISHER: Tamás Botka, Business Publishing Services Kft. • ADVERTISING: AMS Services Kft. • CEO: Balázs Román • SALES: sales@bbj.hu • CIRCULATION AND SUBSCRIPTIONS: circulation@bbj.hu • Address: Madách Trade Center, 1075 Budapest, Madách Imre út 13-14., Building A, 8th floor • Telephone +36 (1) 398-0344, Fax +36 (1) 398-0345, www.bbj.hu • ISSN 2631-0937

4

AZ ÚJ FÉRFI ILLAT

TOP EXPAT CEOS

Foreword and other actors, be they from investment promotion agencies or business chambers, who smooth the way and oil the gears, who lobby and represent. The BBJ Expat CEO of the Year Gala brings all those interlocking communities together. This publication seeks to strengthen at least some of those ties.

Welcome to the second edition of our annual Top Expat CEOs publication. Within its pages, we seek to do three things. First, and most obviously, we hope to introduce and highlight many of the leading expat CEOs living and working in Hungary.

Secondly, we want to recognize the important contributions the very best expat CEOs, the multinational companies they lead and the Hungarian staff who work with them make to improving Hungary’s competitiveness, driving change and growth in the economy and thereby helping the whole country.

I am now into my fourth decade of interviewing CEOs. I am a business journalist, but I have a fascination with what we used to call human interest stories, and how what happens in the world seeps through to impact our daily lives. Here in Budapest I have found a wealth of human stories and memorable characters. There is a wonderful French term used by professional cyclists to indicate respect for another’s achievements. I could simply “doff my cap” to our community of CEOs, but “chapeau” sounds more respectful.

Last, but very far from least, we hope to support the community – or perhaps I should say the communities – those CEOs form, work and live in. As such, Top Expat CEOs is a companion piece to the annual BBJ Expat CEO of the Year Gala, and the award we present there each year. A companion piece, but also something separate. One does not automatically lead to the other, though you will meet most, if not all of those in these pages at the gala.

Finally, I would like to thank the CEOs featured here, and most especially their hard-working PAs, for all the time and effort they put in, despite almost impossibly packed schedules, to help in the preparation of this publication.

Believe me, it has been appreciated.

The community aspect is important, because even those at the very top of a multinational are not truly alone.

There are their spouses, without whose support they could not balance work and family or social life. There are their peers, whose respect and recognition is important, even if they are business competitors. There are the diplomatic

Robin Marshall MBE, Editor-in-chief Budapest Business Journal

6

TOP EXPAT CEOS

From left: Bob Moritz, chairman of the PwC Network; Tamás Lőcsei, PwC Hungary’s CEO; and Anita Mekler, Tax Partner at PwC Hungary.

CEO Pessimism Over Global Growth Reaches Record High PwC released its latest (23rd) Global CEO Survey at the annual World Economic Forum gathering in Davos on January 20. The key take away is the growing pessimism of global executives, accelerating a trend first spotted last year. Slower economic growth is predicted by CEOs in every region across the world, confidence in companies’ own revenue growth is at its lowest since 2009, and uncertainty over economic growth has joined over-regulation and trade conflicts as a “top three” threat.

8

CEOs are showing record levels of pessimism in the global economy, with 53% predicting a decline in the rate of economic growth in 2020.

That is up from 29% in 2019 and just 5% in 2018; PwC says it marks the highest level of pessimism since the Big Four consultancy started asking the question in 2012. By contrast, the number of CEOs projecting a rise in the rate of economic growth dropped from 42% in 2019 to only 22% in 2020. For PwC’s 23rd survey almost 1,600 CEOs from 83 countries across the world, were quizzed on their outlook.

CEO pessimism over global economic growth is particularly significant in North America, Western Europe and the Middle East, with 63%, 59% and 57% of CEOs from those regions predicting lower global growth in the year ahead.

“Given the lingering uncertainty over trade tensions, geopolitical issues and the lack of agreement on how to deal with climate change, the drop in confidence in economic growth is not surprising, even if the scale of the change in mood is,” said Bob Moritz, chairman, of the PwC Network.

“These challenges facing the global economy are not new; however, the scale of them and the speed at which some of them are escalating is new, the key issue for leaders gathering in Davos is: how are we going to come together to tackle them?” Moritz continued.

“On a brighter note, while there is record pessimism amongst business leaders, there are still real opportunities out there. With an agile strategy, a sharp focus on the changing expectations of stakeholders, and the experience many have built up over the last 10 years in a challenging environment, business leaders can

weather an economic downturn and continue to thrive,” he said.

CEO CONFIDENCE IN OWN REVENUE GROWTH DECLINES CEOs are also not so positive about their own companies’ prospects for the year ahead, with only 27% of CEOs saying they are “very confident” in their own organization’s growth over the next 12 months: that’s the lowest level seen in the survey since 2009, and down from 35% last year.

While confidence levels are generally down across the world, there is a wide variation from country to

Stay the same

When asked about their own revenue growth prospects, the change in CEO sentiment has proven to be an excellent predictor of global economic growth. Analyzing CEO forecasts since 2008, the correlation between CEO confidence in their 12-month

Question

CEOs have shifted from record optimism to record pessimism over the past two years

Improve

country, with China and India showing the highest levels of confidence among major economies at 45% and 40% respectively, the United States at 36%, Canada at 27%, the United Kingdom at 26%, Germany at 20%, France 18%, and Japan having the least optimistic CEOs with only 11% very confident of growing revenues in 2020.

Do you believe global economic growth will improve, stay the same or decline over the next 12 months?

Decline

57% 52% 48%

53% 49%

53%

49% 44%

42%

44%

36%

34% 37%

28%

29%

27%

24%

29% 17%

23%

18% 15%

2012

2014

22% 17%

7%

2013

28%

5%

2015

2016

2017

Source: PwC, 23rd Annual Global CEO Survey Note: From 2012 to 2014, respondents were asked, ‘Do you believe the global economy will improve, stay the same or decline over the next 12 months?’

Base: Global respondents (2020=1,581; 2019=1,378; 2018=1,293; 2017=1,379; 2016=1,409; 2015=1,322; 2014=1,344; 2013=1,330; 2012=1,258)

9

2018

2019

2020

TOP EXPAT CEOS

Pessimism on growth holds across all regions

Question Do you believe global economic growth will improve, stay the same or decline over the next 12 months?

Improve

Stay the same

Decline

10%

11%

18%

22%

14%

24%

20% 27%

35%

32%

23%

33%

24%

23% 33% 16%

63%

59%

53%

Global

57%

53%

53% 48%

North America

Western Europe

Middle East

Latin America

Africa

43%

CEE

Source: PwC, 23rd Annual Global CEO Survey Base: Global respondents (2020=1,581)

revenue growth and the actual growth achieved by the global economy has been very close (see exhibit4 in notes). If the analysis continues to hold, global growth could slow to 2.4% in 2020 below many estimates including the 3.4% October growth prediction from the IMF. CHINA LOOKING BEYOND U.S. FOR GROWTH Overall, the United States just retains its lead as the top market CEOs look to for growth over the next 12 months at 30%, one percentage point ahead of China at 29%. However, ongoing trade conflicts and political tensions have seriously dented the attractiveness of

the United States for China CEOs. In 2018, 59% of China CEOs selected the States as one of their top three growth markets; in 2020, this has dropped dramatically to just 11%. The U.S. loss has been Australia’s gain, with 45% of China CEOs now looking to Australia as a top three key growth market, compared with only 9% two years ago.

The other countries making the top five for growth are unchanged from last year – Germany (13%), India (9%) and the United Kingdom (9%), a strong result for the latter, given the uncertainty created

by Brexit. Australia is just outside the top five, boosted by its increased attractiveness for China CEOs.

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WORRIES ABOUT UNCERTAIN ECONOMIC GROWTH ON THE RISE “Companies focusing on other important topics, such as protecting the environment and technology investments, could slow down the growth rate of the global economy.

For example, regulatory compliance may come to the fore, as regulators are creating more and more ambitious regulations. Over-regulation is one of the most worrying issues for business executives,” said Tamás Lőcsei, PwC Hungary’s CEO. CEOs are also increasingly concerned about cyber threats and climate change and environmental damage, however

“Given the lingering uncertainty over trade tensions, geopolitical issues and the lack of agreement on how to deal with climate change, the drop in confidence in economic growth is not surprising, even if the scale of the change in mood is.”

Bob Moritz, chairman of the PwC Network.

Question

Twelve-month and three-year revenue confidence fall to levels not seen since 2009

•

Do you believe global economic growth will improve, stay the same or decline over the next 12 months? (showing only ‘improve’)

• organisation’s prospects for revenue growth over the next 12 months/next three years?

Global economic growth (improve)

52%

57% 50% 50%

51%

51% 47%

44%

46%

46%

49%

49%

42%

42% 44%

34%

40% 36%

39%

38% 35%

39%

15%

21%

2008

2009

2010

2011

2012

42%

37%

27%

18%

36%

35%

31%

2007

45%

48%

34% 27%

29%

22%

2013

2014

2015

2016

2017

2018

Source: PwC, 23rd Annual Global CEO Survey Note: From 2012 to 2014, respondents were asked, ‘Do you believe the global economy will improve, stay the same or decline over the next 12 months?’

Base: Global respondents (2020=1,581; 2019=1,378; 2018=1,293; 2017=1,379; 2016=1,409; 2015=1,322; 2014=1,344; 2013=1,330; 2012=1,258; 2011=1,201; 2010=1,198; 2009=1,124; 2008=1,150; 2007=1,084)

11

2019

2020

TOP EXPAT CEOS

“Companies focusing on other important topics, such as protecting the environment and technology investments, could slow down the growth rate of the global economy.

For example, regulatory compliance may come to the fore, as regulators are creating more and more ambitious regulations. Over-regulation is one of the most worrying issues for business executives.”

Tamás Lőcsei, PwC Hungary’s CEO.

Question

Our regression analysis on the change in CEO confidence implies a continued decline in GDP growth in 2020

prospects for revenue growth over the next 12 1

Actual global GDP growth (IMF)

Global GDP growth (constant prices, y-y%)

6 5 4

100

5.5

3.2

5.4

4.3

34.9

4.3

3 2 1

2.9

3.0

-8.8

0.2

3.5

4.0 3.6

3.0

3.5 3.3

3.4

-1.4

-6.2

3.8

3.7

3.8

3.6

6.1

4.9

3.1

9.0

14.2

-3.7

0

3.5

50 3.0 2.7 -11.7

-5.4

2.4

0 -17.7

-50

-53.5

-1

-0.8

-100

-2 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: PwC, 23rd Annual Global CEO Survey

Note: 2019 global GDP data is from the IMF October 2019 forecast Base: Global respondents (2020=1,581; 2019=1,378; 2018=1,293; 2017=1,379; 2016=1,409; 2015=1,322; 2014=1,344; 2013=1,330; 2012=1,258; 2011=1,201; 2010=1,198; 2009=1,124; 2008=1,150; 2007=1,084)

12

2020

)

CEOs express increasing concern over uncertain economic growth, trade conflicts and other global disharmonies

Question How concerned are you, if at all, about each of these potential economic, policy, social, environmental and business threats to your organisation’s growth prospects? (showing only ‘extremely concerned’)

2019 top 15 threats

2020 top 15 threats

Over-regulation

35%

Policy uncertainty

35%

Availability of key skills

34%

36%

Over-regulation

35%

Uncertain economic growth

34%

Cyber threats

33%

31%

Cyber threats

30%

Policy uncertainty

33%

Geopolitical uncertainty

30%

Availability of key skills

32%

Protectionism

30%

Geopolitical uncertainty

30% 29%

Populism

28%

Speed of technological change

Speed of technological change

28%

Protectionism

26%

Exchange rate volatility

Increasing tax obligation 1

22% 22%

Climate change and environmental damage

19%

Exchange rate volatility

Volatile commodity prices

19%

Changing consumer behaviour

Changing consumer behaviour

19%

Tax uncertainty 2

Source: PwC, 23rd Annual Global CEO Survey 1. ‘Increasing tax obligation’ was worded as ‘increasing tax burden’ prior to 2020

despite the increasing number of extreme weather events and the intensity of debate on the issue, the magnitude of other threats continues to overshadow climate change, which still does not make it into the CEOs’ top 10 threats to growth.

POLICING CYBERSPACE While CEOs around the world express clear concerns about the threat of over-regulation, they are also predicting significant regulatory changes in the technology sector. Globally, more than two-thirds of CEOs believe that governments will introduce new legislation to regulate the content on both the internet and social media and to break up dominant tech companies.

24%

Climate change and environmental damage

24%

Uncertain economic growth

27%

Populism

25%

Increasing tax burden1

28%

19%

2. 2020 was the first year CEOs were asked about ‘tax uncertainty’ Base: Global respondents (2020=1,581; 2019=1,378)

A majority of CEOs (51%) also predict that governments will increasingly compel the private sector to financially compensate individuals for the personal data that they collect.

However, CEOs are in two minds as to whether governments are striking the right balance in designing privacy regulation between increasing consumer trust and maintaining business competitiveness, with 41% saying it does strike the right balance and 43% saying it doesn’t.

THE UPSKILLING CHALLENGE “While the shortage of key skills remains a top threat to growth for

13

21%

CEOs and they agree that retraining/ upskilling is the best way to close the skills gap, they are not making much headway in tackling the problem with only 18% of CEOs saying they have made “significant progress” in establishing an upskilling program.

This sentiment is echoed by workers,” said Anita Mekler, Tax Partner at PwC Hungary.

In a separate survey by PwC, 77% of 22,000 workers around the world say they would like to learn new skills or retrain but only 33% feel they have been given the opportunity to develop digital skills outside their normal duties.

TOP EXPAT CEOS

CEOs in regions with more mature talent pools report less progress in establishing upskilling programmes

Question •

How much progress has your organisation made in establishing an upskilling programme that develops a mix of soft, technical and digital skills? (showing only

•

Which of these is the most important to close a potential skills gap in your organisation? [showing aggregated percentage of external sources (e.g., hiring from outside my industry, establishing a strong pipeline

70%

from education)] North America

65% CEE

External talent availability

60% 55%

Western Europe Global

Africa

50% 45%

Middle East

40%

Latin America

35%

0%

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

32%

Upskilling progress Source: PwC, 23rd Annual Global CEO Survey Note: The question, ‘Which of these is the most important to close a potential skills gap in your organisation?’ was asked in the 22nd Annual Global CEO Survey Base: Global respondents (2020=1,581; 2019=1,378)

CLIMATE CHANGE – CHALLENGE OR CHANCE? Although climate change does not appear in the top 10 threats to CEOs’ growth prospects, CEOs are expressing a growing appreciation of the upside of taking action to reduce their carbon footprint. Compared to a decade ago, when PwC last asked this question, CEOs are now twice as likely to “strongly agree” that investing in climate change initiatives will boost reputational advantage (30% in 2020 compared with 16% in 2010). More than that, 25% of CEOs today see climate change initiatives leading to new product and service opportunities for their organization, compared with 13% in 2010.

While views of climate changedriven product and service opportunities have remained relatively stable in the United States and the United Kingdom, there has been a dramatic shift in views in China over the last decade. In 2010, only 2% of China CEOs saw climate change leading to opportunities, whereas in 2020 this has risen to 47%, by far the largest increase of CEOs in any country in the survey.

However, for these opportunities to turn into long-term success stories, the principles of climate change need to be embedded right across a businesses’ supply chain and customer experience.

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PwC conducted 1,581 interviews with CEOs in 83 countries between September and October 2019. The sample is weighted by national GDP to ensure that CEOs’ views are fairly represented across all major regions.

Some 7% of the interviews were conducted by telephone, 88% online, and 5% by post or face-to-face. All quantitative interviews were conducted on a confidential basis. In terms of company size, 46% had revenues of USD 1 billion or more; 35% of companies had revenues between USD 100 million and USD 1 bln; 15% of companies had revenues of up to USD 100 mln; 55% of companies were privately owned.

EXECUTIVE AND SPECIALIST SEARCH

TOP EXPAT CEOS

HIPA Investment Timeline A brief overview of some of the highlights from the Hungarian Investment Promotion Agency's record breaking year in 2019.

Source: HIPA

PROJECT DESCRIPTION

DATE

Tungsram to expand further on the global market

2019.01.07

Another milestone and expansion in the automotive unit of Bosch in Miskolc

2019.01.11

Ceva Phylaxia to expand with a second site in Hungary

2019.01.15

FAG expands with a new production hall in Debrecen

2019.01.16

Exclusive car interior manufacturer Eissmann expands its Nyíregyháza site

2019.01.17

HUNENT opens unique waterfowl slaughterhouse and processing plant

2019.01.28

New engineering center of Diehl Aviation opens in Debrecen

2019.01.30

Hauni to start development for technology and capacity expansion in Pécs

2019.02.01

Enmech embarks on the path of e-mobility

2019.02.15

Continental develops driverless car technology from new Budapest office

2019.02.21

Lufthansa Technik chooses Miskolc

2019.02.21

SK Innovation to build its second plant in Hungary

2019.02.27

A technology intensive development to be launched at the Bosch unit in Hatvan

2019.02.28

Fourth extension at F. Segura to be initiated in Szolnok

2019.03.01

Prinzhorn Group is further developing its paper processing business in Hungary

2019.03.05

Güntner to develop its largest production unit in Tata with a new investment

2019.03.08

Tesco to establish its Central European business services center in Hungary

2019.03.11

Flowserve opens its R&D center in Budapest

2019.03.26

International Flavors & Fragrances: New global financial service center opens in Budapest

2019.04.02

PEPCO to construct its regional Distribution Center in Hungary

2019.04.16

Guardian Glass inaugurates new investments at its Orosháza plant

2019.05.07

Drenik expands with a new product in Szolnok

2019.05.09

Infineon will get a new factory for the production of semiconductor modules

2019.05.10

Alföldi Tej: The most modern dairy processing plant in Central Europe inaugurated in Debrecen

2019.05.21

Várda Meat: Poultry by-product processing plant to be established in Kisvárda

2019.05.21

New investment of the Samvardhana Motherson Group in Hungary inaugurated

2019.05.22

MIAS Group constructing its second production hall in Gyöngyös

2019.05.22

Developments are started by Bock on both sites in Hungary

2019.05.28

16

PROJECT DESCRIPTION

DATE

Heavy steel structural component producer TLC is expanding in Litér

2019.06.03

Cooperation between ExxonMobil and Hungary a success story of 15 years

2019.06.21

thyssenkrupp is building its fifth Hungarian unit in Pécs

2019.06.21

The foundation stone of the new AVL headquarters and R&D center laid in Érd

2019.06.24

INZI Controls' decision further strengthens battery production in Hungary

2019.07.01

Deufol is establishing its Southeast European regional center in Debrecen

2019.07.04

Toray starts another major investment in Hungary

2019.07.12

Audi answers the challenges of the automotive industry in Győr

2019.07.23

The new factory of Doosan reinforces both Hungarian and European battery production

2019.07.23

Bumchun builds its first plant abroad in Salgótarján

2019.07.24

US-based Formlabs establishes its software development center in Budapest

2019.07.25

Continental celebrates its 30th anniversary in Budapest

2019.08.30

ALDI coordinates substantial part of its European IT network from Pécs

2019.09.02

BAT aims to lead the transformation of the tobacco industry from Pécs

2019.09.02

AI-based production further expands in Bridgestone’s unit in Tatabánya

2019.09.03

The most modern European plant of GMD is at full capacity in Dorog

2019.09.13

Works finished on the first Hungarian unit of Intretech in Kapuvár

2019.09.13

The first phase of Zalaco's green field investment has been completed

2019.09.16

Claessens Group is expanding with an innovative feed mill in Hungary

2019.09.16

The service center of BP in Hungary a success story for 10 years

2019.09.17

Another significant investment to be launched at the Makó unit of DUOCOR

2019.09.17

Honsa has become market leader thanks to its 20 year old plant in Pécs

2019.09.17

Hübner's top production center is further improving in Nyíregyháza

2019.09.18

Krones' first European plant outside Germany is now complete in Debrecen

2019.09.18

Denso's technology-intensive development completed in Székesfehérvár

2019.09.20

Construction works of the BMW plant about to start in Debrecen

2019.09.24

Roche establishes its European medicine safety-related center in Budaörs

2019.09.26

MOL Group: The cornerstone of the largest Hungarian investment so far has been laid in Tiszaújváros

2019.09.27

Foundation stone of the new Infineon plant laid in Cegléd

2019.09.30

The inauguration of the GS Yuasa plant is a milestone in Hungarian emobility

2019.10.01

European competence center of Sanofi to be established in Budapest

2019.10.02

The second phase of the Samsung SDI plant going on through a huge investment in Göd

2019.10.10

K&P Chem: The plant to manufacture cosmetic basic materials is completed

2019.10.10

Tech-intensive development to be launched in the Miskolc factory of Joyson Safety

2019.10.11

NHK Spring has tripled its Hungarian production unit

2019.10.30

GlaxoSmithKline: Vaccine manufacturing in Gödöllő has gained strategic importance

2019.11.12

Schaeffler Savaria is to expand its activity with e-mobility in Hungary

2019.11.28

Suez Water: The biggest ultrafiltration membrane plant is to be developed in Oroszlány

2019.12.10

17

TOP EXPAT CEOS

Hungarian Economy Still Growing Strongly, but Pace Slows Despite another record year for the Hungarian Investment Promotion Agency, there are signs the pace of investment in Hungary is slowing.

Coupled with dropping business confidence, and concerns about the possible impact of a global (especially German) economic turndown, clouds are building on the horizon, albeit distantly for now.

The launch ceremony for the Krones factory project in July 2018, with (from left) Mayor of Debrecen László Papp, Pascal Männche, MD of Krones Hungary, Minister of State Tamás Menczer and Ralf Goldbrunner, member of the Krones AG Executive Board. Photo: Ministry of Foreign Affairs and Trade.

18

The private sector was responsible for the biggest slice of the investment sector pie with HUF 1.606 tln, up by 28.7%, while public sector investments were slightly up by 0.2% to HUF 385.7 bln, according to KSH data.

By Christian Keszthelyi Still, the second half of this year has seen some significant investments movements in the local market that are worth mentioning. Fitting into the trends of recent years, Hungary’s investment and output continues to be heavily dominated by the automotive industry.

Performing year-on-year growth of 14.8% in the third quarter, Hungary’s investment volume hit a three year low, according to the most recent figures from the Central Statistics Office (KSH).

In absolute terms, investments came to HUF 2.684 trillion in Q3.

Construction investments rose 15.8% to HUF 1.601 tln, machinery investments grew by 13.6% to HUF 1.062 tln, the manufacturing sector expanded 28.6% to HUF 740.6 billion, the logistics sector delivered 17.1% to HUF 496.8 bln, and real estate investments grew by 22.6% to HUF 452.3 bln.

The private sector was responsible for the biggest slice of the investment sector pie with HUF 1.606 tln, up by 28.7%, while public sector investments were slightly up by 0.2% to HUF 385.7 bln, according to KSH data.

Assets of investment funds managed by members of the Association of

Hungarian Investment Fund and Asset Management Companies (BAMOSZ) slipped by 2% year-on-year to HUF 6.191 tln in October.

Hand-in-hand with slowing investment comes dropping business confidence. The economic research institute (GVI) of the Hungarian Chamber of Commerce and Industry saw its business confidence index drop to 46 points in October from 58 points in April.

The figure hit its lowest since October 2015, after a continuous improvement in business sentiment since October 2017.

The sub-index measuring business uncertainty was up by eight points at 44, most probably fueled by wholly or partially foreign-owned companies, export-focused businesses and firms employing more than 50 workers being the most concerned about the deterioration of the business environment.

Further sub-indices dropped in almost all the most important segments: manufacturing, construction, commerce and other services sectors, while the gauge for current business prospects was down by seven points at 48 points.

The figure measuring future prospects index dropped 14 points to 35 points.

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POSITIVE DEVELOPMENTS In yet another announcement that underlines the automotive sector’s dominance, and the country’s dependence on it, German component part supplier Schaeffler is to start work a HUF 23.5 bln factory in Szombathely (222 km west of Budapest) in February 2020. The plant, which will have 15,000 sqm of production area, will be built on a greenfield site about 3 km from Schaeffler’s existing base in the city.

The manufacturer will receive a HUF 5 bln grant for the development that is set to create 150 jobs. Schaeffler already has two plants and a sales office in Hungary.

At the beginning of November, Minister of Foreign Affairs and Trade Péter Szijjártó signed an agreement in Tokyo on a planned HUF 13 bln investment by an unnamed Japanese automotive industry supplier in northeast Hungary. The investment will create 300 jobs, but, at the time of writing, little else of substance was known; the foreign minister promised that further details on the investment would follow soon.

U.S.-based measurement and automation company National Instruments’ Hungarian business recently inaugurated a new 6,000 sqm office building at its service

TOP EXPAT CEOS

Hand-in-hand with slowing investment comes dropping business confidence. The economic research institute (GVI) of the Hungarian Chamber of Commerce and Industry saw its business confidence index drop to 46 points in October from 58 points in April.

center in Hungary’s second city, Debrecen (232 km east of the capital), through an investment of HUF 5.5 bln.

The Hungarian government gave the development, which will create 216 jobs, a HUF 2.5 bln subsidy.

NI Hungary had USD 650 million net revenue in 2018, according to public records, Hungarian news agency MTI cites.

In mid-October, Hungarian bus maker ITK Holding laid the cornerstone of a HUF 2 bln production hall at its base in Debrecen, in a move that will expand its production area to 5,000 sqm. ITK Holding also unveiled the prototype of a school bus it has developed based on a Mercedes-Benz vehicle; the firm, which is majority-owned by Hungarian oil and gas company MOL, has a close partnership with German automotive Daimler.

Earlier in October, Germany-based Thyssenkrupp broke ground for a HUF 17.4 bln camshaft plant in Pécs (238 km southwest of Budapest), an investment that will create approximately 200 jobs and is being supported by a HUF 5.57 bln grant from the state. The facility is due to start manufacturing in 2020, and is expected to reach full capacity by 2022.

In late September, German semiconductor manufacturer Infineon

Technologies laid the cornerstone of a HUF 32 bln production expansion at its base in Cegléd (in central Hungary, 80 km southeast of the capital). The investment, due to be inaugurated in 2021, will create 275 jobs, bringing total headcount near 1,60, and is being aided by a HUF 6.4 bln grant.

In mid-September, France’s GMD group inaugurated a HUF 20 bln vehicle parts plant in Dorog (40 km northwest of Budapest), boosted by a HUF 2.9 bln grant for creating 240 jobs. Additionally, GMD has expressed plans to double the area of the 20,000 sqm production space and raise headcount by another 250.

Japanese tire manufacturer Bridgestone inaugurated its HUF 9.2 bln technology upgrade in its factory in Tatabánya (60 km west of the capital), creating 100 new jobs through an investment supported by a HUF 826 mln state grant. The manufacturing giant expects annual output to rise from 5 million to 7.2 million units by 2020 as a result.

German packaging and bottling machine manufacturer Krones inaugurated its HUF 15 bln factory in Debrecen in September. What is the company’s first European plant outside of Germany is expected to

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create 500 jobs and has received HUF 5.5 bln state grant. Krones Hungary managing director Pascal Mannche said the firm chose the city as the location for the plant due to its “outstanding infrastructure”, with an international airport, motorway and railway freight depot all close by, as well as a well-trained local labor pool.

U.S.-owned synthetic biology company Conagen announced in September that it will build a plant at the site of the former Agroferm plant in Kaba (208 km east of Budapest) through an investment of HUF 15 bln. The company aims to supply its European partners from the facility, which will create 250 jobs, with components for food and cosmetics products.

Liszt Ferenc International operator Budapest Airport has just, inaugurated its new Cargo City logistics base through an investment of HUF 16 billion, more than doubling cargo handling capacity from 100,000 tonnes to 250,000 tonnes. Cargo City consists of a 21,000 sqm cargo handling center and an 11,000 sqm cargo transit and office building.

The industrial park at Zalaegerszeg (220 km southwest of the capital) is being expanded with the help of

a HUF 2.3 bln EU grant to make more space available and also cover the building of infrastructure for 12 new plots each of between 5,000-8,000 sqm.

GATHERING CLOUDS? South Korea’s Samsung SDI announced early October that it will expand production capacity at its electric vehicle battery plant on the outskirts of Budapest in Göd (about 26 km due north from the center of the capital) with a HUF 390 bln investment, creating 1,200 workplaces.

At the announcement foreign minister Szijjártó said the final amount of the government’s non-refundable grant could not be disclosed as it still needed European Commission approval.

Four days later, the EC said it had opened an in-depth investigation to

assess whether Hungary’s plans to grant what amounted to EUR 108 mln of public support is in line with EU rules on regional State aid.

“The commission has doubts that the planned aid support to Samsung SDI in Göd complies with all the relevant criteria of the Regional Aid Guidelines,” the EC said in a press release. It also expressed doubts about the likely contribution to regional development of the public support, as well as questioning the proportionality and appropriateness of the funding, in light of the possibility that the support might trigger the relocation of jobs from other member states to Hungary.

In mid-September, news reports suggested that South Korean tire maker Hankook has postponed a HUF

89 bln investment at its plant in Rácalmás (75 km south of Budapest), which was later confirmed by the Hungarian Investment Promotion Agency. HIPA added that as the investment was not yet implemented, no contract on the previously mentioned HUF 3 bln in state support had been signed. The investment, that would have created 150 jobs, came to a halt due to the tight labor market, according to unconfirmed reports.

Despite notable investments realized and announced in the course of the present year, with the mergers and acquisitions markets regionally appearing to be reaching a saturation point, and with the pace of foreign direct investments slowing, it will be intriguing to see how 2020 unfolds in the current sentiment.

The BUD Cargo City logistics center at Budapest Ferenc Liszt International Airport has received its first shipment of cargo via a Boeing 747. Photo by Budapest Airport.

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TOP EXPAT CEOS

2020: The Analysts Look Into Their Crystal Ball Just like a year earlier, analysts’ predicted growth forecast for 2019 fell short of the actual rate. Among the reasons were strong domestic consumption, still on the rise, and a high volume of investments.

The global economy impacted Hungary less than experts thought would be the case. The Budapest Business Journal asked senior analysts about the country’s economic outlook in 2020.

By Zsófia Végh K&H BANK “The economy grew faster than we thought: we put growth somewhat below of 4% and now it looks it is going to be around 5%,” Dávid Németh, senior analyst of K&H told the BBJ. “The Purchasing Manager Index was dropping globally and we were not sure to what extent it would affect Hungary, hence our pessimism,” he adds.

Growth in Hungary and the entire region has been quite favorable. But how could this region remain more or less unaffected from the deterioration of the external environment?

High employment and very low unemployment rate, and growing purchasing power have all been driving growth, Németh says.

EU-funds also helped growth remain strong compared to more mature economies, such as Germany. From a fiscal point of view, there is no need for austerity in any of these countries: most have low state debt and an interest rate environment and that helps spur growth, the expert says. In addition, much of the production comes back

to Europe or is not taken elsewhere, for example, to China, for fears of a potential trade war. All these factors lead to a stronger growth in the region and Hungary.

How will the economy look like this year? The Hungarian economy is expected to slow down: GDP growth of 4.8% this year is expected to decline to 3.5% in 2020, while investment growth of around 20% may slow significantly, according the analyst.

The more subdued economic and investment performance can be explained by the smaller role of EU funds, a slowdown in construction development, and the uncertain international environment.

workforce. These investment are now turning to fruition and easing pressure.

At the same time, the pool of employable workforce is shrinking.

Ageing baby boomers (in Hungary known as the Ratkó generation, named for Anna Ratkó who served as Minister of Health when the communist government introduced a severe ban on abortion in 1952, which remained in force for four years) are retiring and the number of new entrants is too low to replace them. Overall, the pressure will be less on companies, Németh notes and wage growth will continue, though at a lower rate.

Despite some easing, the labor market will remain “tight” this year, but slightly less so than in the previous years. The fact that both the global and the Hungarian economy will slow down means that companies will need less labor.

Purchasing power will be slightly less strong than last year, but households will continue to take out loans. As a result, domestic consumption, will remain strong in 2020 as well. Inflation will be around 3.5%, with some fluctuation throughout the year. It will be at its highest, about 4%, at the beginning of the year; in May and June, it will drop back to 3% and will be 3-3.5% for the rest of the year.

Also, to handle the labor shortage, companies have taken steps to replace and reduce their need for human

The Hungarian currency has been weakening constantly and its depreciation will continue next year: it

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may weaken by as much as 2% annually in 2020. Its range will be between HUF 328-336 – with HUF 330 in the first half and around HUF 340 in the second.

GKI ECONOMIC RESEARCH “No one expected that rate of growth,” says András Vértes, chairman of GKI Economic Research. “The National Bank of Hungary, the European Commission, the IMF all had a more conservative forecast.” Estimates put growth between 3.7-4.3%, as opposed to about 5% we are likely to see mostly because everyone overestimated the effects of the slowing global economy on Hungary.

The slowdown of the auto industry in Germany has impacted car manufacturing in Hungary much less than expected; probably because companies cut output at home rather than here where manufacturing costs are lower, Vértes says. The government also boosted growth with “tools” such as child-support loans, Vértes adds.

This year, however, a slowdown is guaranteed, experts agree. GKI puts 2020’s growth figure at 3.2%, which is

roughly the consensus, Vértes notes.

Worldwide, economies, and the global environment are losing momentum.

Growth is unlikely surpass 0.5% in the EU, not to mention the uncertainties surrounding Brexit, which all contribute to the moderation of growth.

In Hungary, one main driver of the growth has been EU-funded investments. “Although Hungary has not received a large portion of these funds, much of the achievements, investments and works set for the current seven-year-old period has been done. Growth in the construction industry will slow down as well, and so will car manufacturing. Also, the previous years’ acute labor shortage seems to be decreasing as well. The 2021-2027 EU multiannual budget has not been finalized yet, which also supposes a delay in the distribution of funds.

The rapid wage growth of 8-9% in recent years (6-7% real growth) may “work” for large companies but small firms, accounting for 94% of all businesses in Hungary, have a hard time keeping up. Wage growth

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will still be strong but a slowdown will start here as well, Vértes says.

Another factor that will curb growth, though not instantly is the decline of EU funds. Under the current budget period, Hungary has received 4% of its GDP in funds (of which it paid 1% back).

“We don’t know at this point how the new budget will look but, at best, Hungary will receive roughly half of what it does now, approximately 1.5% of its GDP. The reasons for the decrease is the growth of the country as well as some new priorities within the EU,” Vértes notes adding that rule of law issues may also play a part.

Hungary “stands out” in three fields from the EU. One is inflation, currently almost the highest with only Romania ahead. Hungary has failed to modernize fields such healthcare or education as well and is among the worst performers in Europe in terms of the government’s activity in those fields, Vértes says.

The car manufacturing industry, a strong pillar of the country’s economy,

TOP EXPAT CEOS

“We don’t know at this point how the new [EU] budget will look but, at best, Hungary will receive roughly half of what it does now, approximately 1.5% of its GDP. The reasons for the decrease is the growth of the country as well as some new priorities within the EU.”

will probably not progress at the same pace, he adds. A fourth element which puts the country in an unfavorable position is corruption.

OTP BANK Analysts concerns in terms of the negative effect of the external environment or its extent in general proved wrong. “Everyone expected the external environment to affect Hungary more,” Gergely Tardos, senior analyst of OTP Bank says.

In the first half year, it was investments that brought stronger growth. Strong export and industrial activity further enhanced growth, which was not coupled with the deterioration of the current account, Tardos says. The volume of foreign currency debt has shrunk considerably; the National Bank of Hungary has more room for maneuver, too, he says.

With regards to this year, this dynamic growth will definitely slow down, the expert says. One major reason is that state investments financed with EU money are starting to decline, in part because much of them have already been done and paid in advance.

As a result, the construction sector will also see a slowdown and not even strong demand from the private sector will be able to counter this. This year, the negative external environment will have effect on the economy. (Last year, it was state investments that cushioned its impact).

There a lot of uncertainties Europe and worldwide: the European economy is continuing to slow, Brexit is still to be finalized, and major global economies such India and China are also facing setbacks.

What will propel the Hungarian economy is strong internal demand, Tardos notes.

Because of this, the expert puts this year’s GDP at 3.3%. Inflation will likely peak at 4% at the beginning of the year, though later it may drop to 3-3.5%, the forint will continue to weaken by HUF 4-5, and interest rates will stay neutral, according to the expert.

KOPINT-TÁRKI Following strong growth in 2019, Kopint-Tárki expect a significant slowdown of the economy in 2020 and puts this year’s growth at 3-3.5%.

The fact that the use of available EU funds has peaked in the current budget cycle contributed to the previous year’s growth significantly, mostly in the field construction and investments. This growth, however, is expected to slow down in 2020 due to a smaller inflow of EU funds.

On the consumption side, outstanding export growth was measured and, as a result, net exports again contributed positively to economic growth.

Household consumption has remained unaffected by the gradually decreasing real wage growth rate. Strong borrowing activity also help keep it high.

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Still, analysts expect some moderation in consumption dynamics in 2020 due to the continuing slowdown in real earnings growth. Overall, Kopint-Tárki expects domestic consumption to remain a solid pillar to economic growth in the coming quarters.

Kopint-Tárki’s inflation estimate is 3.4% for 2020. The upward momentum of the consumer price index, caused by the price increase of consumer goods and food is expected to continue. The 3 ± 1% inflation target may not be reached but, overall, inflation will be quite high compared to the rest of the EU, the organization forecasts.

With 2019’s accrual-based general government deficit expected to be at 1.8%, Kopint-Tárki considers the 1% budget deficit target for 2020 to be achievable. Government debt may continue its slow decrease, they say.

The restructuring of government debt will also continue with the share of forint debt and the weight of households increasing.

Regarding the currency, analysts does not rule out a possible further slowdown in the exchange rate, after the forint hit a psychological barrier in November 2019 (337 HUF/EUR) but they do not expect a dramatic fall. In the short-term, a slight exchange rate correction in the direction of exchange rate appreciation might even be possible, Kopint-Tárki notes.

Investment Volumes Expected to Follow Pattern of Previous Year A wider pool of international investors have made acquisitions in Hungary, although domestic funds represent around 50% of total activity. While the fundamentals are positive from both a supply and demand perspective, the low availability of investment grade product is acting as an impediment to market development.

Gary J. Morrell Despite that, sector pipelines are seen as disciplined with continued high demand in the New Year and a high proportion of preleases in the office and logistics market. Further, increasing construction costs of around 10% annually are acting as a brake on development and property management.

“CBRE registered EUR 1.8 bln turnover on the Hungarian commercial property investment market in 2019. This was the third year on record with this level of investment, which proves that further market growth is limited by scare supply rather than potential demand,” he explains.

“Investors’ sentiment around Hungary remains solid as we step into 2020.

Based on our pipeline estimation, we expect the market to see more largescale transactions this year compared to previous years,” Borbély adds.

Colliers International put preliminary 2019 investment figures for CEE

It remains to be seen if more skilled workers can be persuaded to return to Hungary and more young people can be attracted to the technical professions. The 2019 total investment volume in Hungary surprised on the upside and matched the EUR 1.8 billion traded in 2018, despite the severe product shortage investors refer to as the main bottleneck of further market growth, according to CBRE. “Based on most recent data, the Hungarian economy remained in a very strong shape throughout 2019 and is expected to strongly outperform the rest of Europe in 2020 as well, although growth will be more moderate,” says Gábor Borbély, head of research at CBRE Hungary.

Agora Tower by HB Reavis is being offered to investers in Budapest.

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TOP EXPAT CEOS

“Based on most recent data, the Hungarian economy remained in a very strong shape throughout 2019 and is expected to strongly outperform the rest of Europe in 2020 as well, although growth will be more moderate.”

(Hungary plus Bulgaria, the Czech Republic, Poland, Romania and Slovakia) at about EUR 13 bln. The estimated total for Hungary stands at EUR 1.7 bln, or EUR 1.89 bln including land and development deals.

This compares to EUR 3 bln for the Czech Republic, a similar sized country to Hungary, and EUR 7.3 bln for Poland, which continues to be the largest investment and development market in the region. A yield differential of 75-100 basis points between Hungary and the Czech market is expected to be maintained this year.

CLEAR DISBALANCE “It is clear that there is a disbalance between supply and demand in almost all the markets in CEE and even more broadly across Europe,” comments Luke Dawson, head of CEE capital markets at Colliers International.

“However, I believe that this lack of supply is not a negative factor overall as it speaks firstly to the fact that existing holders are not looking to exit their positions in CEE. Secondly, it keeps our markets from overheating. For 2020, I would expect the same with the sector breakdown continuing to favor office,” Dawson says.

Total supply in the Budapest office market has reached around 3.6 million sqm according to the Budapest Research Forum (the BRF is made up of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary).

From this figure, a little more than 3 million sqm is defined as Class “A”.

Vacancy has fallen further to close to 7%, one of the lowest levels ever recorded in the Budapest office market.

The industrial market currently has vacancy rate of 2.4%, a historical low in a market that, in the greater Budapest area, has a total stock of 2.2 million sqm. Very few existing logistics projects have 5,000 sqm plus spaces available, according to BRF. Benjamin Perez-Ellischewitz, head of capital markets at JLL, argues that, in contrast to previous development cycles, there is little possibility of oversupply with, for example, pipeline in the Budapest office market representing around 10% of total stock. Investors also now have far better knowledge of the development markets.

HOTEL ATTRACTION With a limited supply of assets in the office, industrial and retail sectors, investors are looking to make acquisitions in the hotel sector.

“European hotels outperformed the other key regions in 2019, both in terms of hotel operating performance and occupancy, with growth in demand expected to persist in 2020,” says CBRE. “As a result, institutional investors will increasingly consider operational hotel investments. In 2020, it is expected that institutional capital will account for more

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than 30% of the European hotel deal volume,” it adds.

With regard to the wider European investment climate (and against the backdrop of U.S.-EU trade tensions and some political uncertainty in Italy and questions over what Brexit will look like in the United Kingdom), economic growth, while slowing, is set to remain positive.

“The low interest environment, supported by central bank policies, is set to continue through 2020. This will support the attractiveness of real estate yields compared to other asset classes, bringing fresh opportunities for the sector to attract institutional investors across Europe,” says Richard Holberton, head of occupier research for EMEA at CBRE. “Regulatory and social pressures surrounding sustainability will be a growing influence on occupier decisions and increasingly have knockon effects on funds and property managers,” he comments.

As to the origin of investors in Hungary, Mike Edwards, head of capital markets at Cushman & Wakefield Hungary, expects more international investors competing with the established domestic real estate funds: Erste, OTP and Diófa.

In addition, a further strata of private Hungarian capital is becoming more active on the Hungarian market and increasing competition for investment grade product, Edwards says.

TOP EXPAT CEOS

MARC DE BASTOS ECKSTEIN CEO, THYSSENKRUPP

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Our company, thyssenkrupp Components Technology Hungary, had its 20th anniversary in Hungary last November. We see these 20 years as a unique success story with especially busy years recently. When I came here, we had 70 people altogether in the company and now we have an R&D activity with 900 highly qualified engineers in Budapest.

“When I came here, we had 70 people altogether in the company and now we have an R&D activity with 900 highly qualified engineers in Budapest.”

BACKGROUND Born in Rio de Janeiro, Marc de Bastos Eckstein is half Brazilian and half German. Graduated from the University of Giessen with a degree in economics. In 2012, he earned an MBA from ESCP Europe Business School in Paris. In 2001 he joined thyssenkrupp, having previously worked for Accenture.

In 2007, he moved to Hungary as the head of thyssenkrupp Presta Hungary, but for seven years was also involved in parallel in the management of one of the German units. He has focused exclusively on Hungary since 2015. De Bastos Eckstein was the 2018 winner of the BBJ Expat CEO of the Year award.

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As to the automotive operations in Hungary, thyssenkrupp today has more than 2,500 employees in five sites: we have an axle assembly plant in Győr; we have built two factories in Jászfényszaru, one for manufacturing camshafts and another for electro-mechanical power steering systems; we set up a plant in Debrecen to produce springs and stabilizers; and we have recently announced plans to build a plant in Pécs to manufacture camshafts and other motor components using Industry 4.0 solutions in our manufacturing process. The total investment volume thyssenkrupp has made in Hungary in the last four years alone is more than HUF 50 billion.

I’m really proud of this success story.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

Thyssenkrupp has been growing rapidly in Hungary for the last three years in

all possible terms, but especially in the number of sites, activities, and the number of colleagues. As one can imagine, challenges come hand-inhand with such a development. So I could name at least four or five topics as “the greatest challenge” for the coming year. Thanks to our colleagues and managers, we have indeed a great team to deal with them.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? As usual, there are always some smaller, special characteristics in every country. Our focus, however, with each new project is on the availability of qualified labor. And here I put a special emphasis on trained and qualified employees. The business community sees that Hungary has come a long way in this topic, but to successfully face the future challenges posed by Industry 4.0, the level of training and education must keep up with the upcoming market demands.

Therefore the development of the education and the vocational

Business Name Top Executive In charge of the position since Description of Business or Services

Thyssenkrupp Components Technology Hungary Kft. Marc de Bastos Eckstein 2007 Technical research and development

Year founded in Hungary

2007

Number of employees in Hungary

2,500

Total turnover in 2018 (HUF mln) HQ in Hungary

training system and their practises must be sped up on all levels.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? This is an easy one! Not that the quality food and the wines of Hungary would not be a worth a separate interview on their own, but our 900 engineer-strong R&D competence center in Budapest, which is the only one of its kind within thyssenkrupp globally, speaks for itself. Our team is full of dedicated and world class experts, and in spite of our size, we

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63,193 1113 Budapest, Daróczi út 1-3.

have still managed to keep some important traits, in particular our “startup enthusiasm” for our projects.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Learn some Hungarian sentences on top of the basic “thank you!” and wine-beer-meal vocabulary!

Hungarians are aware how difficult their language is and how hard it is get the right pronunciation. Thus, they appreciate it a lot once you master some extra bits and pieces.

TOP EXPAT CEOS

JOERG BAUER OWNER, PRESIDENT & CEO, TUNGSRAM GROUP

BACKGROUND Born in Germany, JÜrg Bauer holds a double master’s degree in business administration from the University of Cologne and in international management from Cologne and the Corvinus University of Budapest.

He also spent a year as a visiting student at Oxford University. His first visit to Hungary took place in 1996, when he was an exchange student at Corvinus. He later returned as a GE trainee to GE Lighting for six months, which proved to be a life-changing experience as he met his wife

during that period. He was named the BBJ Expat CEO of the Year in 2017. He has been the owner, president, and CEO of Tungsram Group since April 2018.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? During my career in Hungary, which was mostly with GE, I am really proud of creating sustainable jobs that have also been high value added. I think I have also had some role in attracting investment into the country.

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WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

Tungsram is well-known for producing lighting products, but next year we are stepping up to be a significant player in new industries. For example, our agritech business is a new and already strong player in the indoor farming area that will probably offer the best solution for future food safety. We are also laying down the foundations of the smart cities of the future and the present, of course. Our mission is shaping the future of urban living by providing

“We are expecting to grow in the coming years, both in numbers and higher value added work.

Hence finding, onboarding and engaging the right talent and continuously upskilling this to meet future business demands will continue to be one of our key focus areas.”

technology-driven, smart, sustainable solutions for large metropolitan areas using lighting as a platform. Our strategic goal, at the end of the day, is a happy future.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY?

Business Name Top Executive In charge of the position since Description of Business or Services

Tungsram Group Zrt. Joerg Bauer 2018 Electronics

Year founded in Hungary

2018

Number of employees in Hungary

3,797

Total turnover in 2018 (HUF bln) HQ in Hungary

I think Hungarian consumers should be more aware of products made in Hungary. I see a lot of high-quality products on the market that are really worthy of the trust of consumers.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I like its people: Hungarians are really friendly and hospitable. I would also mention the proud tradition of Hungarian creativity and innovation.

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65 1044 Budapest, Váci út 77.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? One piece of advice would be to use the freedom that comes with being an expat CEO here well. Another is to discover the countryside, I mean Hungary outside of Budapest. There are a lot of wonderful sights, towns and good food and restaurants throughout the country.

TOP EXPAT CEOS

PATRICK BONTENAKELS MANAGING DIRECTOR, FRESSNAPF-HUNGÁRIA

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? When I took over the responsibility for Fressnapf Hungária Kft. in 2016, it was like a family-run SME with 37 stores, low transparency and self-created processes. At that time, only a handful of people spoke sufficient English, not matching our group-wide matrix organization. Nevertheless, there were also many positive things to build on, especially with regards to market share and positioning. Today, I am proud to say that we have a people-oriented, process-driven culture of collaboration.

Most colleagues from 2016 are

“…In my experience, there is a very business-friendly environment in Hungary.

The biggest challenge, though, is workforce.

Therefore, a good corporate culture, training and development plans as well as competitive salaries are key.”

BACKGROUND Patrick Bontenakels describes himself as an optimistic 43-year-old fully-fledged retailer of German/Irish origin. Born in Paris, he has

lived in four different countries.

Together with his partner, two kids and two dogs, he has been living in Budapest for nearly four years.

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still onboard despite a significant transformation of the entire business.

The results are visible: Together, we have turned Fressnapf Hungária into the one of the most profitable business unit inside the Fressnapf Group. We have seen double digit turnover growth year on year, opened 13 additional stores in spite of the “Plaza-Stop” legislation, reduced the cost ratio and staff turnover. Personally, I am very proud of the development of our

employees. Many of them are involved in international projects, and have grown to become respected managers inside the group.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

In retail you say, “there is no bigger challenge then a very good previous year.” But business-wise, we are very optimistic to continue our success story. Besides that, I have identified three areas where we will increase our efforts; sustainability, new customer segments and digitalization.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Obviously, we look at tendencies of protectionism in Hungary such as the above-mentioned “Plaza-Stop” law. But, in my experience, there is a very business-friendly environment in Hungary. The biggest challenge, though, is workforce. Therefore, a good corporate culture, training and development plans as well as competitive salaries are key. Straight after I took over responsibility, my main focus was on creating a fair, transparent remuneration system as well as setting

Business Name Top Executive

Fressnapf-Hungária Állateledel és Felszerelés Nagy- és Kiskereskedelmi Kft.

Patrick Peter Bontenakels

In charge of the position since

2016

Description of Business or Services

Retail

Year founded in Hungary

2002

Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

up personal training plans, including free language classes for all employees in our headquarters.

We implemented flex-office, launched an internal recruitment and recommendation program and increased flexibility in working hours. The unique Fressnapf working culture served us well, additionally. All employees are invited to bring their dogs to work with them, which has a great positive impact on the working atmosphere.

When talking to my expat colleagues, they outline similar challenges across all industries. I strongly believe that our common efforts help grow Hungary’s competitiveness in an open European labor market.

399 15,273 1097 Budapest, Könyves Kálmán krt. 11. c.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? In terms of business, Hungary is a solution-oriented country with a pragmatic approach when facing obstacles. More than once my team proved to have admirable flexibility in context of changing settings, enabling them to focus on “how?” rather than “why?”. This spirit allowed us to shape Fressnapf Hungaria into a successful business in record time.

Further, and this is a very personal observation of mine, being a dog owner, Hungarians are the most petfriendly people I have come across.

Despite my limited Hungarian language skills, I have met and talked to hundreds of people in parks, shopping centers and in the busy streets of Budapest while walking my dogs.

As a hobby cook, I also like Hungarian cuisine and wines from Szekszárd (red) and Etyek (white). This list could continue for too long as I haven’t even mentioned Budapest as an exciting town or the countryside with its hills, forests and more worthwhile visiting towns.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Go out and meet the people. It is a very safe and modern place. Explore Budapest but also see the rest of the country. Get a dog (and shop with us).

And finally, especially if you are from Germany, “relax” as things usually work out fine in the end.

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TOP EXPAT CEOS

GWÉNAEL CEVAER MANAGING DIRECTOR, ARVAL HUNGARY

BACKGROUND Gwenael Cevaer has been the managing director of Arval Hungary since October 1, 2018. He joined Arval’s French team in 1997 as commercial director. Over the course of his career at the company, he has acted as a board member of its Polish and Russian subsidiaries, becoming managing director of Arval Austria in 2014. He was responsible for transforming and reinforcing the structure of the company, as

well as the strategic development and standardization of processes and operations. Cevaer moved to Hungary with his wife and 17-year-old daughter, while his two other children continued their studies in France and Canada.

managerial positions. I truly believe that leading a “balanced” executive committee provides rich and open exchanges and a very healthy and innovative working environment.

Complementarity is essential within a company.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am very proud of having promoted or recruited talented women at

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

Data-based operation trends have recently gained great significance

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and will remain key drivers of the industry for a very long time. In fact, in the forthcoming years, among many other areas, the long-term automotive rental and fleet management market will be one of the main stages of intense development. Smart solutions that have been considered science fiction are now becoming a part of our everyday lives. In this situation it is no

“Smart solutions that have been considered science fiction are now becoming a part of our everyday lives.

In this situation it is no exaggeration to say that the sector has stepped into a brand new era.” exaggeration to say that the sector has stepped into a brand new era. In this era, it is those who keep up with trends and listen and invest in the future who will not only survive, but will become more efficient and successful.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Make innovative thinking bolder and more straightforward. My aim is to provide innovative products in the full service leasing sector. Building

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

customized solutions around our clients’ drivers’ mobility is our dayto-day engagement. For example, integrating mid-term rental or electric vehicles in a company car policy is very much appreciated by our clients.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? It’s been more than a year now that I have been living here and I am thrilled about how the capital

Arval Magyarország Járműparkkezelő Kft. Gwénael Cevaer 2018 Full service vehicle leasing 2003 35 9,877 1113 Budapest, Bocskai út 134-146.

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is changing one day to the next.

I am happy to see how transportation is evolving, thus more and more micro mobility tools, such as car sharing solutions and e-bikes, are becoming popular. Another pleasant surprise is that the use of electric cars is also spreading while the infrastructure is evolving, enabling drivers to visit almost any place in the beautiful Hungarian countryside with only one charging.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? The most important advice is to be open-minded. I have had great experiences with Hungarian people and my co-workers. They all have very unique mindsets, with a willingness to grow, innovate and learn. Another key piece of advice is to never refuse a good pálinka; it is a perfect start to some great conversations.

TOP EXPAT CEOS

PRABAL DATTA MANAGING DIRECTOR, DELIVERY CENTER HEAD RESPONSIBLE FOR HUNGARY, AND CENTRAL AND EASTERN EUROPE, TATA CONSULTANCY SERVICES LTD.

BACKGROUND Born in India to a family with a modest financial background, Prabal Datta’s schooling took place in a remote village lacking basic infrastructure.

He’s gone a long way since then to get a master’s degree in statistics at the Indian Statistical Institute. Datta specialized in applied statistics, and did his thesis on cryptography. Tata Consultancy Services was the largest IT company in India and was a natural choice for him to join in 1990. He was posted in numerous locations around the globe before assuming his position at the helm of TCS in Hungary 2015.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? In short, growth and digital transformation. We are constantly delivering the higher value added services required by the digital age.

In the past couple of years, we have doubled our size. We have also transformed our services and placed our Business 4.0 framework to support our clients in growing and transforming their businesses in agile fashion.

We believe in investing in digital skills to support this growth and advancement of organizations, not only in Hungary. Along with our partners, we put a lot of effort

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into spreading the importance of STEM education and helping students take this up as career. We are very proud that we are able to contribute to technological advancements and the digital economy in Hungary. Our efforts and achievements have been recognized widely in the country and in the region. We are extremely honored to receive them.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

We continue to experience significant demand for our services. We are expecting to grow in the coming years, both in numbers and higher value

added work. Hence finding, onboarding and engaging the right talent and continuously upskilling this to meet future business demands will continue to be one of our key focus areas.

“We are expecting to grow in the coming years, both in numbers and higher value added work.

Hence finding, onboarding and engaging the right talent and continuously upskilling this to meet future business demands will continue to be one of our key focus areas.”

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? The business climate in Hungary is very positive and buoyant. With supportive government policies, Hungary is one of the most attractive investment destinations in the region. It is reflected in the amount FDI received and also in

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

the above average GDP growth. Also there is a regular dialogue among policy makers and business. It helps to keep Hungary competitive. If I have to really mention one thing, I would say we should focus on increasing the use of digital technologies in governance and the interface with government.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I am fascinated with the eventful history and cultural richness of the country, the exhibition of the unbeatable spirit of the nation that rebuilds the country over and over. I relish the rich culinary exploits it offers. I also appreciate the innovative mindset of its people and the ease of doing business here.

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Tata Consultancy Services Limited Magyarországi Fióktelepe Prabal Datta 2015 IT 2004 2,500 (at the end of 2019) 19,732 (April 1, 2017-March 31, 2018) 1117 Budapest, Alíz utca 4.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? I would suggest you look forward with positive expectation and make the most of your stay in Hungary. Get engaged with the active business forums that act as a strong platform for advocacy with the government. Most importantly, try to give back to Hungarian society and economy in your own way to make it more competitive and sustainable. On a personal note, I would strongly recommend exploring the wonderful landscapes and savoring the gastronomical delights that Hungary has to offer.

TOP EXPAT CEOS

MACIEJ GALANT MANGING DIRECTOR, BMW GROUP HUNGARY

BACKGROUND Born in Poland in 1969, Maciej Galant graduated as a bachelor of naval engineering and sea transportation at the Maritime University of Szczecin.

After various positions at Shell, BP and Citibank, Galant headed the sales department of BMW Group Poland for 10 years. Afterwards, he acted as the managing director of BMW Group Slovenia between 2016 and 2019.

Galant has been leading the Hungarian BMW Group office since August 2019.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? In Hungary we have achieved record sales with BMW, MINI and BMW

Motorrad [the motorcycle division] in 2019. It has been a really challenging year in many ways, but the great products, our stable dealer network and my team did their best and delivered the performance.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The year 2020 will bring further challenges, but most of all the new European Union carbon-dioxide emission targets will change the game for all car manufacturers. Even though BMW Group is very well positioned, as we have a range of more than 10 electric and plug-in-hybrid cars, we need to sell a significant share of

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these electrified vehicles, persuade customers and change people’s mindset in 2020.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? I have been in this great country just a few months, so I would like to spend a bit more time with observation. Let’s revisit this question in a few months.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Hungary is in the middle of Europe, the people are open and they really work up to a very high standards. Budapest, where I live, is one of the best cities in

“The year 2020 will bring further challenges, but most of all the new European Union carbondioxide emission targets will change the game for all car manufacturers.

Even though BMW Group is very well positioned, as we have a range of more than 10 electric and plugin-hybrid cars, we need to sell a significant share of these electrified vehicles, persuade customers and change people’s mindset in 2020.”

Business Name Top Executive

BMW Magyarország Gépjármű és Gépjárműalkatrész Importáló és Forgalmazó Kft.

Maciej Galant

In charge of the position since

2019

Description of Business or Services

Retail

Year founded in Hungary

2004

Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

Europe: it has a lot of elegance, style, is full of culture, fantastic gastronomy; therefore, there are so many reasons to love this vibrant place.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Be open minded and stay open for new exiting moments in Hungary.

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27 11,697 2220 Vecsés, Lőrinci út 59.

Amazing, cultured people, great food, excellent wine, diverse regions and architecture. Even though the Hungarian language sounds very different and difficult, you can find a few words similar to your own. You will not even notice that after few months you could order in Hungarian a goulash soup in a restaurant for yourself.

TOP EXPAT CEOS

FLORIN GODEAN CLUSTER MANAGER, ADECCO ROMANIA AND HUNGARY

2011. Under his leadership, Adecco Romania became market leader, a status it has now held for the seventh consecutive year in a roll.

During this period, the company’s turnover almost doubled, from EUR 49 million in 2011 to EUR 89 mln in 2018. Starting in 2019, Godean took on the new role of cluster manager of both Adecco Romania and Hungary, where he leads the management process for 300 internal colleagues and almost 7,500 temporary associates.

“Hungary is in a transformative period, but still the cooperation between organizations is not the strongest. This should be changed; the private and public sectors should start a closer working relationship with one another.”

BACKGROUND Florin Godean is the cluster manager of Adecco Romania and Hungary, where he manages business growth and development. He is a West University of Timisoara graduate, with a bachelor’s degree in economics. After graduation

he joined Infotin as general manager and two years later he enrolled in the European Voluntary Service in Helsinki, Finland. He joined Adecco Romania in 2004 as sales and marketing director.

He took on the role of country manager at Adecco Romania in

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WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am extremely proud of two things that I have achieved in Hungary during this year: teamwork and financial results. Firstly, I have strengthened the engagement of my colleagues, which has intensified the teamwork, cooperation, productivity and effectiveness. These results are numerically visible in the quarterly and yearly measured Peakon and Great Place to Work index. Secondly, from a financial point of view, Hungary has become one of the

best performing countries in our region, with outstanding results.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

To strengthen our position and keep up with the extremely fast changes in the market. Though we are a consulting company with a focus of human resources, launching innovative solutions and digitalizing all our processes and tools are a key point for 2020 and for the future.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Hungary is in a transformative period, but still the cooperation between organizations is not the strongest. This should be changed; the private and public sectors should start a closer working relationship with one another.

The real power of alliances has not

Business Name Top Executive In charge of the position since Description of Business or Services

Adecco Kft. Florin Godean 2019 HR Solutions Provider

Year founded in Hungary

1990

Number of employees in Hungary

1,971

Total turnover in 2018 (HUF mln) HQ in Hungary

16,301 1134 Budapest, VĂĄci Ăşt 45.

been used so far, which can truly impact the market. I would start the above listed cooperation.

have innovative ideas and different approaches, which inspires me as personally as professionally.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Generally, I love Hungary, the people, the culture, the cuisine and the amazing architecture of Budapest. From a business perspective, I am impressed by the people; they are all very creative,

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? To dedicate a lot of time to the people and people management, to get to know them. This is the key for a longterm, successful cooperation.

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TOP EXPAT CEOS

MATTHIAS GRUBER CEO, LUFTHANSA TECHNIK BUDAPEST

knowledge of existing processes and norms. However, it also provides the very valuable opportunity to question the existing and think outside the box.

Within this context, I am more than proud that I have triggered the development of Lufthansa Technik Budapest from a “hierarchical” company to an agile or beta company. We started to build teams for decision making and gave them economic responsibility for their tasks.

This is a challenging shift for the company but also for me as CEO, because it requires trust, acceptance

“We place a focus on providing a safe, innovative and open work environment to remain an attractive employer to our existing and potential employees.”

BACKGROUND Born in Deggendorf, Germany, Matthias Gruber completed his vocational training after secondary school as an aircraft mechanic specialized in maintenance engineering, at Lufthansa Technik AG in Munich. He then worked his way up the company ladder, working in a variety of positions before his appointment as CEO at Lufthansa Technik Budapest. He earned his bachelor’s degree in business administration at the University of Applied Sciences Mainz, and ISCTE University Institute of Lisbon.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Since I have only been in Hungary for nine months, one of my key accomplishments has been settling in personally as well as professionally. In this context, I am especially proud of managing the integration into a new society. Finding the right approach to this challenging situation provides the key to the successes that I have been able to achieve since arriving in Hungary.

Being new as a CEO provides quite a few challenges regarding network,

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of possible failure and conceivably second chances for achieving success.

Besides that, we initiated many innovative improvements in digitalization, working environment, retention programs and higher education. We exhibited many of these innovative improvements, e.g.

VR Googles, drones for maintenance inspections, exoskeletons and 3D printers, at the Night of Modern Factories in November. Recently, we started a maintenance trainee class with 26 young and highly motivated people that provides them with a chance for development and a comprehensive aviation education.

However, while this dynamic provides us with numerous chances for development and growth, our key focus remains on safety and quality for our employees and our customers. We strongly believe that safety

is our priority, quality is our standard and both are connected by innovation.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

I expect that the biggest challenge for LTB will be finding skilled and enthusiastic people who are willing to work in the aviation environment. There is a challenging lack of staff across all of Europe, resulting in the pressure to identify potential and retain existing employees. This is why we place a focus on providing a safe, innovative and open work environment to remain an attractive employer to our existing and potential employees.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Difficult question, because as I mentioned before, I have been here for

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

Lufthansa Technik Budapest Kft. Matthias Gruber 2019 Aircraft maintenance and modification service 2000 431 12,984 1185 Budapest, Budapest Liszt Ferenc Nemzetközi Repülőtér

only nine months. My first impression is very positive. However, I might have further ideas on this question next year.

challenges, and their openness.

Personally, I am also very fond of Lake Balaton.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I traveled around Hungary last summer and got a lot of positive and very diverse impressions of the country. I am very impressed by the people, their approach to handling

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Be open to the culture, talk to people, listen to them, and trust them. Question the existing and develop new ideas and solutions together with your team.

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TOP EXPAT CEOS

JAN HÜBNER COUNTRY CEO, HB REAVIS HUNGARY

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am extremely proud of our local team, which has grown significantly since I took over the operation. In connection to this, I am very grateful to have won the “Real Estate Employer of the Year 2018” award from CIJ. This award truly recognizes our people-focused company values. I am delighted about two significant new leasing transactions, Raiffeisen Bank and BP moving to Agora Budapest. These two companies’ pro-employee approach matched well with the innate emphasis HB Reavis puts on wellbeing and productivity

“It is important to retain enough professionals for our developments, and this is why we want to go ahead and start supporting students during their studies.”

BACKGROUND Jan Hübner was appointed HB Reavis’ CEO for Hungary in 2017. After the agreed three years of successful operation, he will step down from his role and will transmit the agenda smoothly to his successor, Robert

Kubinský. He joined HB Reavis in 2010 as construction manager, supervising design and construction works for River Garden, the group’s first office scheme in the Czech Republic. He also worked as country construction officer and board member of HB Reavis Poland.

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when designing offices. Last but not least, I am pleased to have successfully introduced some of our new service lines to the market. Budapest’s very first HubHub coworking space is now open and nearly fully leased. Our Origameo team, focusing on the design and layout of workspaces that are tailor-made to occupiers’ and users’ needs, is also doing well with clients.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE IN 2020?

Following the handover of the first phase of Agora Budapest,

we will move on further with our development pipeline. I am looking forward to the opening of Agora Tower and Agora Hub. Meanwhile, we are deploying our new service, “More”, which offers a unique level of property management that can help unlock the full potential of our buildings, including increasing employee engagement, supporting talent attraction and retention and improving occupier wellbeing.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? The labor market in Hungary is tight for both temporary and permanent employment, and it’s getting tighter.

There is a long-lasting shortage of certain professions like engineers and skilled workers in the job market. So, in the long-term, we would like to continue supporting universities. It is very difficult to recruit experienced engineers who speak foreign languages. It is important to retain enough professionals for our developments, and this is why we

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

want to go ahead and start supporting students during their studies.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I really like Lake Balaton. I also like Hungarian cuisine, especially the goulash and the taste of paprika. I recently visited Hortobágy with my family, which was a great experience.

We also visited Vác and Visegrád, which was especially nice because my daughter is currently studying the medieval era of Czech history and a famous peace meeting with the

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HB Reavis Hungary Kft. Jan Hübner 2017 Real estate development 2012 More than 60 NA 1138 Budapest, Népfürdő u. 22.

Czech, Polish and Hungarian kings took place in Visegrád. I enjoy living in Budapest: a beautiful and lively city with plenty of potential.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Although I personally failed, I recommend learning at least the basics of this difficult language. If you speak at a little Hungarian, it’s definitely easier to get around. And also, in general, just listen to people and to what is happening and enjoy the life here.

TOP EXPAT CEOS

KARL-HEINZ KETH MANAGING DIRECTOR, PRAKTIKER

BACKGROUND Karl-Heinz Keth has been the managing director of the Hungarian arm of what was originally the German-based DIYchain Praktiker since it was established in 1998. He first took charge at the Hungarian branch and afterwards he served in parallel in the same position in Turkey, Romania, Bulgaria, Austria and Luxembourg. When the German parent company went bankrupt in 2013, the fall reverberated through the whole international network and put the Hungarian operation at risk. It was Keth who pushed the company out of the red zone, kept it running. He eventually found investors in 2016 who

“I am most proud of the fact that we stayed alive two times: the first during the global financial crisis in 2008, and the second time when our German parent company went bankrupt.� ensured a steady business would be secured once again. During his time as leader in Hungary, he also managed to open a range of new Praktiker stores across the country, while keeping the workforce and boosting both revenues and profits.

Of German origin, Keth started working at Praktiker at the end of the 1970s. He slowly but surely proceeded to the management ranks and soon started taking positions outside Germany. Before his assignment to Hungary, he had never been to the country but from the first moment

46

he liked Hungarian food, drinks and the beautiful ladies. He is also the chairman of the Supervisory Board at the German-Hungarian Chamber of Industry and Commerce (DUIHK), and chairman of the Kapcsok Foundation.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am most proud of the fact that we stayed alive two times: the first during the global financial crisis in 2008, and the second time when our German parent company went bankrupt. I am also proud of my team, because they always believed in the company.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

I expect that my greatest challenge in 2020 will be finding sufficient workforce.

Business Name Top Executive

Praktiker Építési- és Barkácspiacok Magyarország Kft. Karl-Heinz Keth

In charge of the position since

1998

Description of Business or Services

Retail

Year founded in Hungary

1995

Number of employees in Hungary

1,590

Total turnover in 2018 (HUF mln) HQ in Hungary

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? To be honest, I would not change anything as there are enough possibilities to make things on our own, the way we would like to make them. I see no restrictions whatsoever.

WHAT DO YOU LIKE MOST ABOUT HUNGARY?

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57,108 1095 Budapest, Mester u. 87.

I like the people, the mentality, the hospitality and the big heart of the people.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Keep your eyes and ears open and open up to the people as sincerely as you can.

TOP EXPAT CEOS

ARNE KLEHN MULTI-PROPERTY GENERAL MANAGER FOR BUDAPEST, MARRIOTT INTERNATIONAL

BACKGROUND Arne Klehn has worked as the multiproperty general manager for Budapest at Marriott International since 2018.

Before coming to the Hungarian capital, he was the general manager of the Instanbul Sisli Marriott Hotel for three years. He was general manager of the Paris Charles de Gaulle Airport Marriott Hotel between 2013 and 2015. Before that, he worked for Marriott in various positions in London and Palm Springs, California.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY?

I am extremely proud of having navigated this extremely iconic property through the recent renovation and upgrade program. My predecessor completed the rooms renovation from January to April 2018 within four months; however, all the other outlets, public and private spaces had to be renovated from May 2018 until September 1, 2019.

Additionally, we were able to reposition our food and beverage outlets after renovation and opening them on March 1, and are now known for innovation in the market. We now have an on-strategy product including the new Marriott modern design package as well as fully activated property with sensory

48

programming including light, music and scent. Additionally, we are running successful youth career programs with our local and European partner SOS Children Villages to integrate young individuals in our hotels, providing them with purpose.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The greatest business challenges will be having adequate staffing to service our guests, providing great travel moments and experiences for them. We started a new partnership with a local company to provide

relevant employer branding for our hotels in the market. The new employer branding includes a back of house activation, providing great and refreshed workspaces, a digital application used as a communication platform, as well as ensuring we

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary

“For many years we did not have a significant foot print in Hungary with only six hotels in the country.

We aim to double our presence within the next few years and therefore also require more diversity in the workforce.” deliver on the company culture, which is the biggest asset for us.

The second opportunity includes the importance to further grow our guest mix and clientele by providing amazing travel moments for our customers. We must deliver on our guests’ needs and desires to enrich

Total turnover in 2018 (HUF mln) HQ in Hungary

their lives. We call it back to “CORE”: Delivering on Culture, ensuring flawless Operations, providing Recognition and driving Expansion.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? For many years we did not have a significant foot print in Hungary with only six hotels in the country. We aim to double our presence within the next few years and therefore also require more diversity in the workforce.

WHAT DO YOU LIKE MOST ABOUT HUNGARY?

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Budapest Marriott Hotel Arne Klehn 2018 Tourism 1994 268 7,354 1052 Budapest, Apáczai Csere János utca 4.

We are a people business and I would definitely say the people. Hungarian people believe in strong family values and it’s the center of their social structure. Personal chemistry facilitates many tasks, making live enjoyable, and these are our company values as well, to a certain extend.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY Connect with your teams and spend time with staff and team members listen and learn. Additionally, to connect with the local community it is crucial to be active in a variety of chambers and network organizations.

TOP EXPAT CEOS

DANIEL KORIOTH REPRESENTATIVE OF THE BOSCH GROUP IN HUNGARY, GENERAL MANAGER OF ROBERT BOSCH KFT., BUDAPEST

group since 1989. He started his career as a member of the Junior Managers’ Program in sales and marketing, and over the last 30 years he has worked in Germany, Spain, Argentina, Uruguay and Brazil. Before coming to Budapest, he was regional president for diesel systems in Latin America, a role he started in November 2008.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? It is very difficult to pick one, because so many projects I could be proud of have been in progress in the recent period. Of course, this is mainly thanks to my hard-working, persevering

“…The fact that the Campus 2 project has got under way during my time as representative of the Bosch Group in Hungary is particularly uplifting.

It will be one of the most advanced development centers in the world.”

BACKGROUND Daniel Korioth has been the representative of the Bosch Group in Hungary since November 1, 2016, as well as the general manager of Robert Bosch Kft. with additional

responsibilities for commercial operations in Bosnia-Herzegovina, Croatia, Montenegro, Serbia and Slovenia. Korioth graduated in Economics from the University of Lima, Peru, and has been working for the

50

colleagues, and I am very grateful to them for their work. But to be specific, the fact that the Campus 2 project has got under way during my time as representative of the Bosch Group in Hungary is particularly uplifting. It will be one of the most advanced development centers in the world. But every Bosch site in Hungary has achieved something definitive and outstanding during the last three years. Perhaps most important of all is that the Bosch team in Hungary has grown continuously

while I have been here. According to the latest figures we now have nearly 14,800 associates.

Business Name Top Executive In charge of the position since

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The crisis in the automotive industry and changes in the market are currently the greatest challenges facing Bosch.

The substantial income growth we have been experiencing cannot be sustained, but we can still look forward to some increase. Our objective continues to be to maintain the good reputation of Bosch and to remain among the best employers, in Hungary as elsewhere.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? I think that management of the company must be more peoplecentered, and we must invest even greater trust in the associates.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? The culture is wonderful. I am always astonished that, despite the size of the

Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF) HQ in Hungary

country, Hungary has such diverse and colorful cultural traditions. It also has a very fortunate geographical position, and there is beautiful countryside to explore. Budapest is a very handsome city, and my wife and I very much enjoy living here. The language has proved a bit much for me, though, and I still only speak a little Hungarian, but I’m not giving up!

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? I think it is very important, whatever country you go to as a representative,

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Bosch Group in Hungary Daniel Korioth 2016 Production of automotive and consumer goods, engineering, sales and regional services

1991 14,800 1,317 billion 1103 Budapest, Gyömrői út 104.

to try to get to know as many people as possible, inside and outside the company. You have to talk to your colleagues to get a feel for how to run a company properly. You have to learn the cultural differences as well.

I count myself very fortunate in having become familiar with places that are very far from each other and have such different cultures. But that is also a challenge, because I have to get back to the basics again and again, and for this it is very important to build the team spirit, maintain a positive approach, and meet the new challenges with great caution, but with just as much optimism.

TOP EXPAT CEOS

TAIRA-JULIA LAMMI CEO, ABB KFT. HUNGARY

BACKGROUND Taira-Julia Lammi has been the head of ABB’s Hungarian operations since September 1, 2016. Born in Ikaalinen, Finland, she earned an MSc degree in engineering from the technical university of Tampere. Lammi was the winner of last year’s BBJ Expat CEO of the Year Award.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Motivating the ABB team to deliver double-digit growth year after year, implementing a home office policy at ABB, finalizing the acquisition of the GE

“We are no longer dependent on one single location to perform the work, especially the office workforce. There are tools to connect to your team members by skype, phones, e-mails, webinars etc.”

Industrial solutions and successfully running the integration of the teams within ABB. Also, receiving the Expat CEO of the Year Award was an amazing moment to remember.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

I would like to mention three potential challenges that I see. One challenge comes from the speed of digitalization.

We wish to help our customers in their digital journey when none of us really knows what the future brings us.

The second challenge is fighting the

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emerging downturn of the markets and being able to continue delivering growth to the company. The third challenge is workforce related: I am afraid we, like many other companies, will have to fight for the scarce but talented resources on the job market and find new ways to motivate employees.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? The way I see it, many workplaces are in transition from the old way of doing work to a new way of working. I am not only talking about the change coming from digitalization or AI, but simply from the way we measure work. We are no longer dependent on one single location to perform the work, especially the office workforce. There are tools to connect to your team members by skype, phones, e-mails, webinars etc. Yet still we see old school arrangements in offices; people are expected to show up in person.

Even if new policies allow personnel to work from a home office, traditional work arrangements stick for more senior colleagues and learning away from

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary

ABB Kft. Taira-Julia Lammi 2016 Digital technologies 1991

Number of employees in Hungary

2,000+

Total turnover in 2018 (HUF mln)

16,135

HQ in Hungary

old beliefs and traditions is not easy.

Furthermore, the newcomers have new kind of expectations for work; a long career in one company is not a goal anymore, but a good balance between work and personal life is. This mindset change affects not only for Hungary, but businesses in general and I think it requires a lot of thought, discussion and actions from companies.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I like the people, climate, food and wine.

In Budapest, I like the fact that it is a

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1139-Budapest, VĂĄci Ăşt 99.

beautiful city that offers huge cultural experiences, from art to theater, street dining to fine dining.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO COMING TO HUNGARY? I would encourage them to participate actively in various associations and business chambers to create a good network. I would tell them to embrace the beautiful location of Hungary, to travel and look around. And also to seek out opportunities for business growth in the R&D area for their companies.

TOP EXPAT CEOS

ENRICO DE LORENZI MANAGING DIRECTOR, OPEL SOUTHEAST EUROPE

BACKGROUND Born in Genova, Italy, Enrico De Lorenzi earned his degree in Economics at the Sapienza University of Rome. Over his career, spanning three decades to date, he worked at several major firms including IBM, Nissan, and Fiat, before he arrived at Opel in 2005. For the company, he worked in Italy, Greece, and Spain prior to his appointment as managing director of Opel Southeast Europe in August 2017. Currently, he is fully responsible for 21 markets in the region.

“It’s worth mentioning our full dedication as a brand to improve our carbon-dioxide footprint for a cleaner and better future and our commitment to become a professional reference in the light commercial vehicles industry.”

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WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? During my more than two years at the helm of the southeast region for Opel, many achievements have been reached. Among the strategic ones, I want to mention the re-organization of the team to face future and long-term challenges and, specifically for Hungary, keeping Opel as one of the best performers in the industry, satisfying our huge customer

base with new products and a professional network.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

We’ll have several challenges in the near future. It’s worth mentioning our full dedication as a brand to improve our carbon-dioxide footprint for a cleaner and better future and our commitment to become a professional reference in the light commercial vehicles industry.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? The process to professionalize the network is pretty slow compared to rest of Europe for the size of the industry and the size of the dealers. At the same time, we need to accelerate on electrification, while the recharging distribution system is still pretty small

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

scale. For this reason, we are working with our dealers to have all our outlets in Hungary as a potential point of recharge for our customers.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? A lot of things. It is a beautiful country with a lot of history (even from the Roman Empire). The food is good. It

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Opel Southeast Europe Kft. Enrico de Lorenzi 2017 Car retail 1990 91 241,358 2040 Budaörs, Szabadság út 117.

is a safe country with a pretty young population, above all in Budapest. It is a nice lifestyle indeed.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Forget what you leave behind you and enjoy every day here. Or, as the Romans said “Carpe Diem!”

TOP EXPAT CEOS

RAHUL MALHOTRA DIRECTOR OF SERVICE DELIVERY, AVIS BUDGET GROUP

There are two achievements I am really proud of. In January 2018, I was standing on the stage of one the most esteemed shared services gala event in Warsaw, Poland, where Avis Budget Group BSC was awarded Best SSC of Central and Eastern Europe. I was amongst many European delegates along with Hungarian ones. It was very honored to receive the award and in my speech I said, “The award is an appreciation to the 1,200

“These are certain elements which are challenges for the car rental industry; however, if we look at it from the customers’ perspective, it is our greatest opportunity to capitalize on these diverse mobility options.”

BACKGROUND Rahul Malhotra moved to Hungary in March 2011, and is working in the capacity of director of service delivery for Avis Budget Group at the Business Support Center in Budapest. Born and raised in India, Rahul comes from a family which is a firm believer in education. He defines himself in one sentence as an MBA by qualification,

a shared services management expert by profession, and a passionate public relations ambassador by nature. Before moving to Budapest, he conducted consulting assignments in more than 25 countries across four continents.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY?

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employees working in our Budapest office who ensure that our customers are getting the best possible services across Europe.” I also said that the world has become truly global; for me, coming from India, working for an American company, representing a Hungarian SSC and receiving the award in Poland was a true moment of pride.

The second is a personal one, as my son was born in Hungary when I had been in country for only three months. It was truly a memorable experience and nothing can be compared to that level of change management exercise! It was a new

country, a new company, a language that I had no clue about and becoming father for the first time.

I became more thankful to people who supported me managing this change and it gave me a different perspective on life.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The car rental industry is evolving and is at a transformative stage.

Customers have alternative ways to manage their mobility requirements that can range from a Lime scooter to a limousine, one-minute rental of car to a three-year leasing, owning a car to car sharing, hiring a taxi to Uber. These are certain elements which are challenges for the car rental industry; however, if we look at it from the customers’ perspective, it is our greatest opportunity to capitalize on these diverse mobility options.

Companies across all industries are trying to create a better experience for their customers, and the car rental industry is no different; hence, in 2020 and in the upcoming years, we will strive to focus on

Business Name Top Executive In charge of the position since Description of Business or Services

Avis Budget Group BSC Kft. Rahul Malhotra 2011 Car rental

Year founded in Hungary

2003

Number of employees in Budapest

1,200

Total turnover in 2018 (HUF mln) HQ in Hungary

providing multifaceted mobility solutions to our customers.

Business support services-wise, processing and technology only represent two of shared services’ three points, the other being people.

Cracking the talent dilemma will remain top of shared services leaders’ lists. More specifically, the challenge lies in identifying what kind of human resources will be redeployed, how to prepare them for this work, and how to manage the transition. We need to institutionalize shared service knowledge at the college level so that we can tackle this challenge.

10,304 1134 Budapest, Kassák Lajos utca 19-25.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Smart. Ambitious. Competitive. These three words describe why you should consider Hungary an ideal location for your growing business in the words of the Hungarian Investment Promotion Agency. However, administration can be a nightmare when you are obligated to prepare documentation in the local language for numerous local authorities.

I would challenge bureaucrats to focus on easing up doing business for foreigners and foreign investments.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Hungary has a unique vibe which attracts you. There is a great cultural richness, beautiful countryside, unimaginable music festivals, mouthwatering food and wine, almost everything one needs to have a comfortable, healthy and enjoyable life.

The magic of Balaton, the wilderness of the Hortobágy, the cuteness of Szeged, and the vivacity of Budapest.

Once you open up to Hungarians, they will put their hearts out to you. I can go on appreciating the country, but one really needs to come visit to experience it!

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Write fewer emails and connect more face-to-face, even if you don’t speak “Magyarul”. Be present for your people.

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TOP EXPAT CEOS

ELOI MALTA-BEY HEAD OF MARKET – SOUTH EAST EUROPE, TMF GROUP

I am most proud of the strong teams I have built and our ability to constantly adapt to our industry’s ever-changing environment together.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

At the end of 2019, we opened a new multilingual service hub in Subotica, Serbia to support our growth in our existing locations. Together with a strong focus on adopting the best available service technologies, this

BACKGROUND Eloi Malta-Bey has studied global management in France, Austria and Germany and has specialized in innovative transformation and change management challenges, working at IBM, Intercomp and Xerox Services before joining TMF Group.

Eloi has led numerous international projects involving outsourcing, shared services, service operations, business development and account management, leading teams located all around the world.

He joined TMF Group in October 2017 as managing director for Hungary.

Since September 2018, he has held the position of managing director for the Central Europe South region (Croatia, Hungary, Serbia and Slovenia) and in December 2019, he was appointed head of market for South East Europe (Bulgaria, Croatia, Greece, Hungary, Romania, Serbia and Slovenia).

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? These past years have been an amazing race, full of exciting challenges and changes, and there is no reason to believe that 2020 will be any different.

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“From a business perspective, Hungary’s excellent infrastructure, ready-made industrial sites, offices and science parks, combined with a good balance of labor costs and quality, make it an ideal location for expanding firms to build a presence within Europe’s huge consumer market.” particular investment will allow us to increase our value proposition to clients, to employees as well as to TMF Group as a whole. I am really looking forward to work with the new teams in Subotica as well as with my new south east Europe market teams.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Our annual TMF Group study, the “Global Business Complexity Index”,

analyzed 76 jurisdictions worldwide in terms of ease of doing business.

We measure “complexity” by how complicated and unpredictable a business environment is, and how difficult it is to understand and operate in. The index ranked Hungary at 57th place (First being most complex, 76th least complex).

Hungary’s outlook in terms of complexity and predictability

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

compared to other countries is quite positive, so moving forward in the same direction would create even more opportunities for businesses.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Budapest is a very beautiful city full of culture and scenery, both hip and nostalgic, with great food;

TMF Magyarország Kft. Eloi Malta-Bey 2017 Finance 1994 202 3,105 1138 Budapest, Népfürdő utca 22.

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it is an amazing place to live.

I really enjoy the sizzling capital, but I also love the calmer countryside. I really feel like I’m in the center of Europe!

From a business perspective, Hungary’s excellent infrastructure, ready-made industrial sites, offices and science parks, combined with a good balance of labor costs and quality, make it an ideal location for expanding firms to build a presence within Europe’s huge consumer market.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? My advice would be to just appreciate and respect the country specifics, but also to remain yourself.

One thing that I observed and appreciate about the Hungarian culture is that authenticity pays off in connecting with people.

TOP EXPAT CEOS

DALE A. MARTIN CEO, SIEMENS ZRT.

BACKGROUND Dale A. Martin has been CEO of Siemens Zrt. in Budapest since 2010. In 2010, he had three aims to strengthen the company’s impact and presence in Hungary: education, innovation and employment. He launched new vocational training courses in 2012 and started an innovation program resulting in the Magnus eFusion aircraft, with a uniquely efficient electric engine developed at Siemens Hungary. This R&D entity was successfully sold to Rolls-Royce in 2019. Since 2010, the headcount of Siemens Hungary has more than doubled and stood above 3,800 last September. Siemens’ software entity, evosoft, grew far more than expected, employing more than 1,600 colleagues.

Three out of four of Martin’s grandparents were Hungarian, but eventually moved to the United States

“The Siemens Group more than doubled its headcount in Hungary over the past years and now has 3,800 colleagues.” and to the Czech Republic. Martin was born in the United States moving to Germany when he was less than a year old. Later, he received his diploma from the University of Economics and

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Business Administration in Vienna. While working in Hong Kong, he met one of his former professors in 1990 who told him that Siemens Austria was looking for someone who spoke some Hungarian, was educated outside of Hungary and was willing to relocate to Budapest.

He joined Siemens in Hungary in 1992, with his second assignment starting from 2010. Between 2013 and 2019, he served as the President of the German-Hungarian Chamber of Industry and Commerce.

He is also a member of the board of the Hungarian Chamber of Industry and Commerce. In addition, he was also invited to become a member of the National Competitiveness Council of Hungary in 2016.

Business Name Top Executive In charge of the position since Description of Business or Services

Siemens termelő, szolgáltató és kereskedelmi Zrt. Dale A. Martin 2010 Wholesale trade

Year founded in Hungary

1990

Number of employees in Hungary

1,686

Total turnover in 2018 (HUF mln) HQ in Hungary

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? In 2010, when I joined Siemens Hungary for the second time, I had the intention of strengthening a company that could be proud of its roots and its future. The Siemens Group more than doubled its headcount in Hungary and now has 3,800 colleagues. I believe that we were able to contribute to Hungary’s innovation eco-system and its vocational training system.

101,082 1143 Budapest, Gizella út 51-57.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I spent most of my youth in Austria, in the immediate neighborhood of Hungary. Having Hungarian roots, I always felt close to Hungary, both geographically and emotionally. What I

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

2020 is expected to be a turning point in more ways than one. Already at the end of 2019, there were signs of slowing growth in Europe, as well as globally. The challenge is to remain a relatively strong and meaningful corporation in Hungary, being valued by our employees and customers.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? If I were given a magic wand and had the power to change something in the Hungarian business mentality, it would be the rather “convenient” approach to deadlines. Working for a German company, I believe it would be easier for all stakeholders to rely on timely preparation, without last-minute hustle when the deadline is approaching.

Timely delivery and communication are valuable.

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certainly do like about Hungary is that I feel that people actually take care of each other. Deep friendships can be built and once you gain the trust of a person, the relationships will remain.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Indulge in the colorful social and cultural scene of Hungary and Budapest. Try to learn the language just a little bit and you will able to value your Hungarian colleagues. Meet locals, discover places, enjoy Hungarian food.

Be open minded, try to understand the country and its complex history and transform your business challenge into fond memories, as so many of my colleagues at Siemens have done.

Budapest is a great place to be!

TOP EXPAT CEOS

CHRISTOPHER MATTHEISEN COUNTRY GENERAL MANAGER, MICROSOFT HUNGARY

BACKGROUND Christopher Mattheisen was appointed GM of Microsoft Hungary in 2019. He earned a degree in history at Indiana University and a degree in economics at Columbia University. Mattheisen first came to Hungary in 1990, becoming the founding marketing and sales director of Westel 900, the predecessor of T-Mobile Hungary, in 1993. He left Hungary in 1996, only to return in 2002, assuming the position of chief officer for residential services at Magyar Telekom.

Between 2005 and 2006 he worked as chief officer of wireline services, before becoming the company’s GM in 2006, a role he kept until 2018.

“The most important task is to develop digital skills.

The demand for digitallyskilled employees will be growing at the highest rate in Hungary within the region in the next few years, and on the other hand, demand for digitally illiterate workforce will decline.”

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WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am certainly proud of my long career at Telekom, especially for successfully integrating the previously separate divisions of the company into one integrated telco, ahead of most of the rest of the industry in Europe, and reviving the company’s growth prospects. I’m also very proud that Magyar Telekom became one of the top 4G operators in the world on my watch, and that I was able to help Hungary become more competitive.

But I am also proud that I am able to use much of what I learned during that

time to help Microsoft enable the digital transformation of Hungary through our technology.

Business Name Top Executive In charge of the position since

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The most important task is to develop digital skills. The demand for digitallyskilled employees will be growing at the highest rate in Hungary within the region in the next few years, and on the other hand, demand for digitally illiterate workforce will decline. Therefore, digital knowledge must be introduced among people of almost all age groups, because this is the only way for companies and employees to stay competitive.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? The Hungarian economy must be turned on to a technology-driven economic growth path, which

Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

would mean 1% extra GDP growth even in the short run.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I have enjoyed working together with creative and resourceful people who are proud of their identity in the last few years. Hungarians are open to change and recognize the opportunities held by technology.

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Microsoft Magyarorszรกg Kft. Christopher Mattheisen 2019 IT 1992 183 13,149 1031 Budapest, Graphisoft Park 3.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? I would recommend that they inspire their colleagues to acquire digital knowledge. This means a significant competitive advantage in the age of technological transformation. I recommend all leaders be open to cooperation with Hungarians and dare to rely on their creative energies.

TOP EXPAT CEOS

KEVIN A. MURRAY CEO – CENTRAL EUROPE, COUNTRY HEAD FOR HUNGARY, CITI

point when we sold the consumer bank. We realized we were losing a key aspect of our visual presence in the market. We wanted to reinforce the fact that Citi is as committed to Hungary today as in 1985. We don’t have a retail business here, but we do have a commercial banking

“We want a regime that won’t make it difficult for HIPA and the Ministry of Foreign Affairs and Trade to continue attracting higher value-added roles.

Municipal tax regimes are punitive in that regard, so more attention has to be paid here.”

BACKGROUND Murray holds a BA in chemistry, an MA in computer science, and an MBA from New York University. Outside Citi, he sits on the board of United Way Hungary and We Are Open, and is the second vice president of AmCham Hungary. In 2018, he was awarded the Order of Merit of the

Republic of Hungary, Officer’s Cross.

He is also a retired Lt. Colonel of the U.S. Air Force.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? The first is increasing Citi’s visibility in the country. We had a turning

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business and a Solution Center with some 2,000 people. Our commitment to the country has not changed in 35 years.

The second thing is the cooperation that we’ve developed among U.S. financial institutions in Hungary. Along with our work with the Hungarian Investment Promotion Agency, we go out and talk to students at events organized by embassies of Hungary in the U.S. and the EU.

We show students there are good, interesting careers on-offer here in Hungary.

The third thing I would say is diversity and inclusion. We’ve won a number of awards in this area. The latest are the Family Friendly Award from the Három Királyfi, Három Királylány organization and the “Engine of Change” award for one of our diversity programs. We do a lot of work in gender equality. Most recently, there was a team-up with the We Are Open organization and Elle magazine: they did interviews with 50 CEOs and colleagues, promoting gender equality in the workplace.

Our business continues to develop; in particular, the commercial banking business. I'm quite pleased with the work that's been done there because I do believe it can be an engine of growth in the country.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The biggest challenge is that people will talk themselves into a recession and that will instill negative investment behavior. Building on our current successes going forward will be the challenge, along with the continued pursuit of our digital agenda.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Not much, frankly. We should use AmCham’s agenda on a competitive Hungary: broadening the labor supply,

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

supporting key competencies, skills, and education, expansion of career orientation activities, more effective foreign language teaching. We want a regime that won’t make it difficult for HIPA and the Ministry of Foreign Affairs and Trade to continue attracting higher value-added roles. Municipal tax regimes are punitive in that regard, so more attention has to be paid here.

WHAT DO YOU LIKE THE MOST ABOUT HUNGARY? It's not just the obvious beauty of Budapest and the countryside; it’s

Citibank Europe plc. Magyarországi Fióktelepe Kevin A. Murray 2016 Finance 1985 2,200+ WND 1133 Budapest, Váci út 80.

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really the people. One of the reasons we opened the Solution Center here in 2005 was the availability of people in this city, their educational backgrounds and their ability to learn. The city affords us a cross-section of people from many European countries, which helps us when we look for talent with multiple language skills.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? The first thing I would tell him, or her, is that you want to become an active member of the community, of your business community and social/family networks. AmCham is a wonderful place to do it.

The process of coming in as an expat is a two-way street. You are brought in to bring expertise and knowledge; but you also have to remember that you need to learn, and you can learn a lot from those with whom you work.

TOP EXPAT CEOS

ANDREAS X. MÜLLER MANAGING DIRECTOR, LINDE GAS HUNGARY

BACKGROUND Andreas X. Müller has headed the southeastern European cluster of Linde Plc., which spans from Hungary to Turkey, since the summer of 2017. He also acts as managing director of Linde Gas Hungary. Linde is a leading industrial gases and engineering company, serving customers in many different segments, helping them run their processes more productively. The entrepreneurial-minded engineer, who holds a master’s degree from Stanford University, has lead his teams to double-digit increases in the operating profit of Linde Hungary for three successive years.

Previously, he worked for McKinsey, afterwards he built up his own company, a leading-edge player

in digital commerce. He has broad experience spanning marketing and sales, finance and operations.

“Here you can build on a great base of strong technical skills, resourcefulness and strong values like reliability, commitment and loyalty.”

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Firstly, Linde Gas Hungary being recognized as “Employer of the Year” for 2019 in the Responsible Care

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competition run by the Ministry of Finance and the Ministry of Human Capacities in the category for large companies of up to 2,000 employees.

This is a reward for our team for all their incredible efforts in establishing a performance culture, a transformational program which I launched two years ago. We have modernized the compensation system and introduced incentives for all teams, including blue collars, significantly increased our internal communication, and ran a digital change program. Secondly, our great financial performance, with 2019 being the third year in a row with double-digit net sales and profit growth.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

While overall economic development in Europe seems to be at a crossroads, with corresponding risks also for the Hungarian economy, we are still optimistic about 2020.

Therefore, our challenge will most likely be to manage the growth, driven by the strong investment agenda we are pursuing. Our challenge will be to manage the growth, driven by the strong investment agenda we are pursuing.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? While there is great focus on the “hard facts”, further focus needs to be on supporting the people-related topics: Fighting the scarcity of labor by attracting talents to stay in Hungary, improving language capabilities and strengthening the management and interpersonal skills required to shine in a global environment. Here you can build on a great base of strong technical skills, resourcefulness and strong values like reliability, commitment and loyalty.

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Personally, I am a big fan of the vibrant city of Budapest. Riding every day to work on my mountain bike down from the Buda hills and back and passing all the spectacular sights along the shore of the Danube is my daily highlight.

When it comes to business, I am very proud of our employees, their great skills and, most importantly, strong loyalty, as demonstrated by our very low staff turnover rate of only 3%.

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Linde Gáz Magyarország Zrt. Andreas X. Müller 2017 Industrial gases 1992 449 58,513 9653 Répcelak, Carl von Linde út 1.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Learn Hungarian from the very beginning.

While I am personally not the best role model (considering my area of responsibility spanning various countries in southeastern Europe), be prepared that English proficiency is not as ubiquitous compared to other countries and important messages might get lost in translation. In the end, we are the guests here. Enjoy the great wines and cherish the unique pálinka culture to really get to know the great hospitality of the Hungarian people.

TOP EXPAT CEOS

REINHARD MÜNSTER CEO, MERCEDES-BENZ HUNGÁRIA KFT.

BACKGROUND Reinhard Münster has been the CEO of Mercedes-Benz Hungária Kft. since July 2019. Münster started his career at Mercedes-Benz 30 years ago. His professional path includes various senior positions in the field of sales, marketing and product management. Among others he held leading marketing and sales positions

“Digitalization will play an especially important role in business in the future and all companies in Hungary need to be ready for the transformation to the next level of operations.” at the German sales organization and international overseas markets.

In the recent years he was also responsible for business development in the Overseas region. He was already familiar with the Hungarian market, since previously he was also responsible for the market regulation and business development activities of Central and Eastern Europe. Münster is married and has four children.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Mercedes-Benz Hungária has very successful years behind it and the company has been outperforming in 2019 as well. I am proud to say that we will continue to be the No. 1 brand in the premium passenger cars segment in Hungary.

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WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The automotive industry is facing significant and radical challenges. Despite these, Mercedes-Benz needs to further strengthen its leading position worldwide and in Hungary as well in 2020.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Based on my experience, we need to make our organization perfectly fit for the digital transformation. Digitalization will play an especially important role in business in the future and all companies in Hungary need to be ready for the transformation to the next level of operations.

WHAT DO YOU LIKE MOST ABOUT HUNGARY?

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

This question is easy to answer: the team spirit. At Mercedes-Benz Hungária we have many departments, younger and more experienced colleagues, locals and expats as well.

When I arrived in Hungary this year, I remember this first feeling: The team spirit is very strong at my company, and in Hungary as well.

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Mercedes-Benz Hungária Kft. Reinhard Münster 2019 Car retail 2004 86 108,601 1133 Budapest, Váci út 96-98.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? My advice sounds simple but it is much more complicated in fact: learn the Hungarian language. It is very much appreciated by your local colleagues if you know important words and sentences in Hungarian. Good luck!

TOP EXPAT CEOS

TAMMY NAGY-STELLINI MANAGING DIRECTOR, HAYS HUNGARY

and Hungary. The next major step in her career with Hays was taking over the operational responsibilities on the opening up of Hays Russia and becoming the managing director for Hays Hungary.

She is responsible for the executive management of the expanding branch.

Hays Hungary now has 13 specialisms and offers permanent, temporary and contracting services along with giving tailor made solutions where it supports higher volume recruitment more effectively.

“I do believe in 2020 we will continue seeing new jobs emerging due to the technological innovations within the ever changing market. In parallel, we will continue to be challenged by candidate-driven markets where there is a scarcity of candidates in specific areas…”

Nagy-Stellini obtained a professional degree in accountancy, and has been an FCCA since 2007. Born in Canada and raised in Malta, she is a native speaker of English and Maltese, speaks fluent Italian, some Czech, and is currently trying to learn Hungarian.

BACKGROUND INFO Tammy Nagy-Stellini started her career in Hays in 2002, initially based in the Czech Republic, concentrating on accountancy and finance recruitment.

She was then involved in opening up Hays Hungary, along with being the business development manager for the CEE region, which included the Czech Republic, Poland, Slovakia

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WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am definitely extremely proud that, from a five-person business, we are now more than 100 people working in

the core business and became one of the leading recruitment companies here in Hungary. We have moved offices four times, purely because of expansion needs. I am also extremely proud to say that we are changing five person’s lives daily by finding them a new job; that is a great feeling! Further, we have partnered with key strategic clients and continue to build long-lasting relationships, which are very fruitful and constantly growing. We have expanded the services we offer, ensuring we are able to keep up with market demands and offering our candidates the best service. Finally, what I am most proud of is my team; I wouldn’t have any achievements without them. And of course my three kids, all born here in Hungary. I am very proud of that too!

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

I do believe in 2020 we will continue seeing new jobs emerging due to the technological innovations within the ever changing market.

In parallel, we will continue to be challenged by candidate-driven markets where there is a scarcity of candidates in specific areas, mainly within IT, engineering and

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2019 (HUF mln) HQ in Hungary

multi-lingual candidates. Although we are extremely busy, I expect that in 2020 things will slow down somewhat compared to the last two years. However, I feel 2020 will be an exciting year for us, presenting many opportunities where we will continue offering more tailor-made solutions for our clients and candidates.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? In many cases what we face is that the Hungarian market is not aware of, or not yet open to those HR solutions that have already proven to be extremely efficient in the Western European or U.S. markets compared to older

Hays Hungary Kft. Tammy Nagy-Stellini 2007 Recruitment 2007 293 2,978 (July 1, 2018-June 30, 2019) 1054 Budapest, Szabadság tér 7.

models. For example, many clients are reluctant to outsource their recruitment processes to agencies who are experts, although it would give them great flexibility on demand basis, high productivity and cost savings.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? There are many things I like about Hungary. Budapest is a very livable city, easy to get around, with a beautiful river and monuments, picturesque downtown and furthermore it is centrally located. It is also developing quickly and it feels good that it is a safe place to live in. I also like the great network of people you have the possibility to meet and I love that there is always something happening, even for expats, in English.

And the food is amazing, with very high-quality restaurants offering a variety of dishes.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? I would tell them to embrace the culture and let locals teach and show them things which can be combined with what they have learned and developed from other countries they have lived in. This will give them and their company the utmost experience.

I would also advise them to head to Balaton once they get a chance; for me, the north of Balaton is amazing.

A place to relax, switch off and enjoy the moment!

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TOP EXPAT CEOS

AMANDA NELSON CEO, VODAFONE HUNGARY

BACKGROUND Amanda Nelson has spent the last 20 years in Vodafone, working in finance, commercial and CEO roles.

Her experience extends globally from Vodafone Group in the United Kingdom, to Japan, New Zealand, the Netherlands, Malta and now Hungary. Since January 2018, she has been the chief executive at Vodafone Hungary and chair of the board since May 2019. In August 2019, Vodafone acquired Liberty Global’s UPC business in Hungary, and she is currently leading the integration of the two businesses.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Leading a business in the Vodafone Group is always exciting because of the opportunity we have to make a difference to the markets that we’re in and to be driving the transformation to a digital society. Here in Hungary, we are leading the way – we were first to launch 5G services and a Gigabit network infrastructure that will underpin Hungary’s future success. We have finalized a nationwide IoT network with half a million connections – making us the largest IoT provider here.

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I’m proud that Vodafone Hungary is growing, from the third entrant in mobile 20 years ago to a clear second in the market in 2019, as we acquired UPC Hungary and combined it with our strongly successful mobile business. Now we can offer Hungarian consumers the full scale of converged services, including mobile, fixed broadband and TV. For me personally, the challenge of integrating two businesses successfully, has been a huge professional opportunity, and getting feedback that the spirit of the new organization remains high and

our customers are highly satisfied gives a great sense of achievement.

All of this is possible because we are a business with a purpose, to connect Hungary for a Better Future, and we focus on making sure the digital society is an inclusive opportunity for all Hungarians, with the planet safeguarded as we go. I am also proud to mention some of the many other initiatives that truly deliver on our purpose. The Vodafone Foundation, together with the National Ambulance Service, have created the Lifesaver app, which makes emergency calls faster and more efficient and will be available for everyone, in Hungary and also

“Hungary is a beautiful country that balances well a strong sense of past, present and future possibilities.”

neighboring countries. And our annual Vodafone Digital Award scheme has sponsored an OncoVR Project, which uses virtual reality in child oncology to increase the success of treatments and alleviate the children’s suffering.

Business Name Top Executive In charge of the position since Description of Business or Services

Vodafone Magyarország Távközlési Zrt. Amanda Nelson 2018 IT

Year founded in Hungary

1999

Number of employees in Hungary

1,990

Total turnover in 2018 (HUF mln) HQ in Hungary

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

A primary focus is finishing the integration of Vodafone and UPC Hungary as effectively as possible. By April, all our services will be available under the Vodafone brand, for example.

We will continue to develop great experiences for our customers that bring the Digital Society closer. After the successful launch of 5G, another great challenge is to make 5G understandable and accessible to the public, while we continue to expand the network further.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I would definitely mention the strong innovation mind-set, which is everywhere

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192,659 (April 1, 2017-March 31, 2018) 1096 Budapest, Lechner Ödön fasor 6.

in the country. It’s absolutely perfect; the technology is there (5G, gigabit speeds, IoT), the only thing I believe is needed to make big breakthroughs is ideas and practical implementation of solutions that use the technology. So, Hungary is the perfect place for Vodafone to be at this time: we bring world class technology and the Hungarian innovation culture can help us create solutions that change people’s everyday lives.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Hungary is a beautiful country that balances well a strong sense of past, present and future possibilities.

There are many talented people and organizations to work with. Try and partner up – with industry, universities, government – and maximize the exposure to the innovation mind-set outside your own organization.

For example, I was blown away by the startup talent and creativity shown at our latest Vodafone Digital Award.

Besides the already mentioned OncoVR project, we awarded BankZee which is a mobile bank application that teaches finances to youngsters. ÚtraManó is a GPS-based storytelling mobile app, which uses algorithms to tell stories about the sights children can see from the car window. Hulladék-Vadász is a wastehunter application that helps to report illegal waste dumping. I strongly believe that our mission is to find and support such talents; and you will have a very rich experience here in Hungary if you do.

TOP EXPAT CEOS

ROMKE NOORDHUIS LEAD COUNTRY MANAGER HUNGARY, LEAD CONTROLLER GLOBAL BUSINESS CENTER, EXXONMOBIL

BACKGROUND Dutch national Romke Noordhuis’ has held 10 different positions in six different countries over a period of 25 years. He joined ExxonMobil in the Netherlands in 1995, as financial analyst and treasurer’s supervisor until 2000. In next decade-and-a-half he worked for ExxonMobil in places such as Singapore, the United States, the Czech Republic, and Qatar. Since 2016, he has been lead country manager and lead controller for the firm’s Budapest Global Business Center. He is responsible for external relations, strategy setting and management oversight.

“In order to maintain an attractive investment climate, ongoing investments in education and infrastructure will be critical.”

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Enabling our Budapest Global Business Center to grow significantly, both in the number of employees and the range and complexity of activities supported.

The reputation of our Budapest GBC

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within ExxonMobil is strong and it is great to see the opportunities that this is creating for our employees.

With the significant growth that we have experienced, it became clear that we needed a new office strategy. We formed a project team that assessed the best long-term solution, which culminated in signing a long-term lease agreement for the GTC Pillar office building.

Development has started on this high quality project, which will be dedicated to ExxonMobil , confirming our longterm commitment to Hungary. Although we have been present in Budapest for more than 15 years now, traditionally, our GBC has been largely inward focused. Over the last few years, we have

made a real step change in reaching out to external stakeholders, signing a Strategic Cooperation Agreement with the Hungarian Government in 2018 and significantly strengthening our employer branding profile.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

Recruiting and retaining the talent to support the growth of our GBC and helping employees develop skills and competencies to further enhance the range of activities and complexity of processes supported from Budapest.

Also, further enhancing digital knowledge and capabilities in our organization to optimize processes and effectively power our global business.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Generally, Hungary already is a business-friendly country in the heart of Europe and we very much value the support of the government and especially the proactive approach and accessibility of the Hungarian Investment

Business Name Top Executive In charge of the position since Description of Business or Services

ExxonMobil Üzletsegítő Központ Magyarország Kft. Romke Noordhuis 2016 Finance

Year founded in Hungary

2003

Number of employees in Hungary

1,840

Total turnover in 2018 (HUF mln) HQ in Hungary

Promotion Agency. In order to maintain an attractive investment climate, ongoing investments in education and infrastructure will be critical.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? My family and I moved to Hungary almost three-and-a-half years ago and immediately felt at home. My three teenage sons attend the British International School and have made many friends. Budapest is a beautiful city and my wife especially loves roaming the many sights and learning about the history. We have also visited several

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38,117 1139 Budapest, Váci út 81-85.

of the smaller cities in the countryside and, of course, the wine areas.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? First of all, enjoy the experience!

Budapest is a beautiful city and there are so many things to enjoy. Try to learn a bit about the country’s history and culture and also learn a little bit of Hungarian.

Listen to your local colleagues, be transparent and keep an open mind for change. Build relationships outside the company and find ways to contribute to the further success of the country.

TOP EXPAT CEOS

SIMONE OLIVO MANAGING DIRECTOR, CPL JOBS HUNGARY KFT.

BACKGROUND Simone Olivo is the managing director of CPL Jobs Hungary Kft., providing services through two branches, CPL Integrated Services and CPL Jobs, a position he has held since January 2016. With extensive experience in the ICT and BPO industry, prior to joining CPL, he held multiple senior leadership roles at various blue chip companies. Olivo studied political science at Universita’ degli Studi di Trieste and is fluent in English and Hungarian, besides his native Italian. Olivo splits his

“I believe Hungary is one of the countries where it is easier to do business, although some minor suggestions would include a reduction in the administrative tasks requested to start a new business.”

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time between Budapest and Dublin with his wife and daughter. In his free time, he likes to play basketball, run and read.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Rather than mentioning a single milestone, the thing I'm proudest of is my entire life experience in Hungary. From a professional point of view, after 15 years in the country, I find myself today managing one of the 10 largest shared service

centers in the country, while from a personal point of view, I have built a wonderful family and a solid network of true friends.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

All labor market indicators are suggesting that the Hungarian labor market has reached its peak; consequently, labor shortages will be our main challenge for 2020.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? I believe Hungary is one of the countries where it is easier to do business, although some minor suggestions would include a reduction in the administrative tasks requested to start a new business.

WHAT DO YOU LIKE MOST ABOUT HUNGARY?

Business Name

CPL Jobs Kft.

Top Executive

Simone Olivo

In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

Since I moved here, I have seen the country grow, evolve, and modernize, without forgetting its past, history and traditions. This is what I like most about Hungary.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Moving to a new country is an educational experience like no

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2016 Managed Services, Outsourcing and Staffing solutions 2009 566 4,224 1062 Budapest, Teréz körút 55.

other but can also be very hard.

Settling down might present some challenges at the beginning.

Since my first day in the country, I followed the approach “When in Hungary do as the Hungarians do”, trying to learn the basics of the language quickly, while being open and curious about all the aspects of the local culture, from history to music.

TOP EXPAT CEOS

MELANIE SEYMOUR HEAD OF BLACKROCK BUDAPEST

BACKGROUND Melanie Seymour has been the head of the Budapest base of U.S. fund manager BlackRock since 2017, when the company first came to Hungary. She started her career in the field of medical insurance and pensions. Seymour gathered extensive experience ranging from sales to management to product development

“On a personal level, I am most proud of the impact I have been able to have across the business communities just by not accepting that things cannot be changed.�

at various U.K. businesses. She is also the vice president of a membership organization for female finance professionals called Women in Banking and Finance in the United Kingdom and Ireland.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I have been very fortunate in having been here from the start of our Budapest journey, so I have many milestones that I am proud of.

The major pride I feel is looking at the 700 people we have recruited and how in such a relatively short time they have become so integrated into BlackRock globally. This year we promoted close to 10% of the office, which, given the talent profile we have globally, is a huge testament to the quality of the Hungarian talent.

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On a personal level, I am most proud of the impact I have been able to have across the business communities just by not accepting that things cannot be changed. The idea of bringing Hungarians home now being an initiative supported by multiple organizations and sectors always makes me smile.

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln)

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The biggest challenge for me personally will be transitioning away from my role in Budapest and handing over “my baby” to a new CEO. Clearly I will ensure I am watching closely from the wings and visiting often. The business challenge is ensuring we continue to provide opportunities for new and existing employees in Hungary to fully utilize their skills and experience. We aim to build long-term careers for everyone rather than jobs and this requires deliberate actions across the global leadership as well as focus within Hungary.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY?

HQ in Hungary

There is still a higher level of bureaucracy and a lower level of digital business solutions than a multinational environment is used to.

I believe this is an area all expats should focus on: How multinationals work closer with Hungarian companies to help them grow and develop. I feel that we all have a duty to use our experiences to coach local leaders and decision makers in the ways they can take the country and their companies to another level.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? The people and the wine, ideally combining the two. Some of my best

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BlackRock Hungary Kft. Melanie Seymour 2017 Financial services, Asset Management 2017 750 WND White House, 1134 Budapest, Váci út 47E

memories are learning about Hungarian wine by sharing it with friends.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? My advice would be don’t become an expat! What I mean by that is ensure you spend time with Hungarians to learn and appreciate the culture, the history and the language. Hungary is a very easy country to live in and you can easily slip into an expat lifestyle, which in my opinion means you miss out on the experience. Most of the friends I have made here are Hungarian and after three years I already feel that I am Hungarian in my heart.

TOP EXPAT CEOS

NOAH M. STEINBERG CHAIRMAN AND CEO, WING

partner. They have worked together ever since, for almost three decades, committed to long-term value creation in Hungary.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I have been in Hungary for almost three decades, so I have had the chance to participate in many facets of the transformation of the Hungarian economy. I was involved in the establishment of Pannon GSM, which

“For the last 20 years I have been responsible for building Wing into Hungary’s leading property company. We are real estate developers and investors, and leading local players on both fronts active in office, industrial, retail, hotel and residential properties.”

BACKGROUND Having arrived in Hungary by chance, Noah M. Steinberg adapted quickly, and has been at the helm of Wing Zrt. since its establishment in 1999. Wing has since grown to become one of Hungary’s leading property companies, and is now striving to become a major

regional player as well. Steinberg is also the chairman of the Royal Institute of Chartered Surveyors (RICS) in Hungary.

He studied international politics at Princeton University. After graduating, he attended the Diplomatic Academy in Vienna, where his closest friend introduced him to his current business

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later became Telenor Hungary, with the establishment of Danubius Radio and Roxy Radio, and also with the introduction of several automobile brands in Hungary. But for the last 20 years I have been responsible for building Wing into Hungary’s leading property company. We are real estate developers and investors, and leading local players on both fronts active in office, industrial, retail, hotel and residential properties. This would not have been possible if we did not have the finest team of qualified, hard-

working, ethical professionals in the marketplace, and it is the establishment and leadership of this team of which I am most proud. On a personal level, I am proudest of my two wonderful children.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

Wing acquired a controlling stake in Echo Investment, Poland’s leading property developer, last December.

Together, the two companies represent a strong position in the CEE real estate markets. Our key task in 2020 will be the realization of potential synergies and the establishment of a strong regional entity controlled by Wing.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY?

Bureaucratic delays can be an obstacle to efficient business, so I would streamline processes where possible.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? Hungary has been my home for more than half my life, so it is hard to

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Turnover in 2018 (HUF mln) HQ in Hungary

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define one thing that I like the most. What has kept me here? The dynamism and energy in Hungarian society and the economy, and the fine individuals I have come to know as colleagues and friends.

Wing Ingatlanfejlesztő Zrt. Noah M. Steinberg 1999 Real estate 1999 140 34,400 1095 Budapest, Máriássy utca 7.

TOP EXPAT CEOS

MARTIN STRIER MANAGING DIRECTOR, MAN TRUCK AND BUS HUNGARY

BACKGROUND Martin Strier, born in the northern part of Germany, comes from a family that operated a bus and coach travel agency. He says that it was clear that he should start his education related to this business line, as a mechanic.

Afterwards, he studied in machine engineering in Bremen, before starting his career in Cologne as an area sales and after sales manager with Scania.

In 2005 he started working at MAN as country manager for North East Europe.

In 2008, he moved to the company HQ in Munich and worked in various positions in sales and product management. In 2014, Strier took over as a managing

“The biggest challenge here is to get well educated employees, and also to keep them in Hungary. We have to take care, to make the local market more attractive for qualified employees.�

director responsible for the Slovenian Market. Three years later, he moved to Hungary, again as a managing director.

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In the last three years, Strier and his team reorganized the business and increased workforce by 30%. He says that last year was especially successful for MAN in terms of market share, profitability, and customer satisfaction. In 2020, MAN will hold the world premiere of its new truck generation in February, and open an additional service workshop in the north of Budapest in Q3.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I faced the biggest challenge with my family together. We arrived in the summer break, everybody was on

vacation, but directly after that break we integrated immediately. My daughter was happy at school, my wife was integrated in the expat community and I started to meet customers and our service locations in Hungary.

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The truck market in Hungary is dependent of the European economy and also the car producer and supplier business. We can see a market cooldown in Hungary and also in Europe. We can expect this in 2020 as well. We are not speaking about a crisis like 10 years ago, but we see noncommittal investments. Independent of this, we keep our growth strategy with an additional service workshop in northern Budapest and we also invest in our existing service in Győr.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY?

Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

MAN Kamion és Busz Kereskedelmi Kft. Martin Strier 2017 Vehicle retail 1994 169 31,916 2330 Dunaharazti, Csonka János u. 2.

As in many other countries in Europe, more qualified employees are missing.

The biggest challenge here is to get well educated employees, and also to keep them in Hungary. We have to take care, to make the local market more attractive for qualified employees.

places and also very nice people, locals and tourists. From the business perspective I feel the commitment from my team to deliver what I promise, simplifying business; we still see the potential in the market and we want to be part of this.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? My personal favorite is the city of Budapest. It has a fantastic atmosphere, so many extraordinary

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Hungary is different, be open from the first day and feel the positive influence.

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TOP EXPAT CEOS

MARIE-THERES THIELL CHAIR OF THE BOARD OF DIRECTORS, ELMŰ NYRT. AND ÉMÁSZ NYRT, CEO, INNOGY HUNGÁRIA (FORMERLY RWE HUNGARY)

BACKGROUND Marie-Theres Thiell has been chair of the board of directors of Innogy Hungária, ELMŰ and ÉMÁSZ since 2010. Born in Dortmund, Thiell studied legal sciences at WWU Münster University and acquired a doctoral degree. After finishing her court internship, she decided to work in the private sector, and started her professional career at RWE as legal counsel in 1990. During her time at the company, she also provided legal

“The greatest business challenge for the group in 2020 is, besides the ongoing operational business, to master the integration into E.ON Hungária Group with all the planned transactional steps.” support for the international acquisitions of RWE, including those in Hungary, which in turn led her to ELMŰ-ÉMÁSZ. She became a member of the board of directors of RWE Hungária (now called Innogy Hungária), as well as ELMŰ Nyrt. and EMÁSZ Nyrt. as chief financial officer in 2005. Since 2015, she has been vice chair of the GermanHungarian Chamber of Industry and Commerce (DUIHK).

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? I am proud of developing the ELMŰÉMÁSZ Group in the last 15 years from a traditional electricity provider to a

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Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary

modern utility. The group has recently extended its business from regulated grid operation and energy sales to telco and energy related solutions.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

The greatest business challenge for the group in 2020 is, besides the ongoing operational business, to master the integration into E.ON Hungária Group with all the planned transactional steps.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY?

Number of employees in Hungary Total turnover in 2018 (HUF bln) HQ in Hungary

I would change nothing, but focus even more on education of the staff, developing leadership skills and create understanding of the digital age.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? I like the people most in Hungary.

They are open-minded, friendly and willing to master challenges.

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ELMŰ-ÉMÁSZ Group Dr. Marie-Theres Thiell 2010 Energy ELMŰ in 1893, ÉMÁSZ in 1894 2,794 263 1132 Budapest, Váci út 72-74.

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? I would recommend to try to understand the Hungarian nation, Hungarian opinions and positions and not to follow blindly the picture people have from outside Hungary about the country. Build your own picture.

TOP EXPAT CEOS

CHARLES WASSEN GENERAL MANAGER, DANA HUNGARY

business in Hungary, operating in four different plants in Győr and being the third biggest employer in Győr-MosonSopron County.

When Dana decided to open a new driveline facility close to where JLR (Jaguar Land Rover) is opening its Eastern European facility, the Győr campus team worked hard to convince the management to bring the new facility to Győr. We had huge

“Hungarian people can teach a lot to their international colleagues, and I believe they are ready for that, they have the openness and expertise for that.”

BACKGROUND Charles Wassen serves as general manager of Dana Hungary, responsible for overseeing OneDana operational activities in the country. Wassen joined Dana in 2014, as general manager of the Hungarian Dana Campus, based in Győr. Before that he worked in a number of positions in countries such as France, Germany, and Slovakia.

Wassen earned his bachelor’s degree

in mechanical engineering from Lycée Chevrolier University and a master’s degree in production engineering from Arts et Métiers University.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY? Dana Hungary has been in Hungary and Győr for nearly 15 years. It has grown to a nearly 1,000-employee

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support from the Hungarian Investment Promotion Agency and from Minister of Foreign Affairs and Trade Péter Szijjártó that convinced the Dana management to open the facility in Hungary.

We created a shared service concept within the campus with the purpose that all key activities that are not directly linked to production functions are shared between facilities. This is a quite unique operational system developed by Dana. We also developed a customized international internship program years ago and we can proudly say that from every four open positions, three are filled by trainees at Dana Hungary.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

We are expanding our fourth gear manufacturing facility to be able to extend

our portfolio with laser welding that allow us to take on full axle assembly.

Also, all four of our plants have already started making steps moving towards electrification, as this trend will drastically change the automotive industry and any companies who make the necessary steps late will get left behind.

Years ago, Dana recognized the importance of electrification and now has a complete electrification portfolio through strategic acquisitions. In Hungary, we specifically develop our engineering competencies so that we can be a very important location for the changes in the next few years, most importantly in battery cooling systems and electric drive line systems.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? I think Hungary should be more open to international professionals, but in both directions. Hungarian people can teach a lot to their international colleagues, and I believe they are ready for that, they have the openness and expertise for that. Go abroad, get to know new cultures and people, open their mindset, get acquainted with new technologies and methods, then come home and bring this knowledge home.

When I arrived in Hungary five years

Business Name Top Executive In charge of the position since Description of Business or Services Year founded in Hungary Number of employees in Hungary Total turnover in 2018 (HUF mln) HQ in Hungary

ago, it was usual that colleagues from Western European countries came to Hungary and brought their expertise.

In the last few years, Hungarian professionals at Dana have become the ones who provide their knowledge to other Dana sites all around Europe. I think Dana is a good example to Hungarian companies and this is why I accepted the honor to be the first and only international member of the presidency of the Association of Hungarian Automotive Industry (MAGE), because my aim is to highlight the international presence of Hungary and Hungarian professionals.

WHAT DO YOU LIKE MOST ABOUT HUNGARY? The positive mentality and enthusiasm I’m experiencing every day from my

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Dana Hungary Kft. Charles Wassen 2014 Manufacturing 2005 963 87,871 9027 Győr, Kardán utca 6.

colleagues still surprises me.

I am proud to live in Hungary.

Although Hungarian isn’t my mother language, I consider Hungary my home that I would like to know.

Besides Hungarian people, the history of the country amazes me, as well as the different types of places, buildings, and culture in Hungary.

I love practicing sport and it is good to see the successes and sports passion of the Hungarians.

Accepting the title of president of the Győri Nemak Dana ETO Hockey Club was not a question, being responsible for building a more than 1,000 spectator capacity ice rink and major Hungarian winter sports complex in Győr.

TOP EXPAT CEOS

KLAUS WINDHEUSER PRESIDENT-CEO, COMMERZBANK ZRT.

BACKGROUND Born in Düsseldorf, Klaus Windheuser has been the president-CEO of the Hungarian arm of Commerzbank group since 2015. Windheuser graduated from the Frankfurt School of Finance and Management as “Best in Class”.

He has been gradually mapping the divisions of Commerzbank, climbing the company ladder in the meantime. He arrived at Commerzbank as part of his vocational training, never really leaving the company afterwards.

WHAT ACHIEVEMENTS ARE YOU MOST PROUD OF IN YOUR TIME IN HUNGARY?

“…We need to be close to our clients to sail through troubled water together.

That’s our core: we are a relationship bank who is a partner in good times and bad.”

After four years, I would say that the key driver of our success was my focus on people from the first moment.

A modern and transformational and

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clearly communicated leadership culture offering room for development for the staff and a strong learning and feedback culture.

Likewise, with our clients: listening closely, understanding and also adapting to the personalities while solving their problems. This along with formats like CEO-breakfasts for employees and regular town halls, a modern open space as a chill-area and relaxed meeting space, and a new completely clientoriented setup. A bottom up process defining our mission and vision also played an instrumental role. The reward shows in the impressive growth and figures, and also in awards we have won.

WHAT DO YOU EXPECT TO BE YOUR GREATEST BUSINESS CHALLENGE FOR 2020?

We will see an economic slowdown with some further, especially geopolitical, risks which could worsen the situation even more. So, we need to be close to our clients to sail through troubled water together. That’s our core: we are a relationship bank who is a partner in good times and bad. Besides that, the low interest environment, regulatory initiatives and digitization coming along with disruption will keep us busy.

WHAT WOULD YOU CHANGE ABOUT DOING BUSINESS IN HUNGARY? Hungary needs impulses for the development of a broad “Mittelstand”.

Furthermore, Hungary should take the opportunity of the digital revolution by evolving new business models. Well-

Business Name

Commerzbank Zrt.

Top Executive

Klaus Windheuser

In charge of the position since Description of Business or Services Year founded in Hungary

2015 Banking 1993

Number of employees in Hungary

110

Total assets (31/12/2018) (EUR mln)

901

HQ in Hungary

educated and creative people are here; now we need to develop the ecosystem so that Hungary can outperform in this revolution. To achieve this, the rather hierarchy-oriented culture needs to take steps towards a more networkorganized corporate culture.

WHAT DO YOU LIKE MOST ABOUT HUNGARY?

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1054 Budapest, Széchenyi rakpart 8.

The people: friendly, close, creative, pragmatic!

WHAT ADVICE WOULD YOU OFFER A NEWCOMER EXPAT CEO TO HUNGARY? Listen, understand the people and the culture, develop together and act on eyelevel; and enjoy this wonderful country! I am having the best time of my life here.

Fuel consumption combined: 12,4 – 5,2 l/100km; combined CO2 emissions: 283 – 137 g/km.

Picture is for illustration purpose only.

The new GLC. Superb online. Perfect off-road.

Thanks to the MBUX infotainment system, you will be able to access your personal profile and predictive functions wherever your journey takes you.

This even applies away from paved roads, as the new GLC is also right at home on off-road terrain, thanks to off-road driving programmes and 4MATIC all-wheel drive.

The Mercedes-Benz SUVs. All kinds of strength. www.mercedes-benz.hu/glc

mobile

internet

Gigabit Net

fixed line

IoT

From now on, we will create more value for your business We offer innovative business solutions and the first 5G connection in Hungary.

The first 5G connection available in the inner city of Budapest.

The service is subject to ownership of a 5G-enabled device and specific price plans. For current network coverage details please visit www.vodafone.hu/halozatunkrol .

BUDAPEST

BUSINESS JOURNAL H U F 5, 9 9 0 • E U R 18

T O P E X PAT C E O S I N H U N G A R Y I S A S P E C I A L P U B L I C AT I O N OF THE BUDAPEST BUSINESS JOURNAL