Diplomacy & trade 2017 November Italy

FOR MORE POLITICAL DIALOG INTERVIEW WITH MASSIMO RUSTICO, ITALIAN AMBASSADOR TO HUNGARY

8

The future of the EU

“I would therefore venture into recalling only what is an all-inclusive topic, such as the vision, the debate and the concrete steps to be taken for the ‘future of the European Union’. No question that it will have an impact on each of us and especially on the

Both Italy and Hungary are members of the European Union and NATO. Ambassador Rustico says he could talk hours about the main issues/platforms of the two countries’ cooperation within these organizations.

FACTS COMPARED AREA country comparison to the world POPULATION country comparison to the world POPULATION GROWTH RATE country comparison to the world BIRTH RATE country comparison to the world LIFE EXPECTANCY AT BIRTH country comparison to the world NET MIGRATION RATE country comparison to the world GDP - PER CAPITA (PPP) country comparison to the world UNEMPLOYMENT RATE country comparison to the world TELEPHONES - MOBILE/CELLULAR country comparison to the world AIRPORTS country comparison to the world

N O V E M B E R

2 0 1 7

|

HUNGARY

ITALY

93,028 sq km 110 9,874,784 (July 2016 est.)

91 -0.24% (2016 est.)

216 9.1 births/1,000 population (2016 est.)

207 75.9 years 92 1.3 migrant(s)/1,000 population (2016 est.)

57 USD 26,200 (2015 est.)

70 6.8% (2015 est.)

79 11.786 million 76 41 (2013) 104

301,340 sq km 73 62,137,802 (July 2017 est.)

23 0.19% (2017 est.)

185 8.6 births/1,000 population 215 82.2 years 14 3.7 migrant(s)/1,000 population 32 USD 36,800 (2016 est.)

51 11.7% (2016 est.)

147 85,955,905 18 129 45

D I P L O M A C Y

&

T R A D E

|

w w w . d t e u r o p e . c o m

DÁVID HARANGOZÓ

Ambassador Rustico has been in office in Hungary for almost a year now. As to what objectives he set for himself when taking up this post in Budapest, he points out that every ambassador has the mission to do his or her utmost to foster the bilateral relations. “This implies a great deal of efforts to contribute substantially to that aim, in terms of strengthening the general political relations, the business dimension, the cultural message.

Overall, Italy and Hungary have been sharing a deep friendship that even temporary ups and downs cannot jeopardize. Ever since I took up this position in Hungary, I have been working relentlessly to achieve a much better and intense political dialogue between our two countries after a period of calm. We are very satisfied with the results achieved so far! Moreover we look at the future with a great deal of optimism!”

There has not been an extensive bilateral

discussion between the Hungarian and Italian Prime Ministers for years. “Although, our Prime Ministers see each other on a regular basis on the occasion of the European Council meetings and on several other occasions, it is true that there has been a period without the direct, intense political dialogue that we are used to see between two partners – the differing approach on specific points on the migration issue has been a factor. However, in the past eight months, there have been high level, bilateral political meetings involving our Foreign Ministers in Rome in March 2017 and in Milan this October, besides the most recent official bilateral visit to Budapest by the Italian Deputy Foreign Minister in early October.

Besides the bilateral meeting in Milan, the two Foreign Ministers opened together the First Italian-Hungarian Business Forum in the presence of more than 130 entrepreneurs. I am confident that we will have even more interaction between the two countries at the highest political level, once the electoral phase in Italy and Hungary is over next spring,” the Ambassador stresses.

photo by

BY SÁNDOR LACZKÓ

italian focus future generations. No matter what, it will require a tremendous effort from each and every side to gain momentum towards a better functioning system which shall be inclusive. We shall never forget the economic dimension if compared to global players such as the US with an economy of no less than USD 15 trillion or China in excess of USD 10 trillion. The EU is a powerful player with its USD 15 trillion. Even the great German economy, if taken alone, would get in the ring with around USD 3.5 trillion. It is clear that if united, we are a very relevant factor in the equation of the global economy. On the other hand, the complex and lengthy process of the European integration and the fostering of its economy are facing today the heavy burdens of dealing with the massive migration and the terror threat. While we have to ensure the security of our external borders, we shall refrain from enforcing any possible action jeopardizing the free flow of people and goods within the common European market. The whole Europe would pay a heavy toll in this respect.

Instead, every possible effort has to be made for the implementation of the needed measures in the external dimension of migration and overall security. Italy has been at the forefront in dealing with such dramatic challenges, and the action taken

by Rome in the past few months is bearing quite relevant results. The issue, though, is European and not Italian, and has to be dealt with a tremendous common effort, by supporting Libya, the Sahel countries and all the other relevant players,” he highlights.

Increasing bilateral trade and investment

photos by

PIXABAY.COM

Ambassador Rustico said earlier this year that Italy could become Hungary’s third largest trading partner after Germany and Austria in 2017. “Yes, as I precisely explained at the Italian Business Day in Debrecen, it was a forecast based on data released by the Hungarian Statistical Office for the first two quarters of 2017. In that period, the bilateral trade topped EUR 4.9 billion, turning Italy as the third largest trading partner of Hungary.

The Italian exports to Hungary reached EUR 2.2 billion, while the imports from Hungary were about EUR 2.7 billion. That said, Italy ranked eighth as supplier partner and second as customer partner.

This development was due to higher imports of agricultural products, in particular cereals (+85.8%), chemical products and plastics (+15.4%), machinery for general purposes (+42.8%), automotive

accessories (+12.1%). On the Italian export side, there were higher exports such as organic chemicals and plastics, industrial equipment, car accessories, iron, cast iron and steel. The trade between the two countries is extremely versatile and consolidated in terms of sectors and that appears to be an overall point of strengths for both sides. We will see what the figures of the last two quarters of the year will show.”

The Italian presence in Hungary is quite relevant in the service industry, with players of the size of Generali, the largest by market share in the insurance sector and – with UniCredit and CIB/ Intesa-San Paolo Group – in the banking sector.

The Ambassador highlights that overall, around 2,500 Italian companies are successfully operating in Hungary. “The Embassy, together with the Italian Trade Agency (ICE) and the Italian Chamber of Commerce in Hungary (CCIU), undertakes a great deal of efforts to foster such a successful economic relationship. The first ever Italian-Hungarian Business Forum that we organized in Milan on October 12th was meant to showcase to the Italian industry the opportunities offered by Hungary as a destination of foreign direct investments. Italy’s manufacturing industry remains the second largest in Europe and among the top ten world exporters.

w w w . d t e u r o p e . c o m

|

D I P L O M A C Y

&

T R A D E

|

N O V E M B E R

2 0 1 7

The current year will be a record one in terms of exports for our economy, and may reach the EUR 450 billion value. The Italian industry continues to invest substantially worldwide.”

As to what Italian companies present incorporated and or operating in Hungary say about the current investment environment in this country, the Ambassador voices his view that the overall business climate is considered quite positive and favorable to further investing in existing or new activities. “We are quite confident about the future of the Hungarian economy and in its evolution towards the highest standards. There is, however, a growing concern for the lack of sufficient access to labor capacities. I believe this being a general concern for every operator and a potential problem that not only Hungary is confronted with.”

Civilian and cultural relations As the Ambassador highlights, NGOs and civilian organizations are important players in both the Italian and Hungarian societies and provide a great deal of services. “They support the establishment of solidarity-based actions, exchange of experiences, dialogue and cooperation on quite relevant issues, they remain a key driver for the social inclusion. An interesting aspect is offered by the large number of twin projects uniting our respective cities such as the one between Florence and Budapest, Parma and Szeged, Sarzana and Eger, Montebelluna and Tata, without mentioning the many others.”

Regarding cultural relations between Hungary and Italy, Ambassador Rustico stresses that they are based primarily on cooperation between cultural and academic institutions of both countries within the framework of a specific Italian-Hungarian Cultural Cooperation Agreement and its Executive Program, signed in 1999 and currently in force.

Cooperation covers areas such as university and scholastic education, scholarships, art and culture, cultural heritage protection, archaeology, archives and libraries, publishing, communication, sport and tourism. Private sector cooperation between foundations, associations, festivals, prizes and contests is also encouraged.

Cultural relations between the two countries are, in fact, very ancient, and “we can practically date them back to the time of the birth of the Kingdom of Hungary. They then greatly intensified during the Renaissance when Hungarian scholars travelled and resided repeatedly in Italy. That was the case with Giano Pannonio (poet and humanist, bishop of Pécs) but many other Italians travelled or lived in Hungary, such as Ippolito d'Este (Archbishop of Eger) and great protector of our poet Ludovico Ariosto. At the court of Mattia Corvino (Hungary’s King Matthias), the Italian Renaissance flourished in particular thanks to the wife of the King, Beatrice d'Aragona, Princess of the dynasty that ruled then in Naples.

Intelligent, educated, politically aware, patron of the arts, Beatrice contributed greatly to the creation of the Library then known by the name of Corviniana, Europe's largest library of the time to the north of the Alps,” the Ambassador explains.

Another important moment in the political and cultural relations between Hungary and Italy he mentions was the Risorgimento, especially during the revolutions of 1848-49, when in the common attempt to free themselves from the Hapsburg’s rule, Hungarians were flanked by the Italian Legion led by Colonel Alessandro Monti, while the Hungarian Legion of Colonel István Türr fought in support of the Piedmont’s army. Budapest and Venice were the last cities to surrender under the bombardment of the reactionary forces, and fell about the same time in August 1849. “In the past century, literature also created a bridge between our two countries with authors like Luigi Pirandello, well known in Hungary, and Sándor Márai, much loved in Italy. These and other historical-cultural backgrounds partly explain why Italian culture and language are well known and loved also in today Hungary, where Italian as a foreign language has the fourth place by number of students. It is chosen not only for its cultural prestige, but also for the lifestyle and the working sectors to which it is associated, such as gastronomy, tourism, heritage restoration, cinema, fashion and design, and industry more than ever. We can only rejoice in this choice and we are committed to supporting it with our cultural and educational offer in Hungary.”

Massimo Rustico has been in Hungary for about a year now. When asked about his impression of the country, the people, he points out that “Hungary has been a magnificent choice in terms of professional and personal life for me and my family. It has been a very intense a positive period and I rejoice having still a few years ahead as Ambassador in this beautiful country. People are very welcoming and I have the feeling of a great admiration towards Italy in the overall dimension it is perceived. As the cultural interest towards Italy appears very important, the sentiment of friendship between the two peoples blends our relations in all aspects.”

The second edition of the Italian Cuisine in the World will take place from 20 to 26, November, 2017. Many events on schedule: films screening, conference, pizza tasting, wine tasting, special menu and much more.

9

italian focus

BUSINESS INITIATORS

For a month, we will draw attention to the ‘Made in Italy’ initiative in Hungary in all its forms, both to the commercial and to the cultural aspects, thanks to the cooperation of the Italian Institute of Culture. Furthermore, we continue to invite Hungarian buyers, importers and distributors to the main business fairs in Italy in the sectors to which we attribute priority. With our trade analysts, we have been in Hungary for about 50 years, which shows that this market is considered really important by the Italian government.

We give concrete support to the Italian SMEs also through our Structural Funds Desk, aiming to monitor and provide basic information about the operative programs and tenders.”

ITALIAN-HUNGARIAN TRADE AND INVESTMENT RELATIONS IN UPWARD TREND The Italian Trade Agency (ICE) is the government agency that promotes the internationalization of Italian companies. In addition to its Rome headquarters, ICE operates worldwide from a large network of trade promotion offices linked to Italian embassies and consulates and works closely with local authorities and businesses. The office in the Hungarian capital was set up in 1969 and functions as the trade development section of the Italian Embassy. The Director of the Budapest office, Marco Bulf tells Diplomacy&Trade that “economic relations between Italy and Hungary are traditionally excellent and poised for continued growth.” Overall trade levels have been trending upwards: the main Italian exports to Hungary, in the first half of the year, were in machinery & equipment (+5.8%), motor vehicles (+1.8%) and food & beverages (+12.3%). Italy’s main imports from Hungary were in agricultural products (+85.8%), vehicles (+1.3%) and chemical products (+15.4%).

“In terms of investments, Hungary remains a good destination for Italian companies, with more than EUR 2.5 billion invested, and Italy ranks as the 9th largest investor in the country. The finance & insurance sectors, with top investors like Unicredit, IntesaSanpaolo and Generali, play a key role in Hungary, but the most recent investment has been in the expansion of existing facilities in the agricultural and manufacturing sectors,” he adds.

Italy-Hungary Business Forum On October 12, the Italian city of Milan hosted the first Italy-Hungary Business Forum, attended by the foreign ministers of the two countries as well as the representatives of major Italian and Hungarian public and private institutions. The event was realized as a cooperation between the Italian Embassy and the Budapest, Rome and Milan offices of the Italian Trade Agency. According to the ICE Director, it was the first important step to explain to Italian companies the attractiveness of the Hungarian market in terms of investments and opportunities provided by a stable growth of the Hungarian economy.

The event was attended by about 200 participants, including Italian and Hungarian companies interested in developing business relationships. In the morning plenary session, Hungary was presented in all its aspects, while the afternoon session was focused on specific areas (food industry, medical and environment sectors) where important investment projects were structured.

3rd largest trading partner

ICE’s role When asked how much of a role ICE has played in achieving this favorable position and through what means, Marco Bulf says “it

10

is difficult to assess how much of our efforts have turned to concrete business results.

However, I can say that our contribution, in line with our institutional mission, is certainly essential for the SMEs interested in internationalization. We provide assistance in all initial phases of their activity, which are particularly important for developing serious and concrete business relationships.

Over the past years, our supporting activity, either in the form of personalized assistance or promotional activity, has increased significantly. Moreover, the financial commitment of the Italian government has also increased, allowing us to carry out promotional events of a certain level.

For instance, within the framework of the ‘Export Sud Program’, we will organize, in February 2018, a collective of Italian companies to the SIRHA Fair, the most important Hungarian fair of the agricultural, food and horeca sectors. In May, together with the associations ANCE (the National Association of Builders) and OICE (of engineering, architecture and technicaleconomic consultancy), we will organize a

SMEs have an outstanding role in bilateral economic relations. As Marco Bulf explains, “statistics show that SMEs are predominant in the Italian economy, having a big influence on obtaining the gross domestic product and the supply of jobs. In Hungary, as well, SMEs play an important role in the industrial development of the country. Both Italian and Hungarian governments support SMEs with preferential access to credit and preferential policy support. Thanks to their entrepreneurial spirit, their flexibility and their potential to react to challenges, Italian and Hungarian SMEs contribute to sustainable growth and employment generation in a significant manner.”

Regarding the view of the current investment environment in Hungary, the ICE Director points out that Italian companies continue to consider Hungary a place that encourages foreign direct investment. “The good location in the center of Central Europe and only few hours from the Italian border, with corporate income tax lowered now to a 9% flat rate and new forms of incentive measures, investors are encouraged to consider this country, looking at Hungary not as an ‘end point’ but rather a jumping board to the neighboring countries.”

delegation of Italian companies from the construction sector, following the initiative realized in 2015. Another event we will organizewill be the Italian Festival, aiming to consolidate the Italian presence in Hungary.

N O V E M B E R

2 0 1 7

|

D I P L O M A C Y

&

T R A D E

|

w w w . d t e u r o p e . c o m

BERTA/STEREOTEAM

SMEs, investment environment

photos by SÁNDOR

Italian Ambassador Massimo Rustico has recently said that Italy could become Hungary’s third largest trading partner after Germany and Austria in 2017. As to what he attributes this development, the ICE Director highlights that “the latest data for the first semester of 2017 are very encouraging, even though they are temporary. If the estimations are confirmed, the final value of the ItalianHungarian trade could reach approximately EUR 10 billion at the end of the year, compared to 8.4 billion achieved in 2016, which is due to the concomitant growth: on the one hand, Hungarian export to Italy increased by 20% – if this picture is confirmed Italy will become the 2nd country of destination for Hungary.

On the other hand, Italian exports to Hungary increased by 8.2%.”

He believes it is too early to have a detailed analysis of the data, but the results of an initial analysis show that the biggest growth was reached by the machinery & equipment and motor vehicles sectors. “I would like also to emphasize that Italian-Hungarian trade increased by 22% in the last 5 years, showing a constant upwards trend.”

My future plans are not for myself alone

Private Banking Let’s talk about your long-term plans!

You will have more time for what is really important if your assets are working towards your goals based on a well-designed strategy. We are there to help you make the necessary decisions: our Private Banking service is based on value creation in terms of our customers’ assets and support for making the most of the long-term benefits.

If you are interested, do not hesitate to contact our colleagues on +36 1 301 5498 — they are ready to help you. www.unicreditbank.hu

italian focus

A CHAMBER BOOSTED

Italian Business Day CCIU has organized the very first Italian Business Day in Hungary. It took place in Debrecen, eastern Hungary this September.

The diplomatic/institutional event of the day involved meeting with the Mayor of Debrecen, the governor of Hajdú-Bihar County and the rector of the University of Debrecen. “At this meeting, we talked about the possibilities of cooperation with the county and the surrounding areas. As far as the practical results are concerned, at least 15 Hungarian firms from the region have already shown interest in establishing business contacts with Italian companies. In Debrecen, we also organized a business meeting entitled ‘Made WITH Italy’, stressing cooperation between the two countries,” Francesco Mari highlights.

ANNIVERSARY PROVIDES OPPORTUNITY FOR INITIATING BIG CHANGES

Expanding CCIU presence

12

Synergy The Italian Ambassador to Hungary, Massimo Rustico has recently said that Italy could become Hungary’s third largest trading partner after Germany and Austria in 2017.

As to what he attributes this development to, the CCIU President points out that “yes, that is the forecast we have – we’ll reach that position in 2018, the latest. Ambassador Rustico gave an impetus, a turbo boost for us to work on enhancing the bilateral economic relations. He is a diplomat who focuses on the economy part of his job, based on his personal experience in the economic field.

Also, I believe that the CCIU has a key role in this development. I am very proud to tell that other Italian representatives in Hungary – the Ambassador, ICE (trade agency) Director Marco Bulf and the Director of the Italian Institute, Gian Luca Borghese – all agree with this and appreciate our job, especially what we do outside Budapest. I believe this growth in trade figures is due in part to this synergy among these Italian players in Hungary.

There has never been such cooperation. We have a monthly meeting where we talk about our plans and we organize several things together.”

THE NEW PRESIDENT

At its general assembly meeting on September 26 this year, the Italian Chamber of Commerce in Hungary elected a new President, Francesco Maria Mari as the mandate of the previous President, Ferdinando Martignago, expired. The new President acknowledges that his election confirms the credits of an entrepreneur who believes firmly in the mission of the Chamber of Commerce, that is to say, to contribute in a concrete way to the development of the Italian businesses on Hungarian territory.

Born in 1955, Francesco Maria Mari graduated in Law and has a Master in Business Administration from the Bocconi University. He has more than 20 years of experience in management which led him to occupying important positions at Italian and international firms such as ‘Saatchi & Saatchi’, ‘RAS Allianz’, ‘Banca Popolare Commercio & Industria’ and ‘Gruppo Mediobanca’. Furthermore, he has a 15-year experience in business activity where he has specialized in corporate start-ups in the sectors of services, web and telecommunications.

Currently an entrepreneur in the real estate sector operating in Hungary, Italy and Spain, he has chosen Budapest as the headquarters of his head office after recognizing the great growth possibilities and the life quality this nation offers.

Cooperation areas According to Francesco Mari, bilateral cooperation in the agricultural sector has great prospects. “Hungarian soil is wonderful, probably the best in Europe. However, the agricultural infrastructure is quite outdated in many areas and that is where Italy comes into the picture with its fairly developed production of agricultural machinery.” The CCIU President also sees great opportunities of cooperation in the automotive industry. “Hungary is home to several car assembly plants while Italy is strong – if not the leading country on the continent – in supplying all sorts of parts and components to these cars.”

Networking As for the most important and most popular services offered by CCIU, Francesco Mari first mentions networking. “This makes it much easier for our members to establish contacts with regional economic communities at the different Business Days and through the info points. In Italy, we’ll be very much present with conferences and workshops. We have made an agreement with an SME association there and now, we have daily collaboration with them in order to put Hungarian and Italian companies in contact with each other,” he concludes.

While the Italian dialogue in Budapest was boosted by the Ambassador, a similar boost was made in the Chamber with the new President taking office earlier this year. It is due in part to the fact that in the past three years, Francesco Maria Mari has filled every executive position of this prestigious association: Administration Councilor, Treasurer, Vice President and General Secretary.

N O V E M B E R

2 0 1 7

|

D I P L O M A C Y

&

T R A D E

|

w w w . d t e u r o p e . c o m

HARANGOZÓ

a very short period of time, we have managed to expand our presence in the Hungarian countryside as well as in Italy and we can already see the positive effects.”

photo by DÁVID

The Italian Chamber of Commerce in Hungary (Camera di Commercio Italiana per l'Ungheria – CCIU) celebrates the 25th anniversary of its establishment this year. As the President of the organization, Francesco Maria Mari explains to Diplomacy&Trade, 2017 is very important for us not just because of the anniversary, this is also a year of substantial changes in the life of the chamber. “There is a new approach in the Italian Chamber of Commerce in Hungary, which is primarily manifested in the fact that the Chamber has begun to make its presence felt in several Hungarian cities outside Budapest. We wish to explore the countryside and get close to businesses there. This is something that is particular to our chamber of commerce.

The other new approach is our presence in Italy. We have opened seven representative offices (points of assistance) there. This way, we can provide information for Italian companies about investment and trade opportunities in and/or with Hungary. The most difficult issue that must be overcome is the flow of information. People in Italy don’t really know Hungary. They don’t know the Hungarian economic environment, they have misconceptions about the situation here.

So, these newly established offices help us make contacts with the local industrial and SME associations in Italy and with the Italian Chamber of Commerce. We can say that over

He adds that “this October, again for the first time in history, an Italian-Hungarian Business Forum took place. The meeting in the city of Milan was attended by high-ranking Italian and Hungarian state and business officials, including the two ministers in charge of foreign trade. It was organized by the Italian Embassy in Budapest and ICE/ITA. There was such great interest that several Italian companies had to be turned away because of overbooking.”

As a continuation of expanding the Italian Chamber’s presence throughout Hungary, “CCIU is going to open four Italian Desks in cooperation with the Hungarian Chamber of Commerce with which we have a very good relationship. These desks have Italian speaking personnel through whom business contacts can be established with Italian companies.

In the future, the Italian Business Day will be repeated every year in at least four Hungarian cities,” the President points out.

italian focus itself. According to the Deputy CEO, the ‘Leave your mark’ program showcases the premium banking business concept, which is about the bank’s permanent striving for excellence in serving its individual, private, small business and corporate clients – just as talented people, who truly and continuously strive for constant improvement, do in their own fields. “With the program, by giving an example, our ultimate goal is to extend the culture and attitude of talent fostering to the society at large.”

Helping Italian and international firms

UniCredit Bank Hungary had a very successful year in 2016. As the Deputy CEO of the bank and Member of the Management Board, Marco Iannaccone highlights to Diplomacy&Trade, “indeed, we worked a lot last year but this is the deserved result of our work that began many years ago. Of course, we are proud that by this excellent results and strong business performance especially in dynamically increasing corporate lending as well as leveraging on our local expertise and also the international knowledge through our Group, we were able to contribute to not only to the development, expansion and success of our corporate clients but also to the growth of the Hungarian economy.”

As to what the main direction for UniCredit Bank Hungary is, the Deputy CEO points out that being a subsidiary of a simple successful Pan-European Bank as well as doing successful business in

14

Hungary for 27 years now are very big asset. “We have already been a premium bank in many business segments, but we are expanding this concept to all business and functional areas of our bank. All the initiatives we have defined from employer branding to digitalization will help us further develop our market position and our leading role among profitable businesses – all this at a very competitive Hungarian banking market – both in the corporate and retail sectors.”

Leave your mark This profitable result has made it possible for the bank to extend its support activities to new areas, like creating the ‘Leave your mark’ program. “Our bank has been supporting the community throughout its history. We are a bank our customers can trust, we play a tangible positive role in their everyday lives with relevant business solutions to the real needs and wants of our customers.

But also beyond that, we wish to

give back to the society in which we operate through supporting excellence in Hungary. We have been supporting talents for almost 20 years on the one hand, and on the other, this program is part of our premium banking concept also started last year. We started to elaborate the campaign more than a year ago. Indeed, our successful year 2016 and excellent results gave us the opportunity and means to realize our new program,” Marco Iannaccone explains.

He adds that the ‘Leave your mark’ initiative is in line with the values, image and fundamentals of UniCredit Group. “Other talent programs usually strive to foster newcomer talents who are beginners, who haven’t yet proved their talent and are not known yet. They support starting-out of talents. The approach of our ‘Leave your mark’ program is different: it strives to foster the talents’ step further in their career, to have the chance and means to go on a road where they have already N O V E M B E R

achieved considerable results.

They are not beginners, they have proven their talents, skills and excellence but are not that widely acknowledged yet. A jury asked by – but completely independent of – UniCredit Bank Hungary has shortlisted 3-3 talented individuals out of 100 nominees in three areas: visual arts, music and taste. Both UniCredit clients and the public at large are invited to participate in the program by sharing the stories of the talents and voting for their favourite ones. The goal is to find the most talented person in each category who are the most committed towards excellence. The winner of each category, who will be chosen solely by public vote, will be awarded a prize of HUF 3 million (close to EUR 10,000) each with which they can further their career.”

The program is connected to UniCredit Bank’s premium banking services where clients – as surveys have shown – are committed to support talents, as is the bank, 2 0 1 7

|

D I P L O M A C Y

&

T R A D E

WATCHMAKER ÁRON BECSEI, 'LEAVE YOUR MARK' AMBASSADOR

|

w w w . d t e u r o p e . c o m

HARANGOZÓ

UNICREDIT BANK SUPPORTS HUNGARIAN TALENTS

photo by DÁVID

LEAVE YOUR MARK!

UniCredit is headquartered in Italy, therefore, has specialised knowledge and extensive experience regarding serving business needs of Italian firms of which there is a large number present in Hungary, too. As regards offering and providing special services to Italian companies to facilitate their operation in Hungary, the Deputy CEO stresses that “we are here to serve our clients and offer the best knowledge and customized products in line with their plans.

We have a special focus on serving all international corporates, with dedicated relationship managers speaking their languages, knowing their culture and needs. Being a Hungarian subsidiary of a strong Pan-European Group, we benefit from the ability of mixing the group support and knowledge with the local specific products and services.”

In the past few weeks and months, there have been several bilateral economic meetings and talks between Hungarian and Italian officials, including a business forum in Milan this October. As to how much these efforts can help enhancing business links between the two countries and what role UniCredit can play in all this in the future, Marco Iannaccone points out that “as a subsidiary of UniCredit, we feel responsible and therefore, we are fully involved in these bilateral economic events.

As we have strong long-standing experience in Hungary as a financial group, sharing business experience and presenting the resulting opportunities of the country for a potential new investor are very important.”

italian focus

STELVIO - A PASS TO SUV

the first SUV in the brand's history that achieves excellent overall performance and tops its category for the protection of adult occupants (97% score) of any height and weight. This major award highlights the special attention that Alfa Romeo pays to the safety of all road users and the excellence of the platform on which the Stelvio and Giulia are built.

The Alfa Romeo Stelvio features a large number of sophisticated safety systems, available as standard or as option – depending on the version.

Key amongst them is the Integrated Brake System (IBS), the innovative electromechanical system that combines stability control with a traditional servo brake to deliver instantaneous brake response and hence record-breaking stopping distances, not to mention the Forward Collision Warning and the Autonomous Emergency Brake with pedestrian detection, which give the driver an audible alert of a potential front collision and then activates the braking system, and Lane Departure Warning, which warns the driver if he strays across the boundaries of his lane. Also included is the Blind Spot Monitoring (BSM) with Rear Cross-Path Detection, for continual monitoring of rear blind spots on both sides of the vehicle, alerting the driver in the event of potential hazards. Last but not least, Active Cruise Control automatically adjusts the speed to traffic conditions.

THE SPORT UTILITY VEHICLE FOR ALFA ROMEO IN ITS HISTORY

Quadrifoglio The next year will see the debut of the Stelvio Quadrifoglio (Q4), the 510-horsepower, six-cylinder, 2.9-liter petrol turbo engine introduces Ferrari's technology and expertise, which boasts the best horsepower/liter ratio in its category. The Stelvio Quadrifoglio extensively integrates lightweight, stateof-the-art materials that enable and deliver perfect 50/50 weight distribution, segment-leading torsional rigidity, class-exclusive carbon fiber driveshaft and the most direct steering available. Its QV version has claimed the title of world's fastest SUV, setting a new benchmark lap time (7 minutes and 51.7 seconds) at Germany's legendary Nürburgring race circuit. The Q4 combines all the benefits of all-wheel drive (stability, drive, safety) with the driving experience provided by the rear wheel drive.

Safety first The Alfa Romeo Stelvio also excels in its category in the area of safety as it has achieved the coveted Euro NCAP five-star rating in crash tests. It is technology, Integrated Brake System (IBS) AlfaTM DNA and an automatic 8-speed transmission – all these for comfortable, sporty driving.

The outstanding and high performance engine line-up is accompanied by low fuel consumption and exhaust emissions. Alfa Romeo engines, with state-of-the-art processes and methods that put them at the top of their class in terms

of performance and fuel economy. The Stelvio is available with five different engine versions, the 2.2 diesel from 150 HP to 210 HP and two 2.0 turbocharged petrol-fuelled with 200 HP and the powerful 280 HP. All combined with an automatic 8-speed transmission and Q4 all-wheel drive. The 150 and 180 HP 2.2 Diesel is also available with real wheel drive.

photos by FCA

The Stelvio is Italy's highest mountain pass and Highway 38, which crosses it, over 20 kilometers in length and with more than 75 hairpin bends, has iconic status. To enjoy it as it is meant to be enjoyed, alone or in the company of friends and family, there is now an SUV capable of offering an unrivalled combination of driving pleasure, Italian styling and versatility: the Alfa Romeo Stelvio. So, no wonder Alfa Romeo’s first sport utility vehicle was named after this wonder of nature. Distinctive features of the genuine ‘Alfa spirit’ have now come together in a sport utility vehicle, delivering a thrilling driving experience, outstanding performance and sporty style.

The Stelvio's proportions, with a length of 468 cm, a height of 167 cm and a width of 216 cm, express strength, dynamism and compactness.

Externally, its attractive line is the perfect blend of tradition, design and performance, an integral part of the brand's history, dating back over a century. Its interior is exclusive and elegant, offering plenty of space, providing the highest comfort and convenience.

In the vehicle, innovative engineering provides the possibility of a unique driving experience: direct steering, perfect 50/50 weight distribution, lightweight (1,660 Kg) materials, state-of-theart suspension with the exclusive AlfalinkTM

16

N O V E M B E R

2 0 1 7

|

D I P L O M A C Y

&

T R A D E

|

w w w . d t e u r o p e . c o m