YULIA SELYUKOVA ARRIVED IN THE HUNGARIAN CAPITAL LAST NOVEMBER TO TAKE OVER AS GENERAL MANAGER OF THE FOUR SEASONS HOTEL GRESHAM PALACE BUDAPEST. SHE TALKS ABOUT HER CAREER AND THE HOTEL CHAIN THAT PROVIDED HER WITH TREMENDOUS SUPPORT AS WELL AS HOW SHE PLANS TO BUILD ON THE VISION SHE HAS INHERITED FROM HER PREDECESSOR.
Hungary
As a government institution, the Hungarian Export Promotion Agency (HEPA) aims at providing high quality services in order to support the further export success of Hungarian enterprises and improve the country’s international image. A year ago, the agency signed a cooperation agreement with MBH Bank to coordinate their activities and clientele in order to provide even more effective support to Hungarian companies operating in export markets or just planning to appear there.
Ambassador of Korean Embroidery
The Korean Cultural Center in the Hungarian capital presents the ROYAL PALACE exhibition, the symbolic title of which evokes the history and artistic value of Korean embroidery. It features works by Lee Jungsook that reinterpret court embroidery from the Joseon period. Through them, the uniquely subtle beauty and deep cultural significance of Korean embroidery is revealed.
letter from the publisher
Last November, a new general manager, Yulia Selyukova, took the helm at Hungary’s most iconic hotel, the Four Seasons Hotel Gresham Palace Budapest. In an interview with Diplomacy & Trade, she shares her impressions of the Hungarian capital, calling it “a great place to work.” She welcomes the arrival of major international brands in the city, noting that “despite being competition, they bring more customers and help elevate the destination.”
Several Hungarian family-owned businesses have found success in expanding abroad with the support of the Hungarian Export Promotion Agency (HEPA). Leveraging its economic diplomacy and business network, as well as promotional services, HEPA plays a vital role in strengthening Hungarian enterprises. This issue’s Hungarian Focus highlights HEPA’s initiatives and its partnership with MBH Bank to enhance the global competitiveness of domestic companies.
Our international analyst explores the rationale behind the Trump administration's controversial interest in asserting control over Greenland and the Panama Canal. He argues that the motivations are largely geopolitical and geostrategic – but in the case of Greenland, mineral resources are also a factor. The central question remains whether Donald Trump’s unorthodox strategies will succeed in reinforcing American primacy – or undermine it. As the effects of climate change become increasingly visible, sustainability has taken center stage in the corporate world. At a recent business breakfast in Budapest, speakers emphasized that the private sector must not only adapt to the challenges of a changing climate but also contribute to mitigating its effects by developing responsible strategies and long-term solutions.
Now entering its 27th season, La Estancia Polo Club, located just outside Budapest, is gearing up for another exciting summer. The La Estancia Polo Cup this June promises an engaging program for both players and guests. Our article explores how this prestigious event has evolved and gained prominence over the years.
Internationally renowned Korean embroidery artist Lee Jungsook is currently showcasing her work at the Korean Cultural Center in Budapest. On a global tour, she shares with Diplomacy & Trade how traditional colors, motifs and symbolism in her art capture both heritage and modernity.
This edition’s WittyLeaks column is contributed by the Irish ambassador, who reveals some delightful culinary – more precisely, bakery – connections between Dublin and Budapest. As always, we invite you to delve into the pages ahead and discover the stories, ideas and personalities shaping diplomacy, business and culture in Hungary and beyond.
Enjoy the read!
Peter Freed PUBLISHER
PUBLISHER: Peter Freed PHOTO EDITOR: Dávid Harangozó
ADMINISTRATION: Blanka Szalontai
CONTRIBUTORS: Sándor Laczkó, Tamás Magyarics, Ragnar Almqvist
PHOTO CONTRIBUTORS: Dávid Ajkai (cover), Bálint Hirling (cover), depositphotos.com, Ilona Lovász, HIPA, CIB Bank, Attila Pellinger/Wikimedia, wing.hu, spar.hu, Budapest Airport, TSGT Lee E. Schading/U.S. Air Force, Brian Gratwicke/Wikipedia, Košice Region Tourism, maraisandor.eu, Smokehouse Košice, Ferenc Csárdás, Dávid Ajkai, Four Seasons Hotel Gresham Palace Budapest, Z. László Nagy, Visit Beijing, Júlia Lily Hegyi, Bálint Hirling, La Estancia Polo Club, Zsolt Reviczky, Embassy of Ireland, Presspresso, Bálint Hirling, Live Nation, Jimmy Fontaine, Zwack Unicum
New general manager at the Four Seasons Hotel Gresham Palace Budapest
15 WITTYLEAKS by the Ambassador of Ireland
16 SUSTAINABILITY
Unquestionable need for climate adaptation
18 SOCIETY
La Estancia Polo Cup
19 WHAT’S ON Concerts, festivals, events and exhibitions in and out of Budapest
20 CULTURE
Korean embroidery exhibition 21-23 TOURISM
Beijing, the World Heritage Capital; Košice and its surroundings
FRENCH FOCUS – COMING SOON
Diplomacy&Trade is going to present a special Focus section on relations between Hungary and the Republic of France on the occasion of the French national day. France is among the most important foreign investors in Hungary. The main areas of French investment here are food, energy, electronics, pharmaceuticals, automotive, chemicals and construction. France is Hungary's 11th most important trading partner, accounting for 3.5% of total Hungarian trade in goods. The leading article of the compilation will be an interview with the French ambassador to Hungary, Jonathan Lacôte about the main aspects of bilateral relations. We also present the activities of the French-Hungarian Chamber of Commerce and Industry (CCIFH) and several of the French ventures operating in Hungary.
The largest equestrian polo event of the year in Hungary page 18
Event guide to the Hungarian capital page 19 Managing nature to help climate page 16
HUNGARYTOWITHDRAW FROMINTERNATIONAL CRIMINALCOURT
Hungary announced its decision to withdraw from the International Criminal Court (ICC), just hours after welcoming Israeli Prime Minister Benjamin Netanyahu to Budapest with full ceremonial honors in early April –despite an international arrest warrant issued against him. The move underscores Hungary's defiance of international legal obligations and positions it as the only European Union member state to formally begin exiting the court.
Prime Minister Viktor Orbán's government, which had previously declared it would not enforce the ICC warrant, greeted Netanyahu at Buda Castle with a red carpet and military honor guard, opting for diplomacy over detention. Netanyahu, facing charges at The Hague over alleged war crimes in Gaza amid Israel's expanding military operations, praised Hungary’s move as “bold and principled.” The Israeli leader thanked Orbán for “standing with Israel,” saying it was essential for democracies to push back against what he called a “corrupt organization.”
The court issued the warrant against Netanyahu following Israel's military response to a deadly October attack by Hamas. Israel has dismissed the ICC’s charges as politically driven and antisemitic, arguing the court has no jurisdiction and lacks legitimacy when targeting the elected leader of a democratic state acting in self-defense.
Hungarian officials echoed that stance. The arrest warrant was labeled “brazen,” and Gergely Gulyás, Orbán’s chief of staff, announced on Facebook that Hungary would begin the withdrawal process “in accordance with constitutional and international law frameworks.”
However, under the Rome Statute, withdrawal cannot take effect for at least a year – leaving Hungary in breach of its current treaty obligations by refusing to arrest Netanyahu.
on the record
tobacco products. The fall in annual core inflation was caused by the slowdown in market services and processed food price dynamics. From our indicators capturing more persistent inflation trends on an annual basis, the inflation of sticky-price products rose slightly to 5.9%, while core inflation excluding processed foods moderated to 5.3%.
In a shorter term (annualized, 3-month-on-3-month) comparison, our indicators showed a deceleration in inflation, and a pick-up in core inflation. Price changes on the previous month were more moderate than historical averages for both inflation and core inflation. The price of the basket calculated excluding fuel and regulated product prices was up by 0.3% from the previous month.
Month-on-month core inflation excluding processed food, which better reflects underlying developments, was 0.6%. The extent of the March repricing regarding tradables and market services was above the historical average, while in the case of food prices it was below the historical average.
HOUSING MARKET
CONTINUED TORECOVER INMARCH
The real estate market continued its upswing in March, with 12,200 property sales, up 7% compared to the previous month and 10% compared to the same period last year, the real estate broker firm Duna House said in its transaction count estimate based on its own data this April. They added that the first quarter of 2025 brought 8% more transactions than last year – 32,805 units. At the same time, they indicated that the steep rise in prices, however, has noticeably reduced demand in the second half of March, which may be reflected in transaction numbers over time.
According to the statement, the mortgage market is also expanding, with HUF 125 billion of residential mortgages signed in March this year, according to data from Credipass, the group's international financial brand in Hungary.
This is a 9% increase compared to the volume estimated by experts for February, and a 28% improvement compared to the central bank data for the same period in 2024, Duna House said.
HUNGARY,AWORLD LEADERINSOLAR ENERGY
In 2024, solar panels accounted for a quarter of Hungary's electricity generation, the highest share not only in Europe but in the world. The year before last, we ranked third in this comparison, behind Chile and Greece. According to a recent report by the independent international think tank Ember, Hungary's share of solar PV rose to 25%, putting it ahead of those countries last year.
Of the countries with production above 5 terawatt-hours, only the other two podium finishers (Chile and Greece, with 22%) and Spain (21%) have solar power penetration above 20%. The authors note that the top two in the world ranking had a share of less than 2% ten years ago.
ROMANMITHRASSHRINEAND RELATEDARTEFACTSPRESENTED
The Roman ruins excavated at the former Óbuda Distillery (in the north of the Hungarian capital), now under construction at the Waterfront City residential development, are several meters below the current walkway level, so they can only be displayed at a higher level. The ruin walls of great cultural importance, excavated by experts from the Budapest History Museum, will therefore be "sliced up" on site, lifted out by crane, stored until the construction is completed (for a year and a half, according to plans) and then displayed to the public in a purpose-built shelter currently under design by Biggeorge Property, which is investing in the area.
The process of lifting the Roman shrine is similar – albeit on a much smaller scale – to the one used in Egypt to rescue the rock-cut temples of Abu Simbel during the construction of the Aswan Dam (1963-1968), and more recently the lifting of the Mithras shrine in London (1954, 2017).
In March 2025, consumer prices rose by 4.7% in annual terms. Compared to February, the annual price increase rate decelerated by 0.9 percentage points. Core inflation fell by percentage points and stood at 5.7%. Core inflation excluding indirect tax effects fell to 5.4%, the National Bank of Hungary (MNB) said this April. On a monthly basis, the average price of the overall consumer basket remained unchanged, while the core inflation basket prices rose by 0.3%. Inflation and core inflation were within the forecast range of the March Inflation Report.
Most product groups contributed to the decline in the annual consumer price index, which was partly offset by the accelerating price increases of tradables, alcohol and
The analysts' January comparison also showed that Hungary has seen the highest growth rate in Europe over the past five years, up from just 4% in 2019. Along with the Netherlands, we also boast that last year solar power plants met more than 80% of domestic electricity demand on more than seventy days during peak production periods. In Hungary, around 7,800 megawatts of solar capacity have been installed by spring 2025. Four-fifths of the existing installed capacity has been in operation since 2020. From 2022, domestic solar capacity has increased by at least 1,200 megawatts for three consecutive years.
The first Mithras shrine in the military city of Aquincum was discovered in the late fall of 2023 by the Budapest History Museum during archaeological excavations carried out in the area since 2017. The small sanctuary, which was only fully excavated in 2024, was built in honor of Mithras as a place of worship for the popular mystery religion in the 2nd century AD, more than 1,800 years ago. It was rebuilt on one occasion and then, during the turmoil following the Sarmatian invasion of 260 A.D., the shrine itself ceased to function in the gradually depopulating suburb. Its more valuable furnishings, including the cult image and the cult vessels, were removed and the building abandoned. Later, the roof collapsed and the walls were buried with the rest of the Roman remains. Although the site was heavily disturbed during the construction, extension and public works of the Óbuda Distillery, the shrine of Mithras has survived the last 150 years relatively intact.
In addition to the walls, the excavation revealed four altar stones bearing traces of stucco and paint, one of which, by a stroke of luck, even preserved the painted dedicatory inscription TRA(n)SITO(!), which can only be linked to the cult of Mithras and which refers to the 'Passage of the Deity'. Other important finds include a lead votive (a vow offering) depicting a figure in a frigate cap, the skull of a large domestic ungulate with a three-holed candle underneath, and a fragment of a stone bowl. Pieces of the broken mural that once adorned the walls of the
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company briefs
PLASTICS INDUSTRY FIRM DOUBLES CAPACITY
With one of the most significant investment projects in its history, Start Plast, a traditional firm in the Hungarian plastics industry, has doubled its capacity.
The plastic injection mold manufacturer based in Újhartyán, near Budapest, has carried out an EUR 3.53 million investment with the assistance of HIPA. Alongside the modernization of its 1,800-squaremeter first production hall, the company has constructed a second hall of nearly 1,400 square meters and installed a solar power system, ensuring that approximately 20% of its annual energy needs are met from sustainable, renewable sources.
A key component of the Hungarian-owned company’s project was the acquisition and commissioning of new equipment. New machinery has been installed across the entire production cycle, from raw material handling to manufacturing and finished product logistics. As a result, the industrial park of the town in Pest County has gained yet another state-of-the-art facility.
Start Plast has already been producing at a world-class level, partnering with multinational giants such as Electrolux and Samsung Electronics. The company’s founder started in the industry in the 1970s. With nearly half a century of accumulated expertise, Start Plast
is capable of manufacturing plastic products of virtually any shape and size, and also offers design services to its clients.
However, this new investment has not only doubled the company’s production capacity but also further enhanced operational efficiency and product quality, further strengthening Start Plast’s position in Hungary’s largely export-driven plastics industry.
CIB GROUP: INCREASING PROFIT AND BALANCE SHEET TOTAL
The CIB Group's profit after tax increased by 14.1% to HUF 71.905 billion and its balance sheet total increased by 4.4% to HUF 3,463.21 billion in the financial year 2024, the banking group has announced. According to the statement, the outstanding results provide a solid basis for CIB Group to significantly exceed its targets for 2025. With the full support of Intesa Sanpaolo's International Banking Division, CIB Group was able to further increase its market share in strategically important segments, expanding the range of its digital services and the proportion of customers using them. As a result, cost efficiency remained excellent in 2024, they said. The growing balance sheet total was mainly driven by growth in customer and bank funding, with the group's consolidated gross customer loan book at the end of last year at HUF 1,668.719 billion (+4.4%). In the corporate segment, demand for new financing was low due to
MVM FIRM BUILDS NEW GRID ENERGY STORAGE FACILITY
MVM Green Generation Plc., a renewable energy company of the MVM Group, is installing a 20 megawatt-hour electricity storage facility in Sopronkövesd, NW Hungary next to its owned and operated wind farm, with a capacity of 20 megawatt-hours of electricity, MVM Green Generation Plc. Hungary's Recovery and Resilience Plan provides HUF 1.35 billion in non-reimbursable aid for the investment, financed by the European Union under the program entitled Installation of Network Energy Storage Facilities by Energy Market Operators.
The 10-megawatt lithium-ion battery with a nominal capacity of 20 megawatt-hours will be installed in the vicinity of the Sopronkövesd-Nagylózs wind farm. Within the site to be developed, 22-kilovolt underground cables and a new
economic uncertainties and the large phasing out of the Growth Loan Program (NHP), while in the retail market, demand for new mortgage loans increased by 17% in line with the booming housing market, while new disbursements of personal loans rose by 60%.
The stock of customer deposits stood at HUF 2,530.108 billion at the end of December (+5.5%), with the increase mainly driven by the retail segments. Equity rose by 12.4% to HUF 356.138 billion, mainly thanks to profits.
The group's revenues amounted to HUF 174.223 billion, up 3.5% despite the lower interest rate environment, thanks to increased business activity. The ratio of loans over 90 days past due improved to 0.5%.
The banking group's fee income grew above the market average, while operating cost growth remained below average. Operating expenses excluding bank tax and extra profit tax rose by 12.9% to HUF 73.830 billion, mainly due to inflationary price increases for suppliers and wage increases.
Including bank and extra profit tax, the group paid HUF 14.472 billion to the Hungarian budget in 2024.
MAPEI LTD. EXPECTS 14.8% SALES GROWTH THIS YEAR
Mapei Ltd., a Hungarian member of the international Mapei Group, a manufacturer and distributor of construction materials, expects 14.8% sales growth this year, despite the fact that the Hungarian market for construction materials is not expected to expand in 2025, the company's CEO, Béla Markovich said.
According to his statement, their net sales in 2024 were HUF 33.4 billion and their profit after tax was HUF 4.2 billion. Based on market trends, their profit growth will be modest this year, at HUF 4.3 billion, he said. He noted that they will have two major investments in 2025, a plastering factory and a training center.
Given subdued demand and market uncertainty, many construction firms prefer to focus on price stability and avoid the risk of price increases, fearing they could lose orders in a price-sensitive market. "Less work, more competition. Stability has become more important than price increases," he said, presenting this year's results of their annual survey on the state of the construction industry, which this year summarizes the responses of 1,800 professionals.
According to the survey data, the shortage of skilled workers has not changed significantly: while in 2024 the average waiting time for a skilled worker was 52 days, this year, it is 53 days.
The CEO explained that 64% of skilled tradesmen would like to raise their prices, but this is only the intention, as last year tradesmen were planning an average increase of 12%, instead the average labor rate fell by 7%.
The survey also showed that many people remain pessimistic about the construction sector, but the trend is improving. While 47% of construction professionals feel the sector is heading in the wrong direction, the proportion has fallen by 11 percentage points in a year. Twenty-four per cent perceive improvement (+8 percentage points), while 29% perceive stagnation (+3 percentage points).
The Mapei group is present in 57 countries with 102 subsidiaries, 90 manufacturing plants on five continents and more than 11,900 employees.
22-kilovolt substation will be installed, with grid connection at the existing 132/22-kilovolt transformer station serving the wind farm.
The so-called co-location connection, the sharing of existing connection points and capacities, is an innovative solution that will help to make more efficient use of the capacity of the electricity system and to integrate weather-dependent renewable energy sources to a greater extent.
The ultimate objective of the project is to increase the integration of weather-dependent renewable energy producers into the system and to increase the flexibility of the electricity system. The deployment of grid energy storage will contribute to the achievement of domestic targets in line with the European Union's 2030 climate targets and climate neutrality 2050. It will help reduce greenhouse gas emissions by eliminating the need to re-produce electricity that is surplus and stored at a given moment, or to keep in operation the regulatory capacity to regulate it, the statement said.
company briefs
INCREASING TURNOVER AT WING
The real estate developer and real estate investment company WING increased its revenue and EBITDA (earnings before interest, tax, depreciation and amortization) in 2024, according to an investor presentation published on the Budapest Stock Exchange (BSE) website. The company increased its group-wide revenue from HUF
172.3 billion to almost HUF 198 billion last year, according to its unaudited accounts. EBITDA increased from HUF 23.1 billion to almost HUF 69 billion year-on-year. According to the presentation, Wingholding Plc. and its subsidiaries make up the WING Group, the largest player in the Hungarian real estate market, with significant shares in Germany and Poland. Their activities cover residential, office, industrial, retail and hotel markets. Last year, they generated rental income of HUF 37.1 billion, up from HUF 31.2 billion in the previous year. They reported a profit on investments of HUF 25.1 billion, after
SPAR'S SALES GREW BY 4.8% LAST YEAR
The retail chain Spar Hungary achieved gross sales of almost HUF 1,112 billion in 2024, which is 4.8% higher than the previous year, while the volume of products sold increased by about 2% year-on-year, the company's CEO, Gabriella Heiszler announced. She added that Spar Hungary also closed last year with a loss, the exact amount of which will be published in the company's annual report at the end of May.
The loss in 2023 was HUF 18.2 billion.
The price margin freeze order by the government means a loss of HUF 1.5 billion per month for Spar. As MTI reported, the company understands the government's measures to reduce inflation, so the loss had not been charged to products not affected by the margin freeze, the CEO pointed out.
However, price negotiations have been initiated with suppliers to ensure that the costs of the measures are not only borne by the retail sector; a proportionate share of the costs should also be borne by food processors and manufacturers, Gabriella Heiszler said.
She highlighted that at the end of last year, the Spar network had 652 stores in various formats. Of these, 282 were Spar supermarkets, 29 City Spar supermarkets, 36 Interspar hypermarkets and 305 franchise partner stores. The company expects its network to have more franchise stores than company-operated stores this year.
The franchise network had an annual turnover of HUF 165.7 billion last year. The CEO stressed that Spar had developed a well-functioning franchise program for Hungarian small and medium-sized enterprises.
Spar employed more than 17,000 people last year, making it one of the largest employers in Hungary.
a loss of HUF 17.8 billion the previous year.
The value of the group's fixed assets rose from HUF 593 billion to almost HUF 742 billion, while total assets increased to HUF 1,435 billion.
With equity of HUF 311 billion in 2024, the group's long-term liabilities amounted to HUF 731 billion, while short-term liabilities reached almost HUF 392 billion. WING has so far invested nearly HUF 800 billion in real estate development in Hungary, covering a total of around 1.4 million square meters of real estate.
BIRD PROTECTION: E.ON CONTINUES COOPERATION
Bird conservation is a mission that is no longer just the responsibility of one organization – it is a shared goal in which everyone plays a role. For years, the Danube-Ipoly National Park and the electricity company E.ON have been working together to protect birds.
The national energy company has been involved in nature conservation, including bird conservation, for decades. With the help of the Danube-Ipoly National Park, E.ON is continuously developing new and better bird-friendly solutions. This process is most important for electricity grids and pylons, because when a stork, or a black stork, lands on a power pole, it is important that the animal does not suffer an accident.
This time, the company made the electricity network near the Light Trail in Tata safe for birds. In the meadow near the nature trail, the electricity poles were rearranged so that they do not pose a danger to birds flying over them.
E.ON also announced that it will continue its cooperation with the Danube-Ipoly National Park this year.
“Since 2019, all our new networks have been built in a bird-friendly way, and we are protecting the network elements we have installed in the past with improvements similar to those we are making today," Géza Nagy, Managing Director of Elmű Hálózati Ltd., part of the E.ON Hungária Group, said at the event.
BUDAPEST'S MAIN AIRPORT NAMED AGAIN BEST IN THE REGION
Ferenc Liszt International Airport has been awarded the best airport in Eastern Europe by aviation research organization Skytrax for the twelfth consecutive year, the airport's operator, Budapest Airport said on its website.
The recognition, which is based on feedback from passengers, was received by Budapest Airport, part of the VINCI Airports network, at the World Airport Awards ceremony at the Passenger Terminal EXPO in the Spanish capital, Madrid this April.
respondents rate their travel experience and airport services, from arrival, through checkin and security screening to departure at the boarding gates.
“We are delighted and honored to win the Skytrax award for the Best Airport in Eastern Europe for the twelfth consecutive year,” Francois Berisot, the CEO of Budapest Airport, said. “This year, we are opening new horizons in the life of the airport; we are expanding Terminal 2 and starting the construction of Terminal 3. Our aim is to continue to provide a high-quality airport environment and services worthy of Hungary for the Hungarian people and visitors.”
The award is based on the World Airport Survey questionnaires, which are completed by passengers of more than 100 nationalities, over an 8-month survey period. During the survey,
The Skytrax Award is not the first major recognition that Budapest Airport has received this year; the airport has also won the Airport Service Quality Award for the best European airport with 15-25 million passengers, for the second time in two years.
analysis
THOUGH THIS BE MADNESS, YET THERE IS METHOD IN IT?
BY TAMÁS MAGYARICS
’There is nothing new under the sun’ (Ecclesiastes 1:9): Donald Trump’s idea about (re)claiming Panama and acquiring Greenland is not without precedents. Jimmy Carter’s decision to return the Canal to Panama was severely criticized by his successor, and since Ronald Reagan’s presidency, demands from various quarters to retake control over the Canal have cropped up from time to time. As for Greenland, the island acquired strategic importance for the U.S. during World War II in securing safe passage from the American shores to the U.K. and, further on, to such Northeast Russian ports as Murmansk.
Geopolitical, geostrategic rationales
A shortcut route between the Atlantic and the Pacific Oceans was on the mind of engineers and American politicians in the late 19th century. Finally, Theodore Roosevelt acquired the Canal Zone and initiated the construction of the canal despite some congressional opposition. Ultimately, the waterway was opened in 1914, and it killed two birds for the U.S. with one stone, figuratively speaking. It reinforced the principles of the Monroe Doctrine, that is, the U.S. became sovereign in the Western hemisphere even to a larger degree that it had been before. At the same time, it allowed the U.S. to move, and in case, to regroup its navy and military at large if emergency arose. These geopolitical, geostrategic rationales were weakened to some extent with the Torrijos-Carter agreement in 1977 and the subsequent treaty between Panama and the U.S. which turned the control over the Canal Zone to Panama on December 31, 1999. True, Washington secured a preferential treatment in case of emergency. However, a new potential challenge emerged in the 2010s. The global
Road and Belt Initiative (RBI) of the People’s Republic of China (PRC) reached Latin-America too. Beijing became a major trading partner for a number of countries in South America, and Chinese investments also started to grow. With reference to the Panama Canal, a Hong Kongbased company acquired ports at both ends of the canal. The CK Hutchinson invested USD 1.7 billion in the two port facilities. Currently, BlackRock is attempting to acquire a controlling share of CK Hutchinson’s Panama Canal investment. The proposed deal has plenty of political repercussions. While CK Hutchinson’s claim that it is independent from the Chinese Communist Party’s or the Chinese government’s influence is more than questionable, BlackRock also seems to be in harmony with U.S. strategic interests – thus, for instance, besides Panama, it has been quite active in Ukraine too. As for Donald Trump, the 47th President seems to be trying to update the Monroe Doctrine and its various amendments (the Olney corollary, the Roosevelt corollary, etc.), that is, to reassert unchallenged sovereignty over the Western hemisphere, especially in the ’back yard’ of the U.S. – Central America and the Caribbean. However, his goal is more ambitious than that: the global contest with China is dictating his move; in short, the attempt to weaken Beijing’s global positions.
Mineral resources in focus
Though it might not be so obvious, American concerns over Greenland have to do with China as well, among others. Here, the issue of the so-called rare earth minerals affects the U.S.-China global rivalry. The United States has to import most of these minerals, some of them are essential for the defense industry, while China is the main exporter of them. In other words, American dependence on Chinese rare earth products involves national security
concerns. Greenland is said to have a relatively substantial deposit of rare earth minerals, and even if it does not possess them in quantities that might replace altogether Chinese imports, a looser dependence on the Chinese imports would definitely improve the U.S.’s global position vis-á-vis China. Moreover, Greenland is not the only issue in this context: the island might serve as a stepping stone towards more mineral resources hidden in the Arctic. Here, Washington’s major potential competitor is Moscow; Russia consistently comes second after the PRC in terms of the countries posing the largest threat to global U.S. interests in the various American National Security Strategies (NSSs). Russia seems to be ahead of the U.S. in exploring the potentials of the Arctic. In the global cutthroat competition for resources all over the world, Washington can ignore this largely, so far, ignored piece of land at her own peril.
Important waters around Greenland
Nevertheless, Greenland’s strategic importance cannot be overlooked either. It was realized as early as the 1940s when President Harry S. Truman floated the idea of purchasing the island from Denmark. The issue was later dropped as Denmark became one of the founding members of NATO, and the U.S. established a military base in Greenland. The island was especially important during the Cold War. The so-called GIUK (Greenland, Iceland, United Kingdom) strait was, and is a potential access route to the Atlantic for Moscow (provided the Soviet/Russian subs and other vessels were able to break out of the Baltic Sea through the Skagerrak). On top of it, the melting of the Arctic ice cap is opening up new navigable passages in the area; therefore, the importance of the waters around the island are being upgraded day by day.
Diplomatic tools preferred
Both Panama and Greenland (even if the Danish have offered an opportunity to become independent if the majority on the island thought so) are sovereign territories. Using force by the U.S. against them would destroy the basic principles of the United Nations (and the current international order), and give a license to other countries to ignore international law (for instance, Russia against Ukraine, which has already happened, or against some other neighboring country/ countries in the future, or China against the Republic of China [Taiwan] – Xi Jinping wishes to ’re-unite’ the mainland and the island by 2049). Moreover, Denmark is a NATO member; using coercive measures against a fellow NATO member would very much threaten the very existence and cohesion of the Atlantic Alliance. Therefore, rather measured and, first and foremost, diplomatic tools are to be used in both cases.
Strengthen or weaken the U.S.?
There is a well-known saying: ’you break it, you own it.’ If the Trump administration decided to turn the current international order upside down, Washington would face a world in which its positions might not be as strong as they have been, with certain ups and downs, in the past decade. The million dollar question is whether Donald Trump is able to strengthen the primacy of the U.S. with his unorthodox strategy, which incorporates the handling of Panama and Greenland aggressively, or he creates such global and regional tensions, as well as rifts within the Atlantic community, and in the American alliance system at large, that on the contrary, will weaken Washington’s stature in the world, and will result in a major redistribution of power on a global scale.
Tamás Magyarics is a foreign policy analyst
FOR THE EXPORT SUCCESS OF HUNGARIAN ENTERPRISES
HEPA WORKS TO ENHANCE THE INTERNATIONAL MARKET PRESENCE OF DOMESTIC BUSINESSES
As a government institution, HEPA Hungarian Export Promotion Agency aims at providing high quality services in order to support the further export success of Hungarian enterprises and improve the country’s international image. The Agency works in close co-operation with other state-owned institutions of economic background. Its mission is to see more and more quality Hungarian products available in the international markets and Hungarian brands becoming internationally known by offering its economic diplomatic and business network as well as promotional services to achieve this goal.
BY SÁNDOR LACZKÓ
As HEPA's Chief Executive Officer, Gábor Jenei recalls to Diplomacy&Trade, the success of Hungarian exports was based on the transformation of the foreign trade institutional system in 2014. The transformation of the Ministry of Foreign Affairs into the Ministry of Foreign Affairs and Trade marked the strengthening of state economic diplomacy. In 2018, HEPA Hungarian Export Promotion Agency was established as a background institution of the Ministry of Foreign Affairs and Trade to promote exports.
NEXT as a compass
He believes that one of the most outstanding achievements of Hungarian trade development is the National Export Strategy (NEXT), adopted in 2019, which sets out the directions for the development of the government's export promotion instruments until 2030 and has since served as a compass for HEPA's daily activities. “In line with the objectives set out in NEXT, we are helping more than 6,000 Hungarian businesses to exploit their foreign market opportunities. Every business has the opportunity to succeed in international markets, and we provide our partners with professional support to overcome the
challenges they face on their way to doing so. HEPA's main clients are small and medium sized Hungarian companies wishing to enter – or expand in – export markets, but the agency also has more than 300 larger companies as partners. In each case, our services are tailored to the specific needs and export maturity level of the company, which is determined by a detailed assessment at the beginning of the cooperation.”
Three pillars
HEPA's activities are based on three pillars. First, it provides targeted, tailored information on the business and trade environment in the countries
concerned. It then connects potential business partners, mainly through networking events, events and exhibitions. Thirdly, it contributes to the implementation of export promotion projects by providing public support to businesses. The organization currently has partner offices in four countries around the world. The one in Toronto covers the Canadian market, the Shanghai office has a local presence in eight regions of China, while the Istanbul office covers Greece and Cyprus in addition to Turkey. The Belgrade office covers all Western Balkan countries. The main tasks of the local experts in the partner offices are to identify business opportunities in their respective regions, to find potential partners and to help Hungarian companies navigate the local administration involved in market entry.
Export Academy
HEPA runs the Export Academy Training Center, which was founded more than a decade ago, in 2012, and has been operating as an adult education institution since the end of 2020. “Our aim is to make a wide range of small and medium-sized
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enterprises in Hungary exportable, helping them to develop a strategic approach to foreign markets and to develop their business culture in the right direction. Complex courses and a digital knowledge platform provide them with up-to-date information,” the CEO points out.
The Center’s training principles for success in foreign markets are based on three key prerequisites.
1. Solid foreign trade basics: basic foreign trade knowledge is essential for businesses to be successful in foreign trade and is offered by the Export Academy in the form of a free e-learning course.
2. Target market knowledge: training in target markets introduces the geopolitical, economic and intercultural specificities of the region. These courses often also offer networking opportunities, where participants can meet Hungarian entrepreneurs who have successfully exported and who can give first-hand, practical advice based on their own experience.
3. Personal skills development: the third key pillar is to develop the confidence and openness needed in international negotiations. Effective communication, business confidence and successful deal-making are key to success in foreign markets. HEPA's business skills and capability development programs support this, helping Hungarian businesses to thrive on the international stage.
Target market training
As to which countries/regions these target market preparation courses focus on and what specific knowledge they impart, Gábor Jenei stresses that “an important step in the life of the Export Academy was the launch of our target market training series in October 2022, which aims to introduce a major geographical entity along a defined structure, focusing on the business opportunities there. The aim of the training courses is to provide a comprehensive overview of each export market and to help Hungarian companies to do business and enter the market.”
During the target market preparation training, the regions are analyzed according to the following criteria:
- the economic, political and cultural background of the market concerned,
- the economic diplomatic relations of the region with Hungary,
- the advantages and risks of market entry,
- the prospective export-oriented sectors, - intercultural and protocol skills, and - case studies of concrete exporters who have been successful.
In line with NEXT's objectives, these trainings support company representatives to prepare for participation in business forums and negotiate successfully with potential partners in the country. The program has so far introduced participants to the specificities of markets in the Western Balkans, Turkey, the countries of the Cooperation Council for the Arab States of the Gulf (GCC) and China, among others. In 2025, the focus will be on North Africa, with a special focus on Egypt, as well as on the United States, where participants will be able to gain valuable insights into the specificities of the markets of these countries.
Local knowledge as basis
Information to be provided to applicants is collected from various sources globally – including by staff in Hungarian embassies around the world. As the CEO highlights, “the training will give participants direct exposure to the practical challenges faced in the markets, while presentations and round-table
discussions will also showcase the experiences of market professionals. On the other hand, the success of the training is also ensured by the speaker base, which is made up of experts recruited through HEPA. Their knowledge and experience in the countries and sectors concerned enrich our training with a broad theoretical background and practical solutions. Local knowledge is the basis for successful export activity and is essential for navigating foreign markets. Our foreign trade attachés in host countries help Hungarian companies globally with business information, partnerships and tailor-made solutions. In our target market training, business opportunities in the region are also presented from the attachés' perspective.”
European cooperation
European Union trade policy initiatives not only strengthen cooperation between member states, but also provide concrete support for exporting companies. Building on last year's Draghi report, the European Commission has launched its 'Competitiveness Compass' initiative, which aims to boost trade between EU member states, increase competition, create jobs and make the EU a more attractive place to invest. One element of this is to drastically reduce regulatory and administrative burdens. To change the rules that hinder trade and innovation, HEPA, in partnership with Trade Promotion Europe, the Brussels-based umbrella organization of European trade promotion agencies, has presented the European Commission with the Single Market Strategy Public Consultation, which addresses the concerns and suggestions of domestic businesses on EU regulation. It is hoped that appropriate changes to regulation will ensure competitiveness in international markets.
Last year, HEPA, together with SPIRIT Slovenia, applied for the European Commission's Technical Support Instrument (TSI) program to improve economic competitiveness, where 134 out of 900 applications were supported, including HEPA's project proposal.
The CEO underlines that with the EUR 550,000 consultancy services provided by the European Union, HEPA will strengthen its services in the following areas:
- supporting SMEs in integrating environmental sustainability into export development processes;
- developing an IT tool using artificial intelligence to help SMEs active in external markets to operate sustainably and access green finance opportunities; and
- strengthening the international presence
of SMEs through guides and training on the strategic and operational application of sustainability.
In addition, HEPA, through its predecessors, has been participating for 17 years as the leader of the domestic consortium in the EU-funded Enterprise Europe Network (EEN) program, which provides a wide range of services to domestic SMEs, helping them to enter international markets. It is the EU's only business development network and the world's largest, currently helping SMEs in 56 countries to access information, advice, training, international business opportunities and partners through international business meetings, workshops and databases. “HEPA's priority is to help domestic SMEs to develop successful, long-term partnerships both within and outside the EU. The organization also helps businesses to access funding and places particular emphasis on participation in research programs funded by the European Union. It is worth noting that last year saw the launch of an energy efficiency call for proposals specifically for EEN's clients, for which nearly a hundred companies have so far applied with the help of HEPA,” Gábor Jenei says.
Cooperation with MBH Bank
In May last year, the Hungarian financial institution MBH Bank and HEPA signed a cooperation agreement to provide even more effective support to companies entering the export market. The HEPA CEO states that the main objective of the agreement is to support the development of the competitiveness of Hungarian companies. “Regarding the practical implications of this agreement, the cooperation between the two organizations allows for information sharing, including the assessment of the financing needs of domestic enterprises in the field of international business development, and the institutions will be represented at relevant events, give presentations and participate in round table discussions to share knowledge on environmental, social and governance (ESG) aspects for domestic enterprises. Building on the local contacts of the Enterprise Europe Network, regional roadshows have been organized. The joint workshops also provided participants with an opportunity to learn about HEPA's services in support of external market activities.”
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TAILOR-MADE FINANCES FOR EXPORTERS
MBH BANK HAS ALL WHAT IT TAKES TO ASSIST COMPANIES TO APPEAR AND STAY FIRM ON FOREIGN MARKETS
MBH Bank and the Hungarian Export Promotion Agency (HEPA) signed a cooperation agreement in May last year with the aim of coordinating their activities and clientele in order to provide even more effective support to Hungarian companies operating in export markets or just planning to appear there. The main objective of the agreement is to support the development of the competitiveness of Hungarian companies, one of the pillars of which is to enter foreign markets.
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Both the bank and the agency share the objective of the agreement to provide the widest and most effective support to Hungarian companies wishing to enter export markets, exploiting synergies between them to ensure that their clients have access to complementary and complex services when planning and conducting export activities. The companies supported by the cooperation will thus be able to benefit from services related to external market presence, consultancy and partner search.
Aligning with an important partner
“It was very important for us as MBH Bank to contribute to the expectations of economic operators on how to run their own businesses more efficiently, how to operate more effectively and how to find new markets. There were a lot of these conversations in the client base as a whole. And we thought that as a bank, as a financial institution, it is one thing for us to have the usual services in this area, but we must also be able to contribute to following and helping the SME sector along the path that will lead them to find solutions to the questions that have been raised. This gave rise to the idea of aligning with an important strategic partner involved in exports,” Péter Nyisztor, Executive Director at MBH Bank tells Diplomacy&Trade. He adds that they realized that a bank can only enter this process at a certain point and they wanted this point to be in as early stage as possible, when the entrepreneur is still really thinking and assessing what the options are, that is, not yet having taken a step or, if he has, still thinking about where it is worth expanding.
“We thought that HEPA was ideally suited to the role of answering the questions and information needs that a business might have. So, in summary, I think that HEPA can be one of the starting points on the path that can move Hungarian businesses towards becoming an exporting company, becoming a successful exporter.”
Sharing information
One of the aims of this agreement is to align the activities and clientele of the bank and HEPA. The Executive Director believes one of the most important steps that has actually been taken since signing the agreement is the flow of information, which is often a fundamental part of the solution: talking about how to exchange information and how to understand what everybody’s role is and what they can do. “The other important part of it, obviously, once you have everything in place, is that then you have to put that into practice. We began with a roadshow, the essence of which is basically to have meetings among our own client base in different parts of the country for clients who are interested in entering the export market, who need information that they cannot get overnight from the internet or any other source, and who want to find out about these things in person. We organize these customer meetings together with HEPA. We invite local contractors and then, from then on, these, shall we say, discussions will be conducted directly by HEPA. When there is a demand for a service that we can provide, we can get involved and be there right at the beginning of the process. So, practically, it's
about sharing information and organizing roadshows – these have been ongoing basically since the signing of the agreement, both in the countryside and in Budapest.”
Diverse banking assistance
The services offered by MBH Bank and HEPA cover basically all fields of business the current or would-be exporters could be involved in. “What you really need to see is that a company getting to the point where they decide they wish to enter the market doesn't happen overnight. In the planning stage, we are talking to them about what target countries are worth investigating in this respect. Obviously, those who have been involved in this for a long time and thus, have gained more experience are much more focused on what and how they would like to achieve. Let's say that I would like to sell my products in Turkey. However, things like what I need there, why it is interesting, whether the goods are exportable or not, are all to be figured out. Another, more concrete, example is that of a Hungarian firm that has found that there is interest in its particular product in the Far East, for cultural reasons. The product in question is a kind of commodity that is a little closer to food and is related to it, but we are not talking about the actual food industry. In the initial part of the process, HEPA was able to step in with very appropriate action: discussions were held on how this company could appear in that region in exhibitions, what the legal structure was, etc. So, it has been a bit of an advisory process, which is still ongoing. Whenever the company decides that it is really worthwhile to go into this deal, then we, as a bank, already have the tools, which can mitigate certain kinds of risk,” Péter Nyisztor explains. Giving a very simple example, he notes that “let us assume that you find customers and partners at local level who are, let’s say, unknown to a certain degree at first. So, there is always a risk, beyond the question of how exportable your goods are, whether you want to make a deal with that business partner, what kind of partner it is, etc. Then we, as MBH Bank, can solve the problem by providing this firm with financing, or even if not financing, with a risk assumption that enables it to deliver and sell to customers in such a way that we actually assume their payment risk. This way, the bank actually pays for the service/goods supplied by the Hungarian entrepreneur, and thus, we assume the risk, if applicable, with regard to the customer's solvency or, in some cases, the solvency of the country in question. In this way, we can provide additional help, so that there is no need to fear that a country is exotic, and there is no need to fear that the partner is new, but we can, of course, assume this type of risk, which is present at the beginning, or perhaps also later on. And this is true for trade, it's true for projects – for countless of them. We can take on these risks. We are good at that as a bank – that is a plus we can provide.”
Steps of efficiency
The main objective of the agreement between MBH Bank and HEPA is to support the development of the competitiveness of Hungarian companies. Here, the Executive Director stresses that competitiveness has to be interpreted in different ways. “What is the fundamental idea of efficiency and competitiveness? One is that for a given level of cost, I sell more and thus,
I increase efficiency or I reduce my costs below a given level of revenues – and there are different combinations of those that tend to work. I think that on the efficiency side, we can contribute in terms of revenue growth, and – in cooperation with HEPA –, we can make it a little easier to enter the export markets, we can mitigate and reduce the risks associated with this. Again, this is a step of efficiency, because when we talk about costs, there is always the risk of the customer not paying, so, I think we can take that on board as well. And then, of course, through the normal financing structures, there are those kinds of cost-effective solutions that can again, by the way, provide an extra help.”
In the MBH Group of companies, there is Forrás Plc. that also provides grant advice and loan application preparation. “It is another source of assistance, so, when an entrepreneur has an idea of what he would like to do, what his idea is, we can also help him by providing him with not only bank financing, not only concerning the aforementioned risk and international issues, but also, depending on what his idea is, even in terms of loan applications. So, considering all of this, the connection here is that the entrepreneur does not have to tackle each step alone and that leads to more efficient operation. I believe that that we can provide additional support and assistance in terms of financing, financial solutions, information, tender process advice, and I could list other such elements,” he points out.
Providing something unique
In addition to the aforementioned assistance, Péter Nyisztor emphasizes that they also have the sort of generic products that are customary for a financial institution. “Let's not forget that the predecessor, if I may put it like that, of MBH Bank was MKB Bank, the Hungarian foreign trade bank – so, those are our roots. I think that I can safely say that at that time, market leadership meant recognized knowledge in the market. In addition to that, MKB's knowledge in the field of operations of authenticated documents, letter of credit collection, bank guarantees and I could list them all, was also of a consultancy nature. We were trying to combine this expertise with the knowledge brought into the group by Budapest Bank and Takarékbank when they merged in. So, I think that by now, we have accumulated and developed a kind of a combined set of knowledge that I think can provide something unique for each company, which then provides opportunities. I don't necessarily always think in terms of products. We are actually fundamentally dedicated to deliver solutions. So, when we have a dialogue, we get to know the business model, we get to know the ideas, we usually come up with something clever, something that's good. The same thing happens in working with HEPA or, for that matter, with any institution within our banking group or even outside our group. There have been countless of such partnerships where you can say it is a win-win position for everybody and from there on, the project is on the road to efficiency.”
Tailoring to individual needs
When the preparatory phase successfully completed and there is a concrete deal in place, MBH Bank is ready for further cooperation – as the Executive Director puts it – “with whatever financing is currently available in the market, we can provide it. We have the necessary products,
the documentary products I mentioned before, such as factoring, forfaiting, underwriting, and I could go on and on about the products that are essential for export activity, but what is important beyond that is that we can always tailor these products and services to individual needs. And that, I believe, is our advantage: thinking together with the client, thinking about what he needs, because he may not always be able to say what is the most appropriate product or service for his particular situation. For example, it is not the best idea to go ahead by taking out a loan in principle; a letter of credit may be better a better option that, say, a bill of exchange – depending on the country you are shipping to or do business in. We can figure out what is good for the customer or the business from their point of view and we can tell them what options, advantages and disadvantages, are available. Of course, it is obviously ultimately up to the business to make the decision to choose from this set of options the one that is best and most advantageous for it in terms of pros and cons.”
Not only financing
MBH Bank’s options are not depleted, either once a Hungarian company has established a position in a market abroad. As Péter Nyisztor highlights, “again, I think there are countless opportunities available at this stage. One is the expansion itself, that is, when a company has consolidated its foothold. Suppose a company went out to Germany and basically got its first business partner there. Obviously, it is different from when you set up a company there, which is another option. And there is also the version where you serve your German partners from Hungary, and from then on, what can the bank do to help you expand as quickly as possible? Here again, a need for financing may arise, because in order to be able to acquire new stocks as quickly as possible, for example, or to be able to manufacture products more quickly, it is essential to develop technology, including the modernization of machinery, or to be able to serve partners more quickly by purchasing more stock. There may be customers who are not satisfied with having to pay within 30 days, who only want to pay for the goods/services after 80 days. Under any circumstances, that may create problems or obstacles to their being able to grow further, and in these cases, let us say, in terms of examples, we, as a bank, can come forward to offer help and support. I can say that this can be not only financing but also other kinds of things.” Giving a completely different example, he underlines that in the case of foreign multinational companies, one can often find that they think differently of what the business partner expects. “In fact, what matters to them when they make a decision is not always the price, but that they want to pay as late as possible, because for a financial manager in the case of the German company in the example I mentioned, it is actually a much better solution not to take out a bank loan, but rather to have debt towards a supplier. In such a case, a bank effectively finances the transaction indirectly on behalf of the German company. Again, this can be an advantage when it comes to deciding whether the buyer now prefers a Hungarian company or a French one or a German one or any other. We have already seen examples of this that can contribute to competitiveness,” the Executive Director concludes.
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Unicum Riserva, which combines tradition with innovation and a touch of elegance, is the first herb liqueur to enter the super premium category, setting it apart from all other spirits. What makes Unicum Riserva truly unique is its double aging process, where it matures in two distinct and special casks.
UNICUM RISERVA, THE FIRST DOUBLE BARREL AGED UNICUM
AGED IN 85-YEAR-OLD BARRELS AND BARRELS FROM TOKAJ WINERIES
The journey begins with the original Unicum, which is first aged in the largest and oldest cask in the distillery, a cask that has been part of the Zwack family’s cellars for over 85 years. Over decades of use, the wood has developed a rich coating of what is known as ‘black honey’, which imparts additional depth and character to the Unicum, making it even more complex and full-bodied.
A more distinctive character
The original Unicum that forms the basis of the product is aged in the largest and oldest barrels – more than 85 years old – in the Zwack Unicum cellar system in Budapest. Over many decades, a special substance called ‘black honey’ has formed in the staves of the barrels, giving the Unicum aged in them a more distinctive character. This is followed by aging in barrels from the cellars of the world-renowned Tokaj wine region in NE Hungary. This process adds roundness, softness, and the inimitable character of Tokaj to the drink.
Representing Zwack family unity
Just as Sándor is the master of spices and herbs and Izabella is the master of wines in the Zwack family, Unicum Riserva also represents the unity of this duo. When the well-known bittersweet taste of Unicum meets the sensually sweet character of Tokaj, the complex flavor of
Unicum Riserva becomes softer, but at the same time spicier and fruitier, with a hint of apricot, delicate herbs and a cool, minty breeze. During the aging process in Tokaj barrels, barrels from the Izabella Zwack winery also play a prominent role. The Dobogó Winery was founded in 1995 by the Zwack family, fulfilling one of Izabella's childhood dreams. Currently, the winery is owned by Izabella Zwack and winemaker Attila Domokos.
The word ‘Dobogó’ evokes the sound of horses' hooves returning home from the vineyards, but it also means ‘heartbeat’.
Built on Tokaj traditions
Their vineyards cover a total area of five hectares in the heart of TokajHegyalja, in the most famous historical vineyards of Mád in the area. Their most important goal is to show Hungary and the world the fresh, vibrant and exciting side of Tokaj, not only in terms of aszú wines, but also dry wines, while remaining faithful to the excellent traditions of the wine region, which date back hundreds of years. The winery has been cultivating grapes and producing wines since 2003, identifying with a natural approach.
Unicum Riserva perfectly combines exciting and exotic herbs with the seductive, honeyed essence of Tokaj, with which Riserva has created a new, distinct category.
Unicum Riserva is suggested to be served over ice, but it is also a perfect ingredient in cocktails.
PREPARATION:
by ZWACK
photo
RUBY RISERVA – THE RECIPE Zwack Unicum’s long drink recommendation, Ruby Riserva, is the perfect companion for the summer months.
Riserva
hospitality
Yulia Selyukova arrived in the Hungarian capital last November to take over as General Manager of the Four Seasons Hotel Gresham Palace Budapest after her predecessor, Thibaut Drege returned to Four Seasons Hotel George V, Paris, now as General Manager. She talks about her career and the hotel chain that provided her with tremendous support as well as how she plans to build on the vision she has inherited from her predecessor.
Yulia Selyukova has been with Four Season Hotels since 2014. She admits to Diplomacy&Trade that it has been a very long time but as she puts it: “time flew and I don't really feel it like 11 years.”
She began to work in the hotel industry back in 2008 and following a spell of over five years at Marriott International, she joined the pre-opening team of the Four Seasons hotel in Moscow, working there first as Director of Sales and then as Director of Marketing before becoming Hotel Manager at the Four Seasons Hotel Moscow from April 2019 to November 2022 (as Acting General Manager there from March 2020 to September 2021). She recalls warm feelings from her initial period at the company: "I was amazed at how supportive wonderful people were around me who really wanted me to grow, who corrected me with the best intentions. It's not in every company that you can have no fear to ask questions, no fear to say, you know, 'I don't know this, can help me, I don't understand this,' etc."
It was at the end of 2022 that she brought her expertise to the Four Seasons Hotel Doha. She arrived there following the 2022 FIFA World Cup as Hotel Manager, stepping into a leadership role at a pivotal moment as the city transitioned from the global spotlight to its next phase as a premier travel destination.
Budapest, a great place to work
Three years later, it was from there that she came to Hungary’s most iconic hotel. As to how much she had known about Budapest and this Four Seasons hotel before she took up this position here, she says that “not a lot, but much more than I had known about Doha before getting there. I had been to Budapest several times before but when I arrive last fall, the city looked very different.” She recalls that her last journey to Budapest “must have been some 12 years before my visit last August when I came to meet Thibaut [Drege] for a couple of days as my predecessor was about to move to Paris. Actually, I love Hungary and I love Budapest. I'm originally from St. Petersburg, Russia and the architecture in some parts of the Hungarian capital really reminds me of my home city. So, I like Budapest and the Gresham Palace. Although it's not a small property, it has a kind of boutique appearance. There is something special in the team and in the building, and also in the location, of course. I think it's combination of everything. I knew it would be a great place to work.”
IMPRESSED BY THE CITY AND THE LOCATION
GENERAL MANAGER AT FOUR SEASONS HOTEL GRESHAM PALACE BUDAPEST TO WRITE HER OWN STORY
Amazing city, amazing building
Recalling her first impression and what she has experienced for the 4-5 months that she has been here, she says she just can't get enough of the beauty of the city and the hotel building. “I live in the Castle District on the other side of the River Danube and when I walk every day across the Chain Bridge, and I look at the building: it's just ‘wow’, it's a beauty in a very beautiful city that offers a lot to visitors. It is sometimes, you know, what I learned in life is that when we are getting used to something, we stop to value it and appreciate it no longer. However, life gave me this situation and I realized very quickly that we never have to forget what we are given and where we are and all those things that we have around us. The beauty of the city is amazing and I knew that being a general manager here would be a great thing for me, and having strong connection with the city and Gresham Palace, I can contribute a lot into the further success of the hotel and its team.”
On the footsteps of the predecessor
When asked whether she can build on the foundations left behind by the previous General Manager, Thibault Drege, or she is likely to come up with new ideas and write her own story regarding the Four Seasons Hotel Gresham Palace Budapest, Yulia Selyukova highlights that “Thibault was like a mentor to me at that time. In our wonderful company, Four Seasons, which gives a lot of opportunities to people, they told me one day that I can be a hotel manager. I traveled to several to several members of the hotel chain to learn and gain experience and the last stop was the Hotel George V in Paris, where Thibault was a hotel manager. That's when we first met. I spent a couple of weeks there with him and also with his team – I followed whatever he was doing. So, I know a little bit of his style and his handwriting. Of course, I'm different and I have different backgrounds, but we have many things in common. That’s how we know each other.”
She stresses that Thibault Drege had a great vision for the Four Seasons Hotel Gresham Palace Budapest. “However, I believe that it's always the time for a new start. It was especially so in 2023 after the new coronavirus epidemic when it was a kind of new time as the world started to travel again. At the same time, customers' expectation changed tremendously, they became more sensitive, looking for personal connections and memorable moments more than ever. We all want to have professional and genuine people around us and authenticity, not only smiling, but behind the smile we want to feel the warmth as we are humans. I think what Thibault put in place here is a great vision and also, he started the conversations about renovation of the palace. My first impression was that the majority of employees are very proud people who want to do excellent job, but you need also to inspire, to motivate them. So, basically, my job is to continue all this. Of course, my style is a bit different. There are plenty of things that we can do from commercial and marketing perspective. We are also considering opening another restaurant, given we have an amazing space of Gresham room. Given the new products are common and given that big brands are coming to the city, which from one side is competition but honestly, it's fantastic because they will bring the customers and they will help to elevate the destination.”
photo by DÁVID AJKAI, FOUR SEASONS HOTEL GRESHAM PALACE BUDAPEST
witty leaks
L E A K S
IN THIS SERIES, DIPLOMATS SHARE PERSONAL ACCOUNTS OF THEIR EXPERIENCES ON “EXCURSIONS” into Hungarian culture, art, gastronomy & scenery.
PIECES OF CAKE
HOW BAKING BINDS BUDAPEST AND DUBLIN
BY THE AMBASSADOR OF IRELAND, RAGNAR ALMQVIST
Arriving on post, a new diplomat can expect to find on their desk a ‘handover note’ from his or her predecessor. A good note will explain the inner workings of the Embassy, outline the local political culture and introduce key contacts. But the best handovers go further – advising the new arrival not just on what they might look forward to, but what they must watch out for. My predecessor, Ronan Gargan, enjoyed four fabulous years in Hungary. His handover extolled the richness of our countries’ cultural connections and detailed our deepening commercial and community ties. But, noting the number of invitations I could expect,
he ended with a caution: ‘‘Beware. From experience I can confirm Budapest is a ten-pound posting!’’
Attractive places of food
On this, and much else, Ronan was right. It can be no coincidence, surely, that the name ‘Pest’ derives from the old Slavonic for ‘oven’. Like the Irish, Hungarians take pride in their hospitality. And the quality of Magyar food is matched only by the quantity of Magyar portions. Lángos (a Hungarian deep fried flat bread), I quickly found, comes in only one size: nagy [large]. I have a sweet tooth – inherited from my Swedish papa. And, worse for my waist and wallet, two young daughters. So, walking
between meetings, I find the scent of ‘sütemények’ [‘pastries’] often draws me into one of the cosy ‘cukrászdas’ [confectionaries] or pretty ‘pékségs’ [bakeries] that no Hungarian street is complete without.
Literary-culinary venues
Like my native Dublin, Budapest is a literary city. And the coffeehouses here have a special heritage. Sipping espresso at the Central Café, you can readily imagine Gyula Krúdy staring out these same grand windows, whilst setting Sinbad sailing across the seven seas. Or, if you can squeeze past the tourists into the iconic New York Café, grin at the thought of the great Ferenc Molnár so desperate to keep its doors open that he flung its
key into the depths of the Danube. Like Dublin pubs, every Hungarian kávéház [coffeehouse] has a history.
Hungarian Dubliners’ bakery in Budapest
My favourite spot is newer to the scene. But for me, no less special. Arán, the Gaelic word for ‘Bread’, is in Budapest’s Jewish quarter. Its owners, Kinga and Attila Pécsi, opened the pékség in 2019, returning here after a happy decade in Dublin, where Kinga completed a degree in Baking and Pastry Arts Management. Most mornings, Arán’s celebrated sour dough, Paddy, named after Ireland’s patron saint, draws queues down Wesselényi utca. And their banana bread is, as they say here, ‘tök jó’ [really cool]. But as the son of a migrant myself, and as representative of a nation enriched by multiculturalism, it’s Kinga and Attila’s story that moves me.
It exemplifies the cultural wealth that so often flows from migration, and the special affinity between our countries.
Hungarian refugee cake in Dublin
Back home over Christmas, I chanced upon another remarkable kávéház connection. At the heart of Grafton Street, Dublin’s busiest shopping thoroughfare, Bewley’s is Ireland’s most famous café. Three years ago, Hazel Carmichael, its chief baker, rediscovered the recipe of a small, conical, chocolate-covered
cake, known to generations of Dubliners as ‘Mary Cake’. A variation of Marika Cake, it was brought to Bewley’s in 1956 by master Budapest confectioner Henri Spelter, one of 560 Magyars granted refuge in Ireland under the first major UN refugee programme in which the young state participated. In time, like so many Magyar and Irish, Spelter moved on to the United States. For decades, his recipe was lost. But in 2021, Carmichael tracked him down to New York. And, while Spelter had died just that month, at grand age of 92, Carmichael met his granddaughter, Carolina Malogan. Together, the two women brought the ‘Mary Cake’ back to Bewley’s where each cake sold today raises funds for the Red Cross in supporting Ukrainians displaced by Russia’s invasion, as Spelter in 1956. As Hazel notes, ‘‘it is a story of what refugees bring to us.” And, after second helpings I can confirm, a truly delicious cake!
The magic of MagyÍr
Around the halfway point of my posting – and, yes, fully five pounds heavier – these are but two of many remarkable stories I’ve discovered of how Hungary and Ireland, distant geographically, are closely bound through culture and community. They represent, to me, the magic of MagyÍr – a flavor I will savor long after my posting ends.
ARÁN FOUNDERS KINGA AND ATTILA PÉCSI
CAROLINA MALAGON, HAZEL CARMICHAEL AND CÓL CAMPBELL OF BEWLEY’S AT THE RE-LAUNCH OF THE ‘MARY CAKE’
sustaniability
UNQUESTIONABLE NEED FOR CLIMATE ADAPTATION
HUNGARY DISPROPORTIONATELY VULNERABLE
Extreme climate and weather events are becoming more frequent and severe. The cost of the resulting damage and losses is USD 16 million per hour globally. A significant part of this stems from our lack of understanding of nature’s interconnections. Our current systems and infrastructures are no longer sufficient to handle these challenges – we must urgently adapt to the changing climate. And once again, nature itself offers solutions, as it was highlighted by Professor Jan Pokorný, co-founder and research director of the research organization ENKI, o.p.s., at the Business Council for Sustainable Development in Hungary (BCSDH) Business Breakfast and Forum, which focused on climate adaptation this March.
According to a report from 2025 by the World Economic Forum, the leaders who were surveyed ranked extreme weather conditions as the second greatest risk factor using a two-year outlook and the top risk from a ten-year perspective.
Ignorance affects climate adaptation
"Improper landscape management – stemming from ‘plant illiteracy’, i.e., the low level of human knowledge about plants – is leading to an increase in continental droughts, rising local temperatures, and the development of an arid climate, interrupted by torrential rains and extreme weather events. This ignorance also affects climate adaptation, as we fail to properly utilize nature in this process. People do not understand the role of plant transpiration in the ‘air-conditioning’ function of vegetation, its impact on the water cycle, or the interactions between plants and the atmosphere. By gaining a deeper understanding of these processes, we can equip ourselves with numerous tools for both climate mitigation and adaptation," Professor Pokorný said in his thought-provoking presentation.
Adapting to a changing world
The BCSDH's Towards Net Zero survey, published in January 2025, highlighted that while 91% of companies are feeling the impacts of climate change, only 16% have a climate adaptation
TO THE NEGATIVE EFFECTS OF CLIMATE CHANGE
action plan. Moreover, Hungary is disproportionately vulnerable to the negative effects of climate change relative to its small contribution to global greenhouse gas emissions.
As BCSDH President Attila Chikán Jr. stressed in his opening speech to the business breakfast, "the frequency of extreme weather events has increased, and the business sector must also prepare for this. We need to assess how these changes may impact business operations and develop strategies for adapting to our changing world. Although several international developments are working against sustainability efforts, this does not mean that companies can relax their commitments regarding climate change. The climate change is not slowing down – it is becoming increasingly severe."
Increasing reporting obligations have led to growth in the number of sustainability strategies and the use of related metrics, significantly impacting climate adaptation and the assessment of physical risks. Integrating sustainability
considerations into financial decision-making clearly facilitates resilience planning. Global and European trends may lead to a softening of sustainability goals and expectations about decisive action. However, regardless of what happens with climate targets, conditions are already changing, and this process will only intensify. The need for climate adaptation is unquestionable.
Offering sunlight to the living system
Professor Pokorny explained to Diplomacy&Trade in summary of his lecture at the BCSDH event that “thanks to sunshine, we are here and we live because around in space, it's a temperature about minus 2,065 degrees Celsius. So, let us appreciate sunshine and let us learn what we can do with the solar energy. We can see it and measure it and understand it already on the level of basic education. If the sunshine reaches dry land, the land will be hot, the hot air will go up and we will dry up civilization. If what we offer to sunshine are water and plants, plants will grow, ‘eating up’ carbon-dioxide. However, one molecule of CO₂ in, one molecule oxygen out – and a hundred molecules of water evaporate, resulting in local climatization, which means adaptation. Let us take this in a broader scale. It's not just that we have to adapt to high temperature. We can buffer, we can decrease the extremes of temperature
between day and night. So, it helps to offer the sunlight to the living system, that is plants, forests, meadows and so on.”
Managing nature to help climate
So, that is what humanity should do mitigate the effect of climate change. Giving an example from his home country, the Czech Republic, the professor points out that farmers manage agricultural lands that make up in 54% of the territory of the country. Another 34% is managed as forest. “It means that we have 88% in the hands of land managers who thus have a responsibility and society should respect it. If we have more, higher level production and more green stuff on the fields, we will have natural cooling.” As for businesses in cities, he adds that “let us think how to recycle water from sewage plants or how to recycle mainly rainwater, for instance by creating green façades, instead of letting this water disappear and leave dry surfaces. If we don’t act in that responsible way, we cannot – and should not – be then surprised that we have is hot weather and desert. We did it.”
Heat generating parking lots
In his lecture, the professor mentioned the example of parking lots as a textbook example of how something man-made can affect the climate adversely. “Where once you had wet meadow, now you have supermarkets or large halls of shopping centers with large plots covered by concrete or asphalt and used as parking lots. So, when the sunlight reaches this surface, more than 60% of its energy is actually transferred into heat, which means the asphalt surface of the parking lot is of 60 degrees Celsius. This high temperature heats up the air, which goes up and sucks humidity from around it. So, what to do? Let us collect rainwater from these parking places and channel it to trees or green lawns, which will help cool the air and recycle water. It may sound very simplistic what I'm saying, but let us cooperate with the technical people who will find the solution and figure out how to do it. My main message is that we should understand it from childhood and what is good and what is bad. We cannot always avoid to have dry places but we have to be aware that we are spoiling climate and therefore, we must do our best to mitigate this problem.” He agrees that in this particular example of parking lots, the creation of multi-level parking garages could be a proper technical solution as their smaller footprint allows freeing up a lot of space to nature and thus avoid having large hot surfaces.
Green, green, green
When asked to mention positive examples in conclusion, Professor Pokorny said that “you will be surprised to find some in Kenya, in Africa. I'm very, very surprised that a man, who is a teacher, was able to make a green island on two hectares. He simply saves rainwater and cultivate plants there –a solution he survived the dry period with. Then, we have groups of people in India who successfully cultivate several hundred hectares in an area that is of not so favorable climate. To give you a positive example from closer, we have towns in my country buying a hundred hectares to create green parks with three layers: fruit trees, some shrubs and then the vegetation –green, green, green.”
PROFESSOR JAN POKORNÝ
society
The La Estancia Polo Cup, to be held this June, once again promises to become the largest equestrian polo event of the year in Hungary. Its venue, the La Estancia Polo Club, located just a short drive west of Budapest, has a history of over of a quarter of a century. Its owner, Uwe Zimmermann summarizes for Diplomacy&Trade how the competition has evolved to reach its prominent level and how they prepare for this year’s tournament.
“Playing polo as a family sport for more than three decades, we were looking for a safe and well managed place for our polo horses. Eventually, we decided to build our own private club and facility in Etyek, which is situated at a drive of less than 30 kilometers from the capital, in order to be able to establish a place that can be a home to polo on a high international level and quality. La Estancia very soon became a fixture point in our family life and a great hangout for friends from all around the world. By organizing international polo tournaments 2-3 times a year, we added a good deal of entertainment to the life of local and international society of Hungary and the region," the club owner says..
The most important ‘tools’
Obviously, the horses themselves are an essential part of the sport and the club. As regards his family’s relationship with the horses, Uwe Zimmermann points out that “the polo horses – traditionally, we still call them polo ponies even though they are real horses – are the most important ‘tools’ in the game of polo and our partners. They contribute about 70% of the performance of a player. The quality of the horses defines the quality of the polo player and is part of his handicap level. You need to trust them when you run with a speed of 50km/hour on the field, playing the wonderful game of polo. It requires a great deal of training – both for the players and the horses.”
International trips on the polo agenda
As mentioned before, the field of the horse polo event is quite international and the Zimmermann family also takes part in many such events abroad, together with their horses. The owner of the La Estancia Polo Club confirms that have traveled – and they still do – a lot internationally to play and compete. “The Malta Polo Club – which is, by the way, the oldest polo club in Europe – is a place we have just recently visited with our family team. There are more events and places on our agenda to go to during this year’s season, including the United States, Germany and probably the Czech Republic as well. We are still working on our project in Croatia where we have organized for a couple of years one of the most impressive polo events in Europe.”
Guests treated in family-like atmosphere
The La Estancia Polo Cup is not just a sports event but traditionally also a social one. As to who the people the Zimmermann family invites as audience are and on what basis, Uwe Zimmermann stresses that the La Estancia Polo Cup is THE polo event of the year in the country attracting players from
various countries and continents – the United States, Germany, Austria, Italy, Slovakia, Hungary, Argentina, Pakistan, France and Mexico – and we welcome some 500 guests from Hungary and from all over the world. All of them are treated as our VIPs and friends and we try, with the much appreciated support of our sponsors, to pamper and entertain them at our polo club with great polo, catering, music and in a family-like atmosphere. The event is a perfect place for networking, having fun and relaxing with old and new friends. We are proud to welcome around 40 ambassadors as well. Each and every guest is personally invited.”
Style and hospitality
People (competitors, guests) who took part at what previously were called Riserva Cups have provided the Zimmermann family with valuable feedback that have contributed to hosting even more successful events to the even greater satisfaction of the participants. “Having the history of organizing high-class polo events in Hungary and
internationally and ourselves playing in many countries, we have a great pool of polo friends who love to join us. Our formula is rather simple: we treat our visiting polo teams and guests the way we love to be treated when playing somewhere in the world. Polo is not just a sport. It must reflect your own style and understanding of hospitality. I can proudly say, we have a long line of people waiting to be invited,” the club owner adds.
Happy supporters
All such events are nowadays impossible without sponsors. Speaking about selecting supporters that can contribute to the success of this tournament/ social event, Uwe Zimmermann highlights that “most of our sponsors and partners have been friends for many years and they see the positive results in their engagement supporting our polo tournament. We combine very well-known and celebrated international brands and companies with local Hungarian ones. The synergies among them makes the event for our partners a success. Our goal is always to have happy
supporters at the end of each event and make them coming back the next year again. We are happy to have such positive feedback and reputation, which allows us to choose the best matching partners. It is not only about the financial contribution but the way of common sense and understanding and the commitment towards quality and style.”
27th polo season
The 2025 edition of the La Estancia Polo Cup is to take place this June. The event is under the patronage of the Argentine Embassy and H.E. Ambassador Lorena Capra. Regarding what sort of spectacle await those attending the event this time, the club owner promises that they will have once again, now in their 27th polo season at La Estancia, a packed program for the players and guests. “The first two days of the event are traditionally the more sportive ones with this year’s fun parties at the Zwack Unicum factory and cellars as well as party and dinner at the Dorothea Hotel. Sunday is the final day when we welcome all our VIP guests for a fun and hopefully sunny day at the club premises. A program filled with live music, dance shows, fantastic catering and lots of good champagne, wine and many other beverages await our invited guests and friends. We are honored to have the chance to contribute to the social and sportive life of Hungary and wish to thank each and every one who helps and supports us. Let‘s play polo!”
ALAN WALKER AT THE YOUTH DAYS OF SZEGED
AUGUST 27-30, 2025, SZEGED CAMPING SITE, SZEGED
Another global star has been announced by Coca-Cola SZIN. Alan Walker, who burst onto the international music scene ten years ago with his hit Faded and has since gone on to huge success, has joined the international line-up of Lost Frequencies, Becky Hill, Meduza, Sam Feldt and Carpetman. Meanwhile, the list of performers has grown with more local favorites. Alan Walker has captured the hearts of fans worldwide with his hypnotic and high-energy albums, playing more than 650 shows in the last ten years, including some of the biggest festivals like Coachella and Tomorrowland. With a following of 115 million, over 12 billion YouTube views and 50 billion audio and video streams, he has a huge following. DJ Mag's Top 100 list of the world's top DJs is one of the best. The always masked performer appeared in front of an audience for the first time last year without his trademark face mask, and many are already talking about it as a sign of something exciting to come, perhaps in the context of the 10th anniversary of the release of Faded this year, which now boasts 3.7 billion YouTube views.
Half a hundred new local names have also been announced at the summer closing festival, including Krúbi, Nurnekedkislány, Pogány Induló, T. Danny, Co Lee, ValMar, Majka and, with a special live performance, Curtis, cserihanna and even Máklikőr and le jamarherzeg. szin.org
TOM JONES ON TOUR IN BUDAPEST
JULY 26, 2025, MVM DOME, BUDAPEST
Sir Tom Jones is one of the most successful artists of all time, and over a career spanning more than six decades, he has given us timeless hits such as It's Not Unusual, Delilah, She's A Lady and Sexbomb. Hungarian fans can now hear these fantastic hits live again, as the 84-year-old legend will be back at the MVM Dome on 28 June with his Defy Explanation Tour.
Few artists have enjoyed as long and successful a career as Tom Jones, who has been captivating audiences with his timeless hits, talent and charisma for over six decades. His remarkable career has made him one of the greatest singers of all time, selling over 100 million records and remaining a respected and influential figure in the music industry. His hits include It's Not Unusual, What's New Pussycat?, Delilah, Sexbomb and She's a Lady. However, Tom Jones remains a tireless creator, and his 2021 album Surrounded By Time - along with his previous releases Long Lost Suitcase, Spirit In The Room and Praise & Blame - is his most critically acclaimed album, proving that his creativity, voice and performance have not faded over the decades. With Surrounded By Time, he became the oldest male to claim a Number 1 spot on the UK Official Albums Chart with an album of new material. livenation.hu
ROYAL PALACE – KOREAN EMBROIDERY
UNTIL JULY 03, 2025, KOREAN CULTURE CENTER, BUDAPEST
The Korean Culture Center in the Hungarian capital features the ROYAL PALACE exhibition, the symbolic title of which evokes the history and artistic value of Korean embroidery. It features works by Lee Jungsook that reinterpret court embroidery from the Joseon period. Through them, the uniquely subtle beauty and deep cultural significance of Korean embroidery is revealed. The works on display fall into three main themes. Firstly, there are contemporary interpretations of Joseon era court embroidery, followed by works decorating utilitarian objects such as bojagi (wrapping cloths), and finally, through Buddhist motifs, a look at the religious aspects of Korean embroidery.
Lee has been embroidering for more than forty years and has created an original artistic world in her career, bringing traditional Korean embroidery to international acclaim by enriching it with modern sensibilities and expressions. The embroidery works are ON display at the free exhibition till early July. hungary.korean-culture.org
A DAY TO REMEMBER BACK TO BUDAPEST
JUNE 16, 2025, BARBA NEGRA, BUDAPEST
A Day To Remember recently released a new album, 'Big Ole Album Vol. 1' on vinyl and CD only. Its members are not afraid to experiment this time either, with Gojira and Coal Chamber influencing them in the songwriting process. The band last played at Sziget in Hungary 11 years ago, and now they're coming to Barba Negra with their new album.
Platinum-selling rock band A Day To Remember have maintained a fierce commitment to staying true to themselves and their fans since first forming in 2003. Flipping the script and shocking the system, the Florida group recently surprise-dropped their brand new full-length record, A Day To Remember’s ‘Big Ole Album Vol. 1’, as a physical first release, making it exclusively available in vinyl and CD configurations at online retailers and brick-and-mortar stores across the country and around the world. Their track record speaks for itself, achieving one platinum album, two gold albums, one platinum single, and four gold singles. They’ve put up unprecedented numbers for a rock act in the 21st century, generating nearly 2 billion streams worldwide and sales of three million-plus units. They’ve also packed arenas on continental tours and attracted a global audience consisting of millions. livenation.hu
culture
What at first glance appear to visitors to the exhibition to be beautiful pictures are in fact entirely handmade, traditional Korean embroidery works. The artist Lee Jungsook was fascinated by this activity from an early age. "I first got my inspiration from my mom, she was the one who introduced me to a little bit of everything, whether it was the use of colors or technique. I did it as a hobby at first, and then I was taught by a master who introduced me to it more and gave me deeper technical knowledge about this art. Then, I had a couple of exhibitions and I realized that I should show the public, whether it was the Korean or the foreign public, how I could show the representative, real, traditional lines of Korea in this," the artist tells Diplomacy&Trade.
Joseon period embroidery
For more than 500 years, the Joseon Dynasty (1392-1897) defined Korea’s social, political, and cultural development. This period saw the establishment of Confucianism as the dominant ideology, influencing every aspect of life, including the arts and crafts.
Embroidery flourished during this time, becoming both an artistic expression and a symbol of power and status. Of course, embroidery changed over these centuries.
As Lee Jungsook explains, “in the beginning, it was more typical – obviously we are talking about the upper classes here – that women made embroidered clothes for their husbands, to make their clothes as ornate and beautiful as possible, so that was the focus. Then it got to a point where it was getting too ornate, and so, there was a systematic redesign, and one of the points of that was to separate those who were military officials from those who were more of the artistic or literary officials, and they had different symbols. For example, the military strata used the tiger motif, which was frequent, while for the clerks, it was a bird symbol, which they could use. Then, towards the end of this Joseon dynasty, there was another such redesign towards state officials. So, there were some minor or major changes in the symbolism itself and in the decoration itself over this period.”
Colors and motifs
It was this Joseon court embroidery that has been reinterpreted by Lee Jungsook. “This traditional early embroidery used obangsaek, the color scheme of the five Korean traditional colors of white, black, blue, red and yellow, but modern people today think that these five colors of the obangsaek are obsolete. Therefore, one of the main points of this reinterpretation was to make these traditional colors a little more accessible to a modern audience. You can see that even though these five colors remain, sometimes a different shade of something else creeps in, so that the modern audience can understand it or can come to it as understandable material,” the artist says. The main motif in these embroideries is the flower. Pointing at one of her works, a screen with lotus flower images (see pictured) used in the women's room, she adds that “the lotus flower, which we see a lot in these works, has a symbolic meaning, it expresses happiness and peace.”
In other works of hers displayed one see animals that also have symbolic meaning. “They all symbolize long life, that is, aging well, calm, peaceful aging.”
The Korean Cultural Center in the Hungarian capital presents the ROYAL PALACE exhibition, the symbolic title of which evokes the history and artistic value of Korean embroidery. It features works by Lee Jungsook that reinterpret court embroidery from the Joseon period. Through them, the uniquely subtle beauty and deep cultural significance of Korean embroidery is revealed.
AN AMBASSADOR OF KOREAN EMBROIDERY
MASTERPIECES OF TRADITIONAL KOREAN ART IN BUDAPEST
Bojagi
The bojagi or Korean wrapping cloth, is far more than a simple textile for carrying or protecting objects. It symbolizes luck, harmony, and aesthetic perfection. The exhibition highlights this unique craft, which played a crucial role in both daily life and ceremonial events.
As the artist highlights, it has two meanings: “one is obviously practicality, which means that you can wrap something in such a material, and the pronunciation is similar to the Korean word for luck (bok), so it has a figurative meaning, a philosophical meaning, that the user embraces luck and wraps things up to have luck. It was present in women's
everyday lives, an everyday object, that is why I chose bojagi as such a central theme, it is what is closest to people – something with philosophy and practicality. Showing how representative the bojagis are of Korea, I can mention that, for example, the Korean president, back in 2015, gave these as gifts to various ambassadors and even once to the Portuguese president.”
Traditions and modernity
Lee Jungsook’s art is a combination of Korean folk traditions and modernity. “You could say that the basis of my work is the traditional lineage, and I think about that in an approachable way for the
modern person to think about what that means,” she says. Pointing to a dress, she adds that “it was basically a completely traditional outfit and I put modern elements into it. Or, what you can see on the back is a Buddhist painting – now, we call it a painting as originally, I had the painting and I embroidered modern touches into it to transform it into a more consumable product for the modern person as a final result.”
Korean embroidery worldwide Budapest, where the works are on display till early July, is just one of the exhibition venues worldwide. “I have been to many countries as an exhibitor, mostly Japan but I usually go once or twice a year to Paris, France. I have also been to the Netherlands, then Frankfurt-am-Main in Germany, and even to the United States as exhibitor. In the future, I would like to go to the Middle East, either to Saudi Arabia or to other countries in that region, where I hope to have the opportunity to exhibit. I have also received an invitation from UNESCO, and thus, we are planning to take this exhibition to New York City and then to the Vatican Museum as well,” she points out.
Audience reaction as motivation
So, Lee Jungsook travels a lot internationally and it is interesting what sort of reactions she receives from the public, from people who are encountering something like this for the first time. “I meet a very diverse audience, with very colorful reactions. I was invited by the French state to Art Capital, the iconic event at the Grand Palais in Paris, and I saw that French visitors would stop for several minutes or longer in front of an exhibited item and cry. When you see something like that, it gives you a kind of motivation. So, that gave me the idea of organizing more exhibitions, coming back with even better products. So, for me, the reaction of the viewers becomes an absolute motivation. I really wanted to have an exhibition here in Hungary and here again, I see that people look at my works with a lot of attention – that is an extra motivation for me,” she concludes.
This March, the Beijing Municipal Bureau of Culture and Tourism organized the cultural and tourism promotion event "Hello Beijing" in Budapest, attracting nearly a hundred participants, including tourism professionals, journalists and travel bloggers. The event provided a detailed presentation of Beijing's rich cultural and tourism potential, highlighting the city’s eight World Heritage Sites. For Diplomacy&Trade, a Member of the Board of the Beijing Bureau of Culture and Tourism, Chang Lin summarized why people find it worth visiting the capital of the People’s Republic of China.
BEIJING, THE WORLD HERITAGE CAPITAL
LOCAL TOURISM BUREAU OFFICIALS VISITED BUDAPEST TO PROMOTE THEIR CITY
Beijing has a history stretching back over 3,000 years. The city, known as one of the world's greatest historical and cultural treasures, received a special recognition in 2024: its central boulevard in the downtown area became the eighth site in the city to be inscribed on the UNESCO World Heritage List. This road crisscrosses Beijing for 7.8 kilometers, representing the historical, cultural and architectural heart of the city and reflecting over 700 years of urban planning. The central axis road symbolizes China's traditional imperial layout and cosmic harmony.
Facilitating inbound tourism
The "Hello Beijing" event also showcased new opportunities and facilitations for inbound
tourists. Among others, visitors' customs clearance is made more convenient with a simplified one-stop shop for clearance and border control. Beijing Services airport service points, launched in 2024, help foreign visitors with payment, transport and communication.
A new innovation simplifies banking and SIM card access. It also offers transit passengers a free half-day city tour with guided experiences, transport and internet access. To the particular interest of the participants, the Budapest-Beijing direct flights were also presented by representatives of Air China, China Eastern Airlines and Hainan Airlines.
The event in the Hungarian capital was not just about lectures: participants were also able to experience Beijing's cultural values in practice.
tourism
The photo exhibition of Beijing's cultural attractions and the traditional Chinese handicrafts programs were a great success. Guests were able to participate in the making of the twelve zodiac tickets, admire the masterpieces of the silk doll workshop and taste the famous Beijing jasmine tea. But the biggest thrill was the raffle draw, where the grand prize was a three-night, four-day trip to Beijing.
Doors open to Hungarian tourists
Commenting on the Budapest event, Chang Lin, Member of the Board of the Beijing Bureau of Culture and Tourism, said at the promotion event that "Beijing, the city of hospitality and beauty, is an ancient city with a world-renowned rich cultural heritage, and an open, diverse and vibrant international metropolis.”
Visa-free travel is a major advantage for Hungarian tourists, which has led to more and more people choosing Beijing as their travel destination. According to Chang Lin, "these visa-free measures have significantly facilitated personal and cultural relations between our two countries." He was of the view that the success of the "Hello Beijing!" event showed that the Hungarian public is showing a growing interest in Chinese culture. “Beijing's doors are open to Hungarian tourists, who are guaranteed to have an unforgettable experience exploring this wonderful city.”
Providing a lot of information
Beijing is therefore very easily and relatively simply accessible for Hungarian tourists and ingenious corporate travelers, but there is still work to be done, as there is still a relatively large lack of information about the destination, not only about Beijing but also about other provinces in China. As Chang Lin pointed out to Diplomacy&Trade, “we are here to solve this problem. We have brought a lot of information with us and then, we also send information about traveling to China through a lot of media, through social media accounts. In my opinion, it is not such a big problem nowadays because there are so many channels and then, we also have so many media accounts and we can send information about Beijing and other cities in China through these.”
The question is how it is possible to make the city, the destination, more attractive not only
for individual tourists, but also for the corporate segment since – because of the proximity of Shanghai, Shenzhen or Hong Kong – there is a lot of competition as regards attracting visitors. “As I mentioned in my speech, there are actually many attractions in Beijing that are not found in other cities. There's a lot of information on our website, that is, on the Beijing bureau website, about exactly why Beijing is a good destination for Hungarians and other foreign travelers. You can also find there our plans for 2025 and 2026,” the Member of the Board of the Beijing Bureau of Culture and Tourism said.
A historic and modern city
He added that the city of Beijing has a long and rich history that dates back over 3,000 years. Early humans could be found in that area already hundreds of thousands of years ago while paleolithic homo sapiens also lived in the caves there from about 27,000 to 10,000 years ago. Thousands-of-years-old man-made and man-used tools and buildings can be seen in Beijing, as much of these times have been preserved in Beijing's Old City.
Today's Beijing is a very modern and fashionable city. The look and feel of the buildings are very modern. The latest developments began before the 2008 Summer Olympics. In 2022, the Winter Olympics were held there, making Beijing the only city in the world to host both the Summer and Winter Olympics.
There are more than ten, or even a hundred, business districts in Beijing where people can eat and have fun. Every day, there are more than 200 cultural performances in Beijing.
He highlighted that Beijing's subway system is also very well developed, and this is another way to get to attractions very quickly. Foreigners can pay with their credit cards on the subway.
“However, the Old City and the modern city are only a very small part of what people coming to Beijing should visit. China has a lot of high-speed trains that can travel at speeds of over 300 km/h, so you can get to many places very quickly, such as the Summer Palace of the Kings or the locations of different sports at the Winter Olympics, to name just a few of the many attractions. Within an hour, you can reach basically anything: forest, sea and many other destinations,” Chang Lin concluded.
tourism
KOŠICE – A WALK THROUGH A CITY WITH A STORY TO TELL
EXPERIENCING THE CITY TOUCHES VISITORS AND DRAWS THEM BACK
In the heart of eastern Slovakia, there is a city where the memories of the past, the beauty of art and the hustle and bustle of everyday life come together. The second largest city in Slovakia, Košice is like an open, living chronicle. Every stone on Main Street, every tower and statue are different chapters in a story that visitors can see and experience for themselves. Thanks to the convenient rail links or the fast motorway from Budapest, the city opens up not only to domestic but also to foreign visitors, inviting those interested in the history, culture and beauty of the region to an unexpectedly pleasant discovery.
The city's architectural sightseeing can begin at the National Theater, the magnificent neo-Baroque façade of which will immediately catch the eye of art lovers. Built at the end of the 19th century to the designs of the Viennese architect Adolf Láng, this is one of the most beautiful theaters in Central Europe. The interior is decorated with mirrors and stucco, and the unique painting on the Murano glass chandelier and the arches of the dome, which depict scenes from Shakespeare's plays, evokes the golden age of bourgeois culture, confirming that art has always been an integral part of the city. The theater has three companies: opera, drama and ballet, which regularly present classical and contemporary works.
Just a few steps away from the theater stands the majestic Historic Town Hall, where important decisions in the life of the city were taken over the centuries. Next to it stands the Lőcse House, the former inn, famous for its trade and hospitality even in the Middle Ages, a symbol of the traditions that still stand today.
The group of statues of the Immaculate Conception will astonish the passer-by: not only because of its majestic Baroque lines, but also because of its extremely powerful symbolism. The statue was erected in the 18th century as a symbol of gratitude for the end of the plague that struck the city of Košice in the 18th century.
The group of statues depicts the Virgin Mary standing on the moon, surrounded by cherubs and a snake, a symbol of victory over evil and disease. The Virgin Mary is seen as a protector and helper, emphasizing the unbroken faith and hope of the people of Košice in difficult times. To this day, she reminds us that even in the most trying times, Košice has not turned its back on faith, nor forgotten hope and solidarity. A little further away, you can discover the Musical Fountain, a vivid contrast to the historic grandeur of the surrounding buildings. Rising water jets dance to the rhythm of classical and modern music, alternating in color, making it easy for passers-by to linger. The magical spectacle is particularly impressive in the evening when most people gather around the fountain. The Orban Tower, originally a belfry, towers above the main street. It stands next to St. Elizabeth's Cathedral, the most important sacral building in Slovakia. This monumental
VILLA SANDY RESORT
Gothic dome is the largest church in Slovakia, 60 meters long, 36 meters wide and with a tower 59 meters high. Construction began in the late 14th century and continued for over a hundred years, making it an outstanding example of mature Gothic architecture by Central European standards. The church is dedicated to St. Elizabeth of Arcadia, patron saint of the poor, and its interior is a jewel of art history. St. Elizabeth Cathedral has a double-cross floor plan and is the only church in Slovakia to boast five naves. Next to it is the quiet but equally impressive St. Michael's Chapel, once a cemetery, another beautiful example of Gothic architecture.
Nearby, in the area of the Executioner’s Bastion on Stará Baštová Street, there is the Memorial House of Hungarian ruler, Prince Ferenc Rákóczi II, the so-called Rodošto House. The building adds a touch of oriental flair to the historic center of Košice, as it is a perfect replica of the house in the Turkish coastal town of Tekirdag, where the prince and his entourage lived during his exile. The prince's remains rest in the underground tomb of St. Elizabeth's Cathedral, after their return from Turkey in 1906. A statue of this renowned leader of the anti-Habsburg Rákóczi war of independence also stands in front of the house. The bronze statue of Rákóczi, holding a document containing a solemn proclamation, is a place of honor and historical remembrance. The monument is surrounded by the coats of arms of the historical regions of Hungary, underlining the national and cultural diversity that has characterized Košice for centuries.
The County Hall is a worthy representative of the neoclassical administrative architecture of the city, and is also worth a visit, as is the statue of the coat of arms of Košice, the first European coat of arms to be granted to a city, proudly commemorating its centuries-old history.
However, Košice is not just a city of the past, its present is also a busy and inspiring one. Every year, the city hosts the International Peace Marathon, Europe's oldest marathon race, which attracts runners from all over the world. As well as the White Night, a festival of contemporary art, light and sound, which transforms the city into an open-air visual theater where the façades of historic buildings provide a canvas for new forms of creative expression.
For those who prefer to relax in nature, the city recommends the Šafárik University Botanical Garden, one of the largest in the country, or the Košice Zoo, the largest zoo in Central Europe. Culture is also conquering modern spaces, such as the Kasárne/Kulturpark, a former military barracks turned into a center for contemporary art and creativity, or the Kunsthalle, which not so long ago housed the city swimming pool but is now a showroom for visual arts, installations and creative workshops.
A special place among the city's modern attractions is also occupied by Villa Sandy City Park Resort , a unique urban resort located in the green belt of the City Park. Designed by Gyula Sándy, this sophisticated Art Nouveau building, the old skating pavilion, has been carefully restored and
converted into a cultural complex with a restaurant, café, tennis courts and with even plans for a skating rink in the future. A charming representation of history meets the luxury of modern life where you can forget the usual rhythm of the city. In Košice, history is “present”, as exemplified by Sándor Márai, the world-famous Hungarian writer, whose memory is also preserved in the city, thanks to the many works by Márai in which he immortalized his hometown. Reading his stories, one can walk the old streets and recreate history.
Not only is Košice a city of history and culture, but it also opens the door to the wonderful natural beauty of the surrounding area. After a day spent exploring the historic sights, visitors will be delighted by the refreshing closeness and beauty of the surrounding nature. Even within easy reach of the big city, there are great destinations for a day out, with the silence of the mountains and the trickle of the waters beckoning.
From the top of Hradová Hill, one can admire a wide panorama of the city from a 466-meterhigh lookout tower, and you can also discover not only the city itself, but also the surrounding mountain ranges, such as the Rzno and Salanac hills in the distance.
Near the lookout tower are the remains of the medieval castle of Košice, which today houses a castle stage, an open-air amphitheater and an information center. Visitors can also enjoy an educational trail and a summerhouse. It's a pleasant walk to the summit, which can be reached from the Hradová center via a forest path in 20 minutes.
About 35 kilometers southwest of the city is the Zádiel Valley, a spectacular natural formation, one of the most beautiful and most visited places in the region. The gorge, formed in the karst mountains, is crossed by a river and its steep hilltops are well known in the area, providing ideal conditions for hiking, climbing and cycling.
Not far from Zádiel are the Háj waterfalls, a scenic sight surrounded by dense forests and one of the most beautiful natural phenomena in the region, located about 25 kilometers west of Košice in the village of Háj. The stepped waterfalls are a striking natural backdrop, and although they are only about 10 meters high, the terrain and surrounding nature seem much larger.
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The Herľany geyser is the most famous landmark in the Herľany municipality, northeast of Košice, and is a natural phenomenon brought to life by human activity, its eruptions being influenced by natural factors. The time between eruptions is about 34-36 hours. The water rises to a height of about 22 meters from the ground, and an eruption lasts about 25 minutes. The geyser is a national natural monument and one of Europe's unique attractions. It is an excellent example of the combined power of nature and human effort.
Lovers of waterfront relaxation will find something to their liking in the surroundings of Košice. The Ružiná reservoir near the city offers ideal conditions for active recreation. The artificially created lake is very popular with water sports enthusiasts, fishing and boating fans, and it also offers beautiful views of the surrounding countryside.
Another slightly unusual place to visit near Košice is the Alpinka recreation area where families with children in particular can spend time having fun. In addition to the beautiful nature, the historic children's railway , a great favorite with young visitors, also runs here. The steam locomotive rattles through a picturesque landscape, and its passengers can admire original railway carriages until they reach the terminus, where they can try
out a special hand-powered rail trolley on a track of about 300 meters.
For the more adventurous, who are not afraid of a big dose of adrenaline, a paddle on the Hernád can be an unforgettable experience. The scenic stretches of the river can be kayaked or canoed, and there is always something new to see along the way. The Hernád is a varied river , with calmer stretches alternating with more dynamic bends, making it a good choice for beginners and experienced paddlers alike. The paddling route starts in Veľká Lodina, where you can rent a boat and equipment from an automatic rental shop and paddle all the way to Milhosť on the Hungarian border. Or even further, across the border to Hungary, as you can return your equipment in Hidasnémeti, Pere or Hernádkércs. With the help of sport, there are no limits to the exploration of the region.
Today, Košice offers much more than just sightseeing and visiting monuments. Being in the city is a real experience that touches visitors and draws them back: the buildings tell a story, the atmosphere of the streets captivates visitors.
(This article is published with support from Slovakia Travel)
