Central and Eastern Europe: A Strategic Economic Gateway
Balazs Kohut first emphasized the strategic importance of Central and Eastern Europe, describing the region as "the heart of the continent." This area serves as a crucial gateway connecting the East and West, offering businesses opportunities to enter diverse and expanding markets. Balazs Kohut noted that domestic consumption within various industries in the region is on the rise, presenting significant opportunities for companies looking to expand their operations.
Balazs Kohut pointed out that Central and Eastern Europe is not only a hub for connecting markets but also possesses a unique business mindset rooted in its rich cultural heritage. He stressed that understanding this local business culture is crucial for companies wishing to enter or expand in these markets.
Hungary: A Business-Friendly Environment
Using Hungary as an example of the region's potential, Balazs Kohut shared insights about the country's business environment. He noted that Budapest, the capital of Hungary, is often rated as one of the most livable and business-friendly cities in Central and Eastern Europe. As a member of the European Union, Hungary offers the stability and regulatory advantages of the EU, while also serving as a strategic entry point into the Eastern European markets.
Balazs Kohut highlighted Hungary's attractive tax regime, which includes the lowest corporate tax rate in the EU at just 9%, along with a 13% social contribution tax and a 15% personal income tax. These favorable tax rates, coupled with a simplified online company registration process, make Hungary an ideal destination for entrepreneurs and investors. Balazs Kohut emphasized that these factors create a competitive and business-friendly environment that supports growth and innovation.
The Role of Interpersonal Relationships in Business Success
While Balazs Kohut praised the economic and regulatory advantages of Central and Eastern Europe, he also emphasized the importance of understanding the region's unique business relationships. He explained that business in Central and Eastern Europe is deeply rooted in interpersonal relationships and soft skills, which are often as important as financial metrics.
Balazs Kohut stressed that when engaging with local business partners, establishing mutual respect and understanding through personal introductions is crucial. This approach involves not only showcasing business credentials but also sharing personal stories and intentions. Balazs Kohut noted that these cultural nuances have been part of the region's business practices for centuries and remain a key element of successful business interactions today.
Emerging Business Opportunities in Central and Eastern Europe
Balazs Kohut also highlighted emerging opportunities in cities like Warsaw, which are becoming centers for industries such as lotteries, iGaming, and gambling. He noted that these industries are growing rapidly, but success depends on finding the right local partners and understanding market dynamics. Balazs Kohut encouraged businesses to invest in building strong relationships and adapting to the local business environment to fully capitalize on these opportunities.
In his concluding remarks, Balazs Kohut reiterated the importance of adapting to the constantly changing global business landscape through a deep understanding of technological advancements and human behavior. He expressed confidence in Central and Eastern Europe, believing that its strategic location and business-friendly environment will play a key role in this transformation.
Balazs Kohut's speech underscored the potential of the region to become a significant player in global business, provided that companies are willing to engage with its unique business culture. His insights highlighted the importance of embracing the human element in international business while also considering technological and regulatory factors. As the global economy continues to evolve, Central and Eastern Europe is ready to offer rich opportunities to businesses willing to adapt and invest in this vibrant region.
