I thank you for this opportunity extended to speak to you about Hungary at this. Through this, I am sure to reactivate traditional cooperation and open up new business channels for the Indian partners in Hungary.

Before I proceed further, let me brief you about the Hungarian economy - Hungary has historically been a country of agriculture and small-scale manufacturing and has for a long time belonged to the upper-middle income group of countries. In an effort to encourage a self-sufficient economy, the former socialist government forced rapid industrialization in the beginning of the 1950s. In 1968 this policy was abolished in favor of the "New Economic Mechanism." Foreign trade once again became an essential part of the economy. Some freedom was given to the workings of the market, and a limited amount of profit-oriented behavior was allowed in the official economy.

Economic liberalization in Hungary preceded full political liberalization. The basic institutions of a market economy were already being established before complete liberalization took place in 1989.

As in most Central European countries, privatization in Hungary started slowly, but the pace has picked up

World Intellectual Property Organization Conventions

The new law on the Hungarian Branch Offices and Commercial Representative Offices of Business Entities Domiciled Abroad came into force on the 1st January 1998. Foreign businesses are allowed to settle and operate in Hungary by opening a branch office.

In general, foreign citizens who want to work either on the basis of a labour contract or other legal relationships in Hungary need a work permit. This are issued by the Hungarian Labour Center. In certain cases no work permit is needed.

the use of a forint-based bank card is allowed abroad. Use of forint-based credit cars in Hungary has already been possible for some years.

The corporate tax rate is 18. A withholding tax of 20% is payable on dividends.

Some common words found in the essay are:
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Approximate Word count = 1647
Approximate Pages = 7 (250 words per page double spaced)