Budapest Business Journal: Latest Issue

Half of GBS Centers Plan to Expand Their Footprint: Deloitte

Big Four consultancy Deloitte’s latest global business services survey has highlighted five powerful trends toward more agile, digital, and cost-efficient GBS organizations.  13

More Complex BSC Office Requirements

As the role of business services centers develops, their office needs are becoming more sophisticated with ever more complex staff and ESG requirements, reflecting the current trend in high-end office markets, writes real estate editor Gary J. Morrell.  17

Transforming the Business Services Sector

Encountering the Spiritual on Andrássy

“The Night of Enitharmon’s Joy” and Júlia Eszter Kuzma’s “Bestial Sanctum” may have been made centuries apart and look utterly different. But they share a spiritual impulse born out of living in thoroughly turbulent times, writes David Holzer.  20

The Economy’s Engines Have Still not Kicked In

The Hungarian economy basically stagnated in the third quarter of the year compared to the second, and has shown only minimal growth on a yearly basis. In the meantime, inflation remains stubbornly stuck at its July level of 4.3%.  3

The expansion of Hungary’s business services sector has slowed, but, with proper planning and deft use of AI, it has the potential to double its contribution to GDP, according to István Lenk, president of ABSL Hungary, the association that represents the sector. 14

BUSINESS

ING Sees a Slow Economic Pickup From 2026 Onward

Hungary will again enter a new cycle in 2026, hoping for a better year, even if 2025 does not look like a decisive turning point. That was the message from an ING Bank briefing led by senior economist Péter Virovácz.  8

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Éva Bodor, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz.

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THE EDITOR SAYS

HUNGARY SOME WAY FROM ENGAGING WARP DRIVE

It now seems inevitable, barring a significant upside surprise, that Hungary’s economy will have stagnated once again in 2025. As ING Bank senior economist Péter Virovácz puts it in our report on page eight, “This is the fourth year when we expect that next year will be better.” And lest you think he is trying to be clever after the event, he also remarks that he is not “pointing fingers because a minister cannot hit the numbers, because we in the analyst community cannot either.” All that before adding, somewhat ruefully, “We can call what we have now ‘growth,’ because it is above zero, but this is not what we agreed on.”

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For all that Hungary has, for years, successfully attracted significant manufacturers from East and West to set up shop here, the industrial figures remain a drag on the overall economic picture. That should not come as a»surprise. As Károly Radnai, managing partner at Andersen in Hungary, remarked during our latest CEO Boardroom roundtable discussion, for all the recent and growing interest from U.S. and Asian investors, Hungary still relies heavily on trade with the European Union, particularly with Germany. If Germany’s economy begins to fire, then so will Hungary’s. If not? Well, you don’t need me to connect those dots for you. Sticking with the economy for the moment, agriculture, battered by late frosts followed by drought on the arable side, and outbreaks of avian flu and foot-andmouth on the pastoral, is doing no better than industry. It is services, particularly information and communication, that are keeping things in positive territory. Just. If you ignore interest payments, the government budget is, more or less, in balance, Radnai says. And while there may be a fear that state largess ahead of the April 2026 general election could tip the balance, he doesn’t think

that is inevitable, bearing in mind the government will want to maintain its investment grade ranking from the rating agencies. An acknowledged problem, according to most analysts, has been a lack of investment by local businesses and the state (and ignoring, for the moment, record levels of foreign direct investment). Will the election, therefore, bring a pause to investment while the business world waits to see who forms the next government? Our other speaker at the roundtable was Veronika Spanarova, managing director and country officer at Citi Hungary (a firm that has just announced it will bring more R&D jobs to its Budapest Global Business Hub). She makes the point that the business world focuses more on the underlying factors than on the day-to-day. “The election is a data point,” she acknowledged, but that is all it is, from a commercial rather than political point of view, and it is one of many.

It is worth remembering that, according to the polls, the two front-runners for the election are both to the right of center; whoever wins, there will be no radical policy change. And even if Tisza does replace Fidesz, no one should think the frozen EU funds would arrive on the next day. There will be a process to go through that could still take years. In the meantime, external pressures will come and go, geopolitics will play its part, and a small (if geographically well placed) and economically open country like Hungary will have to ride the waves as best it can. Which is why it might be nice to end on a more positive note. “Whatever the election result, Hungary will be fine,” Radnai told the CEO Boardroom guests.

Robin Marshall Editor-in-chief

THEN & NOW

Photo by Zoltán Kocsis / MTI

In a black-and-white photo from 1976, taken from the Fortepan public archive, a trained German Shepherd police dog sits in front of a Soviet-made UAZ-469 offroad vehicle. In the color image from Nov. 5, 2025, a police dog demonstration is staged at the Law Enforcement Education and Training Center in Budapest during a career orientation day for children in state care.

1News • macroscope

The Economy’s Engines Have Still not Kicked In

The Hungarian economy basically stagnated in the third quarter of the year compared to the second, and has shown only minimal growth on a yearly basis. In the meantime, inflation is stuck at its July level of 4.3%.

Inflation Trends in Hungary (2023-October 2025)

Price index, consumer price; change compared to the same period of the previous year, %

Source:

The Hungarian economy stagnated in the third quarter on a quarterly basis and showed only a slight increase compared to the same period of last year. Hungary’s gross domestic product volume was 0.6% higher in Q3 2025, both in raw data and in seasonally and calendaradjusted and reconciled data, than in the corresponding period of the previous year.

In the first three quarters of the year, the economy’s performance was 0.3% higher according to raw figures and 0.2% higher according to seasonally and calendar-adjusted and reconciled data than in the same period of the previous year, fresh data released by the Central Statistical Office (KSH) reveals.

Even these anemic levels marked the strongest growth since the second quarter of 2024 and were primarily driven by the services sector, particularly the information and communication sectors. However, the upturn was partially offset by the slowdown in the added value of industry and agriculture.

In its commentary, the Ministry of National Economy (NGM) highlighted that “the prolonged war in our neighbor, the EU’s extremely unfavorable customs agreement, and Brussels’ pro-war policy are hindering economic growth.”

Analysts had previously predicted a zero percent change in GDP on a quarterly basis and a 0.9% annual expansion, based on the economic portal portfolio.hu’s data. However, it should be noted that their forecasts showed a relatively large variance: between

and +0.5% on a quarterly basis, and between 0.3 and 1.4% annually.

According to ING senior analyst Péter Virovácz, the Hungarian economy’s performance is hardly encouraging. The latest data indicates that the Hungarian economy is still unable to break out of the years-long stagnation, he says. One better period is followed by a worse one; in other words, the sideways trend is continuing.

Disappointing Performance

Compared to the expectations outlined at the end of last year, and even compared to what was predicted at the beginning of this year, the performance is disappointing.

Based on the raw data, the three quarters so far have brought little growth: based on the adjusted data, the expansion is only 0.2%.

As for the individual sub-areas, the weather has not been kind to agriculture this year (including late spring frosts followed by a drought in the summer). In addition to crop production, animal husbandry is also having a bad year; the sector has suffered from outbreaks of both bird flu and foot-and-mouth disease. Elsewhere, industry is still being held back by the lack of external demand and the failure of the expected turnaround in the inventory cycle. Thus, only the service sector continues to appear positive. Within this, the performance of the information and communication branch is dominant.

Dávid Németh, a senior analyst at K&H, said that the latest data was essentially in line with market expectations, although, as he explains, “We expected a slightly weaker result, with a quarterly decline of 0.2%.”

According to János Nagy, a macroeconomic analyst at Erste Bank Hungary Zrt., the data was not surprising, although it is important to note that the details will be made public only much later, on Tuesday, Dec. 2.

He also noted that the sectoral commentary of the KSH for Q3 is almost identical word-for-word to that announced in the first estimate of the Q2 data. Based on this, the trend typical of previous quarters (under which the production sectors are pulling back their performance, which is more or less offset by services) has not changed significantly. In July-September, the construction industry also performed more weakly compared to the previous quarter.

Downward Revision

As for the near future, in light of the third-quarter data, ING Bank has revised its 2025 growth forecast downwards. Some surprisingly large-scale momentum would be needed in the final quarter for overall 2025 growth to exceed the 2024 level of 0.6%. There are no real signs of this yet, according to Virovácz of ING Bank.

Erste has also revised its current growth forecast of 0.5% for this year downwards by a few tenths of a percentage point.

K&H is slightly more optimistic and expects the economy to recover in the last quarter. Should that materialize, GDP could grow by 0.5% in 2025 compared to 2024.

Meanwhile, the October inflation data has arrived, showing that consumer prices are still stuck at their July level of 4.3%.

Food inflation has fallen to its lowest level in a year, but in other sectors where the government has tried to intervene in prices, the increase was still significant.

The annual indicator is, therefore, still far from the central bank’s target range of 2-4%. According to Virovácz, despite the Hungarian economy having been stagnating for three years and the government having introduced several measures to curb inflation, Hungary is still struggling with price stability. Annual core inflation has risen above 4% again, to 4.2%.

“We can now safely say that food inflation will remain permanently below 5%. This is significant because when the government representatives introduced the margin freeze, this value was specified as the condition for phasing out the measure,” said Tamás Kozák, secretary general of the National Trade Federation (OKSz).

According to the association, the margin freeze is as ineffective as it is harmful to traders, customers and the Hungarian economy. As the OKSz previously said, citing the Hungarian Competition Authority’s inspections, the price increases in late 2024 and early 2025 were not caused by retail margins, but by increases in supplier costs, such as labor, overheads and other fees.

Editor’s Note: For more analysis from Péter Virovácz, see “ING Sees a Slow Economic Pickup From 2026; Inflation, HUF Stability in Focus” on page eight.

Hungary, White House Disagree Over Length of Sanction Pause Roundup Crisis

Viktor Orbán held bilateral meetings with U.S. President Donald Trump in Washington, D.C., on Friday, Nov. 7, during which they discussed Ukraine peace talks, expanding economic cooperation and, most critically for Hungary, energy. However, there seems to be a discrepancy between the prime minister and foreign minister on one side, and a White House spokesperson on the other, regarding the length of the sanctions pause.

Trump said he granted the exemption to longtime supporter Orbán because “it’s very difficult for him to get the oil and gas from other areas.” Minister of Foreign Affairs and Trade Péter Szijjártó cited the relationship between the two leaders as the reason Hungarian families were spared a drastic rise in energy prices, emphasizing that without these exemptions, energy costs for households and businesses may have doubled or tripled.

Indefinite, or 1 Year?

While Orbán reported that the aborted Ukraine peace summit in Budapest was still on the table and that the United States would provide a “financing shield” to offset funds withheld by Brussels, most significantly, he managed to secure a full exemption from U.S. sanctions related to Russian energy shipments through the TurkStream gas and the Druzhba oil pipelines, through which Hungary gets a majority of these resources.

Upon announcing the exemption, Orbán explained that it would enable his government to continue pursuing its scheme to reduce utility bills for Hungarians.

“Hungary will continue to have the lowest energy prices in Europe,” Orbán insisted. “We have prepared all the conditions necessary for this, and this specifically means we have got a total exemption from sanctions in respect of the TurkStream and the Druzhba pipelines,” he added. Any sanctions that could restrict supply or make energy imports more expensive for Hungary would not apply, he said. “This is a general exemption with no time limit,” Orbán added.

While a statement from the Ministry of Foreign Affairs and Trade quoted Szijjártó as saying that oil imports through the TurkStream and Druzhba pipelines would not face any restrictions in the future, a White House spokesperson told Reuters and the BBC that the exemption had actually only been granted for one year. In response, both Szijjártó and Orbán were emphatic that the period agreed upon had been indefinite.

“The prime minister was clear,” Szijjártó said in a post on his Facebook page. “He has agreed with the U.S. President that we have obtained an indefinite exemption from the sanctions,” the foreign minister said.

“I shook hands with President Donald Trump on Hungary’s exemption from U.S. oil sanctions for an indefinite period,” Orbán added in a post on his own Facebook page. “As long as he is president there and I am prime minister here, there will be no sanctions.”

Following these statements, a White House official reiterated in an email to Reuters that the exemption would

“I shook hands with President Donald Trump on Hungary’s exemption from U.S. oil sanctions for an indefinite period. As long as he is president there and I am prime minister here, there will be no sanctions.”

be for one year, adding that Hungary had committed to buying U.S. liquefied natural gas, with contracts valued at some USD 600 million, as part of its efforts to diversify its energy sources.

Szijjártó said the five-year LNG deal would be for two billion cubic meters, 400 million bcm each year, alongside existing French and Dutch supplies.

“This is real energy security; not replacing one source under duress, but adding new ones,” he said.

Nuclear Deal Signed

Additional energy deals include an intergovernmental agreement on nuclear energy cooperation, which was extended to include nuclear fuel, the storage of spent fuel rods and small modular reactors. Hungarian energy provider MVM Group signed

a contract with U.S.-based Westinghouse in which the latter will provide longterm, stable deliveries of VVER fuel for the Paks 2 nuclear power plant.

Regarding the development of Paks 2, Szijjártó said the ministry formally submitted exemption requests to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).

“Our current sanctions exemption for Paks 2 expires on Dec. 19, but the agreement removes this deadline, making the exemption permanent,” the foreign minister said.

“This means the Paks 2 project faces no European or U.S. sanctions,” he added.

Following these announcements, Orbán pointed out that, despite the exemptions granted to Hungary by the United States, the European Union would still pursue its plan to ban Russian energy imports by 2027. While “the people in Brussels took prompt action,” in acknowledging Hungary’s exemption from U.S. measures, “nonetheless, they’ll ban the import of Russian energy sources into Europe from 2027 [...]. We’ll have a few words about this.”

The European Commission will not be the only ones working towards this endeavor. Upon hearing the news that America would exempt Hungary from sanctions on Russian energy, Ukrainian President Volodymyr Zelenskyy said, “We will still find a way to prevent Russian oil from entering Europe. Russia must lose from the war, and its greatest losses are when it cannot trade energy resources.”

Wing Acquires Váci út Development Site Real Estate Matters

The Wing Group has signed an agreement with GTC to purchase a development site along Váci út, covering more than 2.1 hectares. According to the plans, approximately 470 modern apartments and a 23,000 sqm modern office building are to be built as part of a mixed-use project.

Park office building and the Kassák residential project in the area.

A biweekly look at real estate issues in Hungary and the region

“At the same time, there are early signs that the office market may be approaching a turning point, as activity gradually starts to pick up and companies show renewed interest in modern, ESG-compliant office solutions,” it adds.

Futureal Refinances Etele Plaza

The development site covered by the agreement is located in the northern part of the block with direct metro access. The Váci út Office Corridor is Hungary’s largest office market. Wing has been a key player in the renewal process for 25 years, having developed the Atrium

“Wing is confident about the longterm prospects of the office market, as [interest] for high-quality, conveniently located and sustainable office spaces remains strong. Experience shows that tenants are increasingly drawn to developments that offer a flexible work environment and premium services,” the firm says.

Investor Completes Sale of Poland’s

Łódź

The residential development, planned in two phases and expected to begin in 2026, already has a finalized concept design, a definitive building permit, and a town planning agreement with the district municipality. As part of this, the company will commit to creating high-quality community spaces and green areas for local residents and people working in the area.

Beyond Hungary, Wing is also active in Poland and Germany, with a total developed portfolio of more than 5.5 million sqm across the three countries, covering all segments of the real estate sector.

1 and Science Park, Budapest

Prime Holdings Group has completed the sale of the Łódź 1 project in Poland and has also finalized the sale of the Science Park office complex in Budapest. The total value of both transactions exceeds EUR 60 million.

The Łódź 1 project has been sold to the local investment group, Domena. The property comprises an office complex of 6,400 sqm GLA, situated on a land plot of more than 10,000 sqm. During the holding period, Prime obtained several urban planning approvals that allowed for a substantial expansion of the project to approximately 45,000 sqm of mixeduse space, including a residential area.

“Łódź 1 is a flagship example that showcases Prime’s investment strategy

and how we operate in the market. We focus on assets that enable us to define and efficiently execute our development strategy, typically over a five-year horizon,” says Roy Linden, partner and co-founder at Prime Holdings.

“By targeting properties where we can leverage our expertise to unlock potential and significantly increase value over the investment cycle, we create opportunities for long-term growth. This often involves repositioning or converting commercial assets to align them with current market dynamics and the distinctive character of each location,” he notes.

“We have a strong conviction in the CEE region and are actively seeking suitable investment opportunities in Poland,

the Czech Republic, and Hungary to reinvest or deploy capital,” Linden adds.

Prime has also completed the sale of the Science Park office complex in District XI of Budapest to a subsidiary of Concorde Securities Hungary. The asset was held in a joint venture partnership with a leading global institutional investor. With a total area of more than 30,000 sqm of GLA, this was one of the most significant office-market transactions in Hungary this year, according to the investor.

The Prime Holdings Group has been active as an investor in CEE for more than 12 years, focusing on Polish cities and Budapest, and has completed transactions totaling over EUR 500 million in the two countries.

Futureal, the owner of the Etele Plaza shopping and entertainment center, has agreed with three banks to refinance its existing loans to provide a new credit facility. The pan-European developer has signed a EUR 165 million loan agreement with a consortium comprising Erste Bank Hungary, Erste Group Bank AG, and UniCredit Bank Hungary.

Futureal utilized the largest Hungarian shopping center development financing deal of the previous decade to deliver Etele Plaza. Owing to the project’s strong performance in recent years, the partners have now refinanced this and extended the loan maturity to 2035, according to Futureal. On the financing consortium’s side, DLA Piper provided legal support for the agreement.

“Etele Plaza, now in its fourth year, has delivered robust market results, and Futureal has maintained a stable financial and professional track record for two decades. These factors created the conditions to refinance the project on favorable, long-term terms. Our collaboration with financial partners further strengthens the project’s financial stability and ensures that Etele Plaza can continue to operate competitively in the years ahead,” said János Gárdai, CEO of Futureal. Opened in 2021, Etele Plaza is the most recent “new” shopping center in Budapest.

“With its uninterrupted growth over recent years, excellent tenant mix, and modern, ESG-eligible solutions, Etele Plaza has proven that it deserves the trust of financiers. We are pleased that we could sign another long-term financing with Futureal Group, further strengthening our excellent, close to two-decade business relationship,” stated György Salamon, head of real estate financing at Erste.

Sustainable operations played a central role in the development of the 55,000 sqm, BREEAM In-Use “Outstanding” Etele Plaza, alongside digital and design solutions, Futureal says. Etele Plaza’s building management system (BMS) maximizes the complex’s operational efficiency. The center uses a special thermal energy loop that combines ventilation with heat recovery, optimizing indoor temperature and cooling or heating requirements based on weather conditions and visitor numbers. With the help of its BMS, Etele Plaza achieved 15% lower consumption in 2023 than initial levels and the system has been continuously fine-tuned since then.

Ericsson Launches 6G lab in Budapest R&D Center

Ericsson announced on Wednesday, Nov. 12, the opening of a new 6G Lab at its R&D center in Budapest. The company says the new lab will focus on advancing core network evolution and developing critical 6G support functionalities such as network exposure and programmability.

IT frameworks, automation, open interfaces, artificial intelligence and machine learning, Ericsson says.

In addition to partnerships with leading international technology players and mobile operators, Ericsson says it will co-create and experiment alongside Hungary’s leading academic institutions, including Budapest University of Technology and Economics (BME), Eötvös Loránd University (ELTE), Óbuda University, and the HUN-REN research network.

today’s 5G Core technology into an even more flexible, open, and intelligent platform, paving the way for entirely new use cases, industries, and societal benefits.”

Communicate and Collaborate

Building on the ongoing evolution of 5G networks, 6G architecture will leverage the rapid progress in, among other areas, so-called cloud-native technologies,

“The opening of our 6G Lab in Hungary reinforces our long-term commitment to research and innovation,” insists Antonio Passarella, head of Central Europe and North Balkans at Ericsson. “As we move toward the 6G era, our goal is to evolve

in Brief News

Autopro.hu: BYD Postpones Szeged Factory Launch

According to the autopro.hu website, leading Chinese EV automaker BYD has officially postponed the launch of its factory in Szeged. In a post on Saturday, Nov. 8, the website said the company’s management had announced a new target date, according to which production in Hungary will not start until the second quarter of 2026. Citing the leading Hungarian online economic daily Világgazdaság, Autopro said BYD executive vice president Stella Li announced the new timeline at a Chinese industry event, and that it clearly represents a delay. The previously announced start date was late 2025. Back in July, international newswire Reuters had reported BYD would delay mass production in Szeged until 2026 and run the plant at below capacity for at least the first two years, citing sources familiar with the matter.

Reuters also reported BYD would start making cars earlier than expected at a new plant in Turkey, where labor costs are lower, according to one of its sources. At the time, István Joó, CEO of Hungary’s Investment Promotion Agency and the government’s commissioner for strategic investment, dismissed the story as “fake news.”

Banking Association Warns Windfall Tax Hike Would Harm Economy

Raising the windfall profit tax on banks would hurt the broader Hungarian economy, slow growth and damage the country’s financial standing, the Hungarian Banking Association said in a statement issued on Tuesday, Nov. 11. The group warned that further burdening banks would give cross-border fintech firms “another unjustified advantage.” The windfall tax, introduced in 2022 for an initial two-year period, has already negatively affected banks’ earnings and

András Boráros, head of R&D at Ericsson Hungary, added: “We established the Budapest 6G Lab to be both a site for scientific breakthroughs and a hub for practical innovation. Our work is not only about preparing for a post-5G world; we truly want to benefit society. We are striving to enable people to communicate and collaborate more effectively than ever in the future.”

economic forecasts, the association said. It added that the policy was introduced when the base rate was 18%, but with the rate now at 6.5%, the rationale for maintaining the tax no longer exists. The association noted that lenders are set to pay a combined HUF 842 billion in extra taxes in 2025, including the bank levy, windfall profit tax and transactions duty.

Porsche Launches EUR 20 mln Logistics Hub Expansion in Budaörs

Porsche Hungaria laid the cornerstone for a EUR 20 million expansion of its parts center logistics base in Budaörs (20 km southwest of Budapest) on Monday, Nov. 10, with completion scheduled for 2027, according to a press release. The development will add an 11,500 sqm warehouse, increasing the total warehousing capacity to 33,000 sqm. The parts center supplies original components to 250 service centers across nine Central and Eastern European countries. The expansion aims to sustainably support the regional growth of the group’s brands by meeting high warehousing standards and delivering a competitive edge, the company said.

The Hungary-based 6G Lab will play a key role in Ericsson’s global 6G research program, exploring how future networks can support the development of more sustainable, resilient, and human-centric digital societies. The initiative also strengthens Ericsson’s position within Hungary’s innovation ecosystem, creating new opportunities for joint research, academic collaboration, and talent development. Ericsson has been present in Hungary since 1991, with the Ericsson Research team established in 1996. With the launch of the Budapest 6G Lab, the company aims to ensure Hungary plays an active role in shaping the communication technologies of the future.

Korean-Hungarian Battery Research Center to Launch in 2026

A Korean-Hungarian battery industry research center will be established in Hungary under the leadership of the Hungarian Battery Association, according to a statement issued on Tuesday, Nov. 11. The center will be developed under the Economic Innovation Partnership Program, launched in 2022, in cooperation with the Korea Development Institute and the Ministry for National Economy. The facility is expected to begin operations next year.

Hipa Expects Record Year for U.S. Investment

American investments in Hungary are set to hit a historic high this year, and the Hungarian Investment Promotion Agency may announce a 10th U.S. investment project within days, the agency told state news agency MTI on Monday, Nov. 10. Hipa has confirmed nine U.S. investment deals so far in 2025 and noted that around 1,400 American companies currently operate in Hungary, making them the thirdlargest investor group in the country.

Changes to Residency Rules Make Living in Hungary Tough for Foreign Retirees

When Jill Morse touched down in Budapest in August 2020, her mood was confident and upbeat: a new life awaited her. In 2025, her outlook is somewhat different.

Weary of what she terms “the political nightmare” of the United States, Morse left her native San Francisco in 2020 to continue her retirement in a country she already knew and loved.

“For me, it was time for a change. I had friends who’d passed away, and also my dog, and a dear friend here said, ‘Come to Budapest. You love it!’ So, I did! I packed up everything. My thoughts were, ‘I want to retire here,’” she tells the Budapest Business Journal in an interview.

And for some years, after renting a flat in central Budapest and getting her papers in order, Morse, a HR executive in her professional life, began living her dream.

“The pace here suits me better, and I enjoy spending time with my Hungarian and ex-pat friends, doing normal things like going out for coffee, dinner, the Operetta, jazz clubs, playing Mahjong, and just enjoying everyday life,” she says.

She also rescued Momo, a Welsh Terrier cross-breed, from a dogs’ home. As “the love of my life,” Momo is a catalyst for getting out for walks and meeting folk.

This contented lifestyle continued into 2024, when she began to read worrying news on social media about changes to the laws governing residence procedures for third-country nationals, that is, anyone who is not Hungarian or a citizen of an EU or EEA state.

After consulting several experts, Morse realized that her stay in Hungary could be ending prematurely. At the heart of the problem is a change in immigration law, announced in the last days of 2023.

‘Other Purposes’ Permit

Under the earlier law, alongside the regulations governing those coming for work or family reunions, there was a category called “other purposes.” For many years, this enabled thirdcountry nationals with sufficient income or pension to obtain a temporary residence visa, typically valid for three years, sometimes

five, according to Stuart McAlister, managing director and founder of Inter Relocation, an advisory firm for foreigners seeking to live in Hungary.

“Typically, Americans, Canadians, Brits post-Brexit and others could use an ‘other purposes’ permit to relocate to Hungary for retirement. After three years, they could apply for permanent residence, or simply renew their original permit,” he told the BBJ. But the legal changes in late 2023 abolished the “other purposes” category almost overnight, except for a list of specific sub-categories, which did not include retirees. This caused some ill-prepared, would-be settlers enormous problems.

“I had the very unfortunate situation of being called by a British couple who had, from what they told me, sold up in the U.K. and bought a property at Balaton. Friends had already retired here, and they wanted to go down the same route,” McAlister recalls.

The couple asked him in early 2024 to arrange a residence visa, and he had to tell them it was no longer available. Worse still, after their friends came on the phone to argue the case, McAlister had to inform them that they, too, would likely be in jeopardy when they came to renew that permit. Left in a state of shock, neither couple got back for any further advice.

To McAlister, it soon became apparent that these two British couples were far from alone in facing an uncertain future in Hungary.

Photo by Kester Eddy

their circumstances,” Dorka CsathóSzabó, head of immigration at Helpers Hungary, tells the BBJ

“This has proven quite challenging under the new, stricter legislation because, at the moment, all resident permits are issued based on a specific reason, for example, work, business, family, medical treatment or volunteering, as well as the newly introduced investment-based permit, also known as the ‘golden visa,’” Csathó-Szabó adds.

Outside the specific reasons and conditions of the current law, general “other” types of permit are not available, and Hungary currently has no option for residency through mere direct property ownership, she says.

For those who have legally lived in Hungary for at least three years, it is possible to obtain permanent residence under domestic regulations.

For anyone who has been resident for five years, a so-called EU permanent residence permit is another option. However, these come with other conditions, notably an exam in Hungarian on the country’s history and culture.

“In our experience, you should show savings of around HUF 4 million or equivalent for a year or more,” says McAlister.

“I’m a member of two Facebook groups related to immigration in Hungary, and I wouldn’t say it’s full of people who’ve been rejected [for a visa extension], but it’s a regular theme,” he says.

‘Dificult Position’

Helpers Hungary, another company dedicated to assisting foreigners through the immigration hoops into the country, has also seen enquiries on this issue.

“Many foreigners who had relied on the ‘other’ (egyéb) residence permit have found themselves in a difficult position, having to explore alternative residence permit types that might fit

For Jill Morse, whose current permit is valid until February 2027, and who speaks no Hungarian, the stress and uncertainty of the changes have been too much: She is now pondering a move to Spain, Portugal or France.

“I think I could pass the cultural exam, but seriously, asking seniors to take it is as bad as asking kids under 12. I just don’t trust the system anymore,” she says with resignation.

Editor’s Note: The regulations stated here are correct as best the BBJ could ascertain at the time of publication, but are always subject to change. Consult an expert if in doubt about your situation.

The ‘Nomad’ 90 + 90 Days: A Solution, of Sorts

While it calls for a continual cycle of upping sticks and travel, for those with a determined mindset, taking advantage of bilateral treaties Hungary has with certain countries allows extended stays through what Stuart McAlister calls the “90 plus 90” agreement. These countries include the USA.

“When first arriving, U.S. citizens get 90 days in Hungary and the entire Schengen Zone, and can travel anywhere in that zone. Once on 91 days, they can stay in Hungary, but only in Hungary, for the next 90 days,” he says.

In those second 90 days, even a day trip to Austria is illegal, risking a fine and deportation, McAlister warns. By the end of the second period, visitors must leave Hungary for a non-Schengen country for at least another 90 days, after which they may return to Hungary or any Schengen zone country.

“I have an American couple who retain a residence in Turkey [plus one in Hungary], and they do 180 days in Hungary, 90 days in Turkey, and then back to Hungary for another 180 days. It’s a nomad life, but it works [for them],” McAlister says.

2 Business

ING

Sees

a

Slow Economic Pickup From

2026; Inflation, HUF

Stability in Focus

Hungary will again enter a new cycle in 2026, hoping for a better year, even if 2025 does not look like a decisive turning point. That was the message from an ING Bank briefing led by senior economist Péter Virovácz, who urges caution: the engine is moving, but not at the pace the economy once considered normal.

ING’s route to something sturdier rests on three conditions. Investment has to climb out of roughly three years of decline; otherwise, capacity and productivity will remain constrained. Secondly, external demand needs to improve; export orders are still about 15%

Virovácz predicts the first meaningful improvement in several years will come in 2026, but even that will be below historical patterns. The likely result is persistent inflation, which will have to be managed with relatively high interest rates, lifting forint stability to a central policy priority.

“This is the fourth year when we expect that next year will be better. And it’s not about pointing fingers because a minister cannot hit the numbers, because we in the analyst community cannot either,” Virovácz says.

Forecasts have been marked down as the months have passed. The earlier view that potential growth sat at around 3–3.5% has slipped. Many market projections for 2026 cluster closer to 2.5%; ING is at 2.3%.

As Virovácz puts it, “We can call what we have now ‘growth,’ because it is above zero, but this is not what we agreed on.” He added that 2025 might even underperform last year’s weak 0.6% outcome.

below

2021 levels, weighing on manufacturing and supplier networks. Third, household consumption is the only component showing steady growth and needs to keep firming without reigniting prices.

If this trio of elements aligns, headline GDP could approach 3% later in the decade. The path is feasible, though neither quick nor guaranteed, the chief economist warns. Confidence would help shorten that road. Half a year ago, business and consumer sentiment were falling sharply.

“If confidence improves, sooner or later there can be some positive economic performance,” Virovácz said, noting that both have been moving up for months, even if the distance to full normalization remains large.

Mixed Signals

Labor-market signals are mixed. Industry, especially processing and manufacturing, continues to feel the strain, yet broad layoffs have not appeared. Firms are still hoarding labor, and unemployment has mainly moved sideways.

“Unemployment has been essentially flat, moving sideways,” Virovácz says. Since 2022, the labor force has shrunk by roughly 125,000 people. That is “as if we had wiped the sixth-largest Hungarian city, Győr, off the labor-market map,” he adds. With fewer available workers, employers hesitate to let go of people they may struggle to rehire.

These constraints will mean sizable 2026 wage settlements. The agreements currently under discussion imply increases of 13-14%.

“Even if we can pull that down to 10%, it almost doesn’t matter for companies, because that is still very high in an economy that has been stagnant for three years,” Virovácz notes. The key question is how firms absorb those costs. Two extremes are possible.

“Either we will face a price shock, or a labor-market shock,” the ING expert warns, although he acknowledges that a mixed, less disruptive outcome is also conceivable.

On fiscal policy, Virovácz does not expect a rerun of 2021–2022. Back then, pre-election transfers totaled 3-3.5% of GDP and were not fully embedded in the budget.

“This time the measures are around 2% of GDP, and most are already in the 2026 budget,” he says.

The primary balance, excluding interest, sits between zero and minus 1%. He does not foresee a budget break.

Ratings Assessments

“The financial authorities stretch only as far as the markets allow,” Virovácz said, pointing to the focus on preserving sovereign ratings. Two assessments are still due this year. With Moody’s in late November, “the bar could wobble,” though even a onenotch downgrade would still leave Hungary at the lowest investmentgrade rung. Fitch, in early December, “will probably not downgrade us.”

Virovácz also notes that calendars can change. If there were a significant, unbudgeted fiscal push early next year, an agency could call an unscheduled review.

Inflation has shifted into a new regime. Lasting disinflation requires lowering imported price pressures. That is why “we hear the MNB recently saying that a strong forint is a good forint,” Virovácz argues.

To reach the inflation goal, “a stable, and quite possibly strengthening, forint is necessary,” although that outcome is not solely in the central bank’s gift. Even with supportive FX dynamics, the analyst places a sustained return to the MNB’s 2-4%

target band no earlier than 2028. Manufacturing weakness is uneven: exporters tied to eurozone capex and durable goods feel the drag most, while niches linked to EV supply chains and energy-efficiency projects have held up better. Services continue to support activity and employment, although that support could fade if real-income gains stall.

“We can call what we have now ‘growth,’ because it is above zero, but this is not what we agreed on.”

Credit conditions remain tighter than before the shocks, consistent with higher policy rates and cautious underwriting, which slows capital deepening outside a handful of large projects. On the household side, real wages are improving from a low base as inflation eases, yet purchasing power is being rebuilt only gradually. Virovácz argues that policy implications follow all of this. Monetary authorities are unlikely to ease quickly if FX stability anchors disinflation. Fiscal managers will keep an eye on ratings and risk premia, limiting the space for discretionary spending. Companies will need to invest selectively, automate where returns are demonstrable, and protect productivity in a tighter labor pool. Households will continue to navigate a period in which prices and real incomes realign. ING believes the transition is proceeding, but only at a measured pace.

Hungary Determined to Expand Battery Sector Operations

Despite recent setbacks globally, government and industry players pledged to further develop the country’s existing battery industry at the Hungarian Battery Days conference on Nov. 6 in the Budapest Marriott Hotel

In less than a decade, Hungary has become a front-runner in the battery industry, and in battery manufacturing specifically, and is already a strategic hub in Europe for the major players in the industry, Rita Szép-Tüske, deputy CEO of the Hungarian Investment Promotion Agency, declared in her keynote speech.

“Five of the world’s largest 10 battery manufacturers have chosen Hungary as their European production base; Samsung SDI, SK On, CATL, Eve Power, and Sunwoda are investing here, and these are only the cell manufacturers.

[...] More than 60 projects by over 40 companies have reached a positive investment decision, representing EUR 26.5 billion of foreign direct investment,” she said, adding that these projects, when finalized, are expected to create more than 35,000 new jobs.

“So, today, in the market, there are 20 million cars equipped with CATL batteries. Our market share globally is roughly 38%, and more than 200 OEMs are our customers. Also, internal numbers for R&D. So, we [have invested] more than USD 10 billion since 2019, I think. We have more than 21,000 engineers working on development. We have globally more than 50,000 patents and patent applications. So, this is why we can bring the new technologies to this industry.”

MATT (FENG) SHEN, managing director, CATL Germany and Hungary.

By consistently following a path of what Szép-Tüske termed “economic neutrality and an investor-friendly approach,” Hungary has been able to attract both Western automakers in the middle of the transition to e-mobility, plus “the crème de la crème of the Asian battery manufacturers,” she said.

“With that, we have been able to create one of the most integrated supply chains in Europe, and a close look at the actual numbers and projections brings us to the conclusion that, by 2030, a substantial part of Europe’s battery-cell manufacturing will happen in Hungary, alongside, obviously, Germany and Poland. Globally, our contribution will amount to around 7% of the total capacity,” she predicted.

As Deputy State Secretary Ádám Nagy of the Ministry for National Economy said in his presentation, “This is unique in Europe, I think [...]. What we have built during the past five to six years is a completely new battery ecosystem, of course, strongly connected to the automotive sector.”

Naturally, this rapid expansion in Hungary is in response to global and, especially, European developments in the EV markets, as Péter Kaderják, executive director of the Hungarian Battery Association (Huba), outlined in his welcoming remarks.

Key Threshold

“Last year, global electric car sales rose by 25% to 17 million, and annual battery demand surpassed 1 TW h, a historic milestone. At the same time, the average price of battery packs for battery electric cars dropped below USD 100 per kWh, commonly said to be a key threshold for competing on cost with conventional models,” he said.

Moreover, global demand for batteries has continued into 2025 “due to a massive increase in demand for EVs and energy storage activities [...].

In the first half of the year, European EV sales grew by 25%,” Kaderják noted.

Yet despite the increased EV sales, the battery industry has been going through lean times of late, with many European producers delaying or even cancelling projects altogether, as the Huba chief admitted, saying that in 2024-25, Europe had lost more than 1.1 GW h of planned battery-cell production projects.

He highlighted, among other issues, regulatory fee complexity and delays in implementing battery regulations, at both the EU and member-state levels, along with high energy costs and limited government subsidies compared to competitor nations, all of which are hampering developments within the EU.

To back up his concerns, he cited “A Battery Deal for Europe,” a recently published paper by the Batteries European Partnership Association and Recharge.

“Without urgent and coordinated action, Europe risks falling into strategic dependency at the very moment batteries are becoming mission-critical infrastructure. These technologies are no longer confined to electric vehicles; they now underpin energy grids, construction equipment, maritime transport and defense systems. [...] Losing ground in battery production would not only compromise Europe’s industrial base but also economic and geopolitical security,” the report says.

In essence, the paper calls for urgent action to hammer out a European strategy to coordinate the many disparate activities across EU member states and create an effective, competitive European battery sector.

Development Headwinds

In view of these concerns, Hungarian industrial planners may be congratulating themselves on what they have achieved, but Hungary has also been encountering development headwinds of late.

“The EU requirement mandates that, by 2027, at least 63% of end-of-life batteries must be collected. This ensures that recycling meets both environmental and industrial policy goals. This is economically and strategically valuable. Up to 50% of collected battery waste can be converted into black mass, a key intermediary which holds significant market value. Recycling reduces waste, supports raw material independence and makes economic sense for the entire value chain. From the sovereign-economic perspective, recycling helps create a sustainable supply of critical materials. By 2030, as much as 10-20% of cathode active material could come from recycling resources.”

ANITA SIMON, deputy chief executive of Hungarian specialist energy company Alteo.

According to Kaderják, “pressing problems” in the sector include a scarcity of both R&D and battery testing facilities, and minimal battery recycling capabilities. On top of these issues, environmental concerns have arisen in Hungary, which he said, “Essentially means a temporary deadlock for new»battery sector investments.”

“There is a shifting geopolitical climate as well that is currently questioning the electrification trend. Electrification is really here to stay, [...] and either we can be a part of it, or we can choose not to be a part of it. [The question is] who will make our batteries in the end if we are not part of the game?”

ILKA VON DALWIGK, director general of Recharge, the advanced rechargeable and lithium batteries association in Europe.

Yet, regardless of difficulties, Hungary is moving ahead to build on existing foundations in the sector.

As Szép-Tüske put it: “Looking ahead, Hipa’s vision for 2030 is quite clear; we aim to move up the value chain and position Hungary not only as a manufacturing hub, but also as a center of innovation and services. Therefore, we need to attract more projects with higher added value, including R&D.”

Some progress in this respect has already been achieved: Samsung SDI, in cooperation with Óbuda University and the Budapest University of Technology and Economics, has invested EUR 56 million into a research and development center at their base in Göd, one of the Korean company’s five R&D centers, Szép-Tüske said.

And as Nagy stressed several times in his presentation: “There is a very high level of expectation and also anticipation towards this sector [...]. We have to follow this pathway that we have started. There is no stepping back.”

Hungarian Researchers’ Cancer Drug Shows Remarkable Lab Results

In what could be a significant scientific breakthrough, Hungarian researchers have developed an experimental anticancer drug that has demonstrated exceptional effectiveness in preclinical animal trials. The jointly developed compound by the HUN-REN Research Center for Natural Sciences (HUN-REN RCNS) and Eötvös Loránd University (ELTE) inhibited the growth of skin and lung cancers and achieved complete tumor regression in breast cancer.

With a single treatment, LiPyDau eradicated tumors derived from

4T1

The findings, which were recently published in the international journal Molecular Cancer, could signal the start of a new chapter in cancer therapy. According to a statement by the center, the team’s research focused on transforming a highly toxic anticancer compound, pyrrolino-daunorubicin, into a safer and more effective treatment option. By encapsulating the molecule in what is called a liposomal nanoformulation, the team created LiPyDau (liposomal pyrrolino-daunorubicin), a version that retained its strong anticancer properties while reducing its harmful effects on healthy tissues. The results exceeded expectations.

In animal models, LiPyDau successfully inhibited tumor growth in six distinct cancer types, including melanoma and lung cancer. Even more striking, it caused full tumor regression in a hereditary breast cancer model. The compound also proved effective against drug-resistant tumors that had shown little to no response to existing clinical agents.

mouse mammary tumor cells (one of the most treatment-resistant murine breast cancer models) within one week. Luminescent imaging confirmed the tumors’ complete disappearance, as shown in false-color visualizations taken during the experiment.

Dr. Kristóf Hegedüs, who synthesized the compound under the supervision of Dr. Gábor Mező at ELTE, said the molecule’s potential was clear early on. According to him, once they recognized how promising the molecule was, they began developing the techniques needed to produce it at the required quality and in sufficient quantities.

Highly Potent but Difficult

“This opened the way to animal studies,” added the HUN-REN RCNS researcher. Pyrrolino-daunorubicin is roughly a thousand times more cytotoxic to cancer cells than conventional agents, making it highly potent but difficult to administer safely. The researchers therefore needed a way to prevent it from harming healthy tissues.

“That was when the idea of a liposomal nanoformulation emerged. It would shield healthy cells from the active compound while enabling targeted accumulation in the tumor. That is how LiPyDau

Health Matters

A monthly look at health issues in Hungary and the region

Partners included the National Laboratory of Pharmaceutical Research and Development, the HUN-REN Center for Energy Research, Óbuda University, the University of Pécs, the National Institute of Oncology, the Medical University of Vienna, and the University of Veterinary Medicine Vienna.

The research also received support from Kineto Lab Ltd., one of Hungary’s leading oncology development companies. Together, they are already preparing the next steps toward human clinical trials of LiPyDau.

“The research was the result of exemplary national collaboration,” Szakács noted. “Our combined expertise allowed us to progress from molecule design to preclinical validation efficiently while maintaining scientific rigor at every stage.”

was born,” says Dr. Szilárd Tóth, who led the testing of LiPyDau in cell lines. According to Dr. András Füredi, one of the study’s lead authors, LiPyDau stands out even among the most advanced experimental treatments. According to him, this is not merely an effective formulation; based on their experience and the published literature, it ranks among the most potent anti-tumor compounds ever tested in mice.

“We have been developing cancer therapies for 15 years, but we have never observed such a marked effect. A single dose of LiPyDau cured the experimental animals,” the researcher emphasizes.

The success of the project was built on a decade of intensive collaboration. Within HUN-REN RCNS, multiple research units played key roles, including groups led by Dr. Gergely Szakács, Dr. Zoltán Varga, Dr. Pál Szabó, and Dr. Dávid Szüts. Dr. Csaba Magyar contributed the in silico molecular modeling, which helped refine the compound’s design. The teams have worked in close cooperation for nearly 10 years.

Scientific Collaboration

Szakács, who led the overall research at HUN-REN RCNS, emphasized the national and international collaboration that made the discovery possible.

“LiPyDau is by far the most effective anti-tumor compound we have tested in the company’s history. We must do everything we can to advance it to a stage where clinical trials are possible, or where it attracts the interest of a major pharmaceutical company to acquire it and develop it into an oncology product. LiPyDau stands a strong chance of becoming a Hungarian-developed cancer medicine.”

Despite the remarkable animal trial results, more research is needed before the compound can be tested in humans. The next phase will involve additional preclinical studies to ensure LiPyDau’s safety and to meet the regulatory requirements for human trials.

Regarding when patients might benefit from the treatment and whether such an experimental formulation could reach clinical use, Attila Kigyós, founder and CEO of Kineto Lab Ltd., expressed optimism about the project’s future.

“LiPyDau is by far the most effective anti-tumor compound we have tested in the company’s history. We must do everything we can to advance it to a stage where clinical trials are possible, or where it attracts the interest of a major pharmaceutical company to acquire it and develop it into an oncology product,” he explained. “LiPyDau stands a strong chance of becoming a Hungariandeveloped cancer medicine.”

NAV 2024: Fewer Audits, Bigger Results in a Data-driven Shift

Hungary’s tax authority is doubling down on targeted, analytics-led enforcement. The 2024 yearbook of the National Tax and Customs Administration (NAV) reports fewer inspections overall but markedly higher yields, as the Online Számla system provides near-real-time visibility into invoicing. Despite the whitening effect of live reporting, roughly 90% of findings still involve VAT. Big Four consultancy Deloitte warns of even tighter scrutiny ahead for transfer pricing, e-commerce and newly formed companies in 2025–26.

NAV’s live invoice feed means anomalies surface as they happen rather than months later at reconciliation. Two patterns reliably trigger attention: returns that fail to reconcile with electronic data and turnover that surges at an extreme pace. The transition from the KATA simplified tax regime also continued to cause friction in 2024; NAV ran more than 300 targeted checks among affected taxpayers and uncovered HUF 161 million in unpaid tax, Deloitte says in its commentary. Roughly three-quarters of the largest entities examined showed irregularities; while audit volumes were broadly unchanged from

2023, identified underpaid tax rose by about one and a half times, evidence that selection models are sharpening, Deloitte says.

The pattern is consistent: fewer blanket interventions, yet more issues uncovered per case. Court outcomes and payment behavior point to a tougher operating climate even as the authority encourages voluntary correction.

Multinationals faced stepped-up testing of arm’s-length outcomes within groups. With a similar audit count to the prior year, identified underpaid tax in transfer pricing cases climbed from HUF 3.3 billion to HUF 8 bln.

Manufacturing also drew attention: among loss-making or low-margin firms, five audits revealed discrepancies totaling HUF 1.1 bln. A clear shift

is visible at large enterprises: beyond VAT, intragroup pricing and profit allocation are increasingly central to risk.

Ever Closer Scrutiny

“Transfer pricing is one of the most complex areas, and NAV now applies expressly data-driven methods,” cautions Ákos Balázsi, managing associate at Deloitte Legal. “In our experience, the authority increasingly drills into profit allocation within groups and the relationship to market prices, so beyond documentation, companies need to put greater emphasis on the actual economic substance.”

NAV launched a project last year to map the client lists of accountants and tax advisers, identifying clusters of taxpayers using the same service providers, although the yearbook does not yet disclose results, Deloitte notes.

The authority also seized cryptocurrency in four criminal cases totaling USD 224,000 (about HUF 80 million), a milestone in accessing digital assets.

“Crypto transactions are no longer invisible to the authorities,” says senior managing associate Dávid Ramocsa. “With the expansion of automatic international information exchange, NAV could gain a global view of digital transactions within a few years, opening a new era in tax audits.”

Overall, of roughly 146,000 completed actions, more than 90% were compliance reviews designed to gather information and prompt self-remedy, often laying groundwork for later full-scope audits if issues persist. In court, NAV says it won 82% of first-instance cases and 77% before the Curia.

Looking ahead, the “risk radar” for 2025-26 points to multinationals with transfer pricing exposure, entities claiming significant tax incentives, regular importers, and e-commerce operators, Deloitte reckons.

Building a Culture Where Digitalization Comes Naturally

Yettel Hungary’s chief commercial officer, Nemanja Žilović, explains how the company is reshaping its culture to embrace AI responsibly, empower teachers, and give small businesses the flexibility to thrive in a rapidly changing digital landscape.

BBJ: Digital transformation is often described as being as much a mindset shift as a technological one. How does Yettel foster this to make digitalization a natural part of everyday life?

Nemanja Žilović: Digital transformation is, in my opinion, harnessing the power of new technology for the betterment of human life. To get the maximum from technological advancement, we need to profoundly reshape our approach to problem-solving and adjust our mindsets and workplace culture. We ask ourselves every day, “How can we make things better for our customers and for ourselves?” This often means challenging already successful approaches. We need to let go of the old to make room for the new, because new technologies constantly reshape customer expectations.

BBJ: Yettel recently established an Artificial Intelligence and Data Analytics Directorate. How does this unit fit into the company’s long-term strategy, and what vision guides its development?

NŽ: It is central to our long-term vision. Guided by innovation and customercentricity, this unit develops machine learning models and AI agents. It integrates externally developed solutions with one goal: using everything we know about the customer to improve their experience. Providing the right offer to the customer at the right time and via the communication channels they prefer, network optimization to maximize coverage and data speeds, and predictive maintenance are just some of the examples this team is working on.

BBJ: As AI becomes increasingly integrated into mobile applications, how does Yettel approach the responsible use of AI, especially when it comes to protecting the user?

NŽ: As AI becomes more present in everyday life, we’re aware that many people

still approach it with caution. That’s why we are careful to introduce AI-supported solutions in public systems only when they meet the appropriate safety and reliability standards. Losing user trust is not an option. This does not mean we shy away from experimentation, but experiments are conducted in a secure environment. We are dedicated to transparency, robust data protection, secure identity verification, and full regulatory compliance, ensuring that innovation always goes hand in hand with responsibility.

BBJ: Through initiatives such as the ProSuli program, Yettel has been active in developing digital competencies in education. How do you see the company’s role in shaping AI awareness and promoting digital literacy?

NŽ: Through the program, Yettel plays a key role in digital literacy and advancing

AI knowledge across Hungary’s education system. So far, nearly 1,000 teachers have participated in our AI-focused digital education training series. In recent weeks, more than 200 teachers have joined our latest AI training sessions. Meanwhile, Yettel is also supporting schools via a grant scheme: schools can apply for free robotics kits as part of the ProSuli robotics competition, further strengthening our mission to foster a culture of innovation and responsible digital engagement.

BBJ: Your new tariff packages and digital app were designed to support SMEs in their digital journey. What feedback have you received so far from business customers, and how do these solutions help them become more competitive?

NŽ: Our new tariff packages and digital app are designed to answer the real problems of small businesses in Hungary. SMEs often face uncertainty; with our latest tariffs and with the app, we are offering unprecedented flexibility. We ask for no long-term commitments, and we give them complete control via the app to scale up or down. If you need to scale up your business, you can get new SIMs in the app. If the season is slower than expected, you are welcome to scale down. We are doing our best to be a real partner to businesses.

Partnership and Innovation are key to Success, 1st German Chamber-Debrecen Forum Told

The first GermanHungarian Business Forum, held on Wednesday, Nov. 5, in Debrecen, and organized by the German-Hungarian Chamber of Industry and Commerce (DUIHK) together with the City of Debrecen, brought together nearly 300 top managers and decision-makers from the two countries. The forum’s core message was clear: in a changing global economy, competitiveness and resilience depend on innovation, partnership, and leadership.

“Our goal is to continue nurturing this ecosystem so that it develops as dynamically in the next 10 years as it did in the last,” the president said.

Symbolic Forum

In her opening address, DUIHK managing director Barbara Zollmann said the forum’s timing and location were symbolic. With BMW’s new plant and a fast-growing e-mobility cluster, Debrecen is now at the forefront of Hungary’s industrial transformation.

Under the slogan “Economy in Transition: Shaping the Future Together,” the day-long conference was the largest German-Hungarian business event held outside Budapest. It featured high-level keynotes, expert sessions, and lively panel discussions spanning topics from the macroeconomic outlook to sustainable growth, cluster development, supporting SMEs and strengthening cooperation between local suppliers and multinationals.

For DUIHK president Róbert Keszte, the forum’s scale and ambition perfectly reflected the chamber’s mission.

“This event embodies what our chamber stands for: networking, the exchange of knowledge, and practical support for companies,” he said. “Sustainable success today depends on more than competitive products and services. It also requires an ecosystem built on collaboration between companies, local governments, and academia, supported by targeted state incentives,” he added.

Keszte emphasized that Debrecen offers a model of such an environment; a city that, in just a decade, has evolved into one of Hungary’s most dynamic economic hubs.

“In a volatile world, we all have the power to shape the future through entrepreneurial courage, innovation, and, above all, the strength of partnerships,” she said.

“This forum marks the start of a new level of cooperation between German and Hungarian companies.”

Mayor of Debrecen László Papp underscored the significance of German investment in shaping the city’s rise.

Over the past decade, 13 German companies have invested or expanded in Debrecen, creating more than 8,000 jobs

and injecting more than EUR 3.5 billion into the local economy, according to the mayor.

“Debrecen has become Hungary’s most dynamic city after Budapest,” Papp said, crediting a “stable, partnership-based economic policy” and close cooperation between industry and education. “German companies are not just investors; they are partners and shapers of our shared future,” he added.

The German Ambassador to Hungary Julia Gross congratulated the city and the DUIHK on organizing

“a

She noted that Debrecen’s rise reflects how essential all of Hungary, and not just the capital, has become for the German economy.

Elephants in the Room

A highlight of the day was the so-called “Elephant Panel,” featuring the heads of the three major German automakers with production sites in Hungary: Audi (based in Győr), Mercedes-Benz (in Kecskemét), and BMW (in Debrecen).

The discussion, moderated with a dose of humor and candor, delved into global market shifts, electrification, and the role of Hungarian plants in each company’s international strategy.

Audi Hungaria CEO Michael Breme praised the chamber and Debrecen for creating “an exceptional platform for open dialogue” and called on the industry to respond to challenges “with hard work, agility, and innovation.”

BMW’s Hans-Peter Kemser stressed that “innovation is the key to success,” highlighting his firm’s strong cooperation with the University of Debrecen as a model for integrating local talent.

Mercedes-Benz’s Zoltán Guth explained that the company’s success in Kecskemét was built on “Hungarian passion combined with German precision. This blend of energy and discipline is what allows us to innovate and remain competitive, not only within the Mercedes family, but in the global market as well.”

Beyond the automotive giants, the forum also showcased the broader German-Hungarian cooperation ecosystem, from large industrial suppliers such as Schaeffler and Siemens Energy to innovative SMEs and

startups. Experts from Bayern Innovativ, the state of Bavaria’s innovation agency, the Hungarian Investment Promotion Agency, and Debrecen’s Economic Development Corporation (EDC) presented best practices on cluster formation and funding tools that foster innovation and competitiveness

“In a volatile world, we all have the power to shape the future through entrepreneurial courage, innovation, and, above all, the strength of partnerships. This forum marks the start of a new level of cooperation between German and Hungarian companies.”

As the conference drew to a close, one message resonated across the hall: the partnership between Germany and Hungary, between German and Hungarian companies, is not only exceptionally strong and significant in terms of numbers, but also enduring and evolving. According to the DUIHK’s Keszte, the gathering underscored the key to success in today’s economic world: the spirit of partnerships, innovation, flexibility and agility.

“This first business forum in Debrecen will not be the last; it is a milestone on the way to a stronger, smarter, and more connected German-Hungarian business community,” he insisted.

3 Special Report

Business Services Sector

Half of GBS Centers Plan to Expand Their Footprint: Deloitte

Big Four consultancy

Deloitte’s latest global business services survey has highlighted five powerful trends toward more agile, digital, and cost-efficient GBS organizations.

The 2025 Global Business Services Survey (formerly known as the Global Shared Services and Outsourcing Survey) is the 14th edition of the annual publication. Conducted during Q3-Q4 2024, the survey offers insights from leaders in more than 30 countries and data collected from more than 2,000 respondents.

The survey finds that more than half of global business services organizations are planning to expand their footprint, driven by new functions and market demands. It also highlights the human and digital priorities that are shaping the next phase of GBS development. From talent challenges to generative AI, organizations are redefining how they create value by expanding their scope, reshaping delivery models, and exploring new locations.

Skill gaps and high attrition remain top challenges globally, underscoring the importance of upskilling talent, equipping teams with the latest tools, and building a resilient culture. At the same time, GBS organizations are transforming the way they engage with their stakeholders, improving the customer experience through transparency, feedback, and innovative solutions.

Looking ahead, investment in generative AI and automation is expected to become a significant driver of growth, accelerating the evolution of GBS into a more strategic, digital-first model.

“In today’s dynamic business environment, leading companies are evolving their service delivery models with global and multifunctional approaches. These organizations are strategically prioritizing AI/Generative AI and digital initiatives for process efficiency, cost reduction, and enhanced GBS customer experiences,” the report’s authors say.

“Global capability centers are taking an increasingly prominent role with organizations, leveraging global talents to advance their GBS capability portfolio. As such, GBS organizations are continuing to expand beyond traditional functional scopes and accelerate digital capabilities.”

The five key takeaways are: Prioritizing nextgen capabilities and customer experiences; leveraging unified leadership to deliver differentiated savings; the need for GenAI investment in data and security to scale value creation; the rising popularity of Mexico and Portugal as preferred GBS locations; and the continued high demand for skilled talent.

Next-gen Capabilities, Customer Experiences

Over the next three years, organizations will increasingly focus on developing next-gen capabilities and accelerating digital initiatives, Deloitte says. Among those prioritizing capability development, approximately 50% have GBS centers in India, where significant digital and data capabilities are deployed. Enhancing customer experience is becoming a top priority for GBS organizations to drive customer loyalty and differentiate themselves in a competitive market.

Hungary’s Business Services Story

In looking at the Hungarian picture, Deloitte partnered with the Association of Business Service Leaders in Hungary to produce the State of Business Services Hungary 2025 report, building on the 2025 Global Business Services Survey.

According to the authors, doing so means they can “position the Hungarian BSC sector within a broader international framework, identifying where local developments align with or diverge from global patterns. This comparative dimension is essential for understanding Hungary’s role and competitiveness in the rapidly evolving BSC landscape.”

Over the past two decades, Hungary has established itself as one of the leading destinations for BSCs in Central Europe. Multinational companies were initially drawn by the country’s multilingual talent base, central geographic position, and relatively low operating costs. These advantages enabled the creation of large

Unified Leadership Delivers

Global GBS leaders are setting strategic directions, while functional and regional leaders are focusing on operational excellence and enhancing the customer experience. Approximately 55% of organizations with a global GBS leader role have achieved average savings of more than 20%, highlighting the value of decisive leadership, governance, and effective decision-making, Deloitte finds.

GenAI Investment in Data and Security

Global business services organizations are prioritizing investments in process improvement and technology (such as GenAI, automation, and analytics dashboards) to achieve key objectives. These include process standardization

multifunctional service hubs that continue to play a vital role in regional and global service delivery. Today, however, the sector finds itself at a crossroads, according to ABSL and Deloitte. Rising wage pressures, persistent talent shortages, regulatory challenges, and the accelerating pace of technological change are reshaping operating models. BSC leaders are under increasing pressure to deliver higher value while maintaining efficiency and competitiveness. In this environment, Hungary’s future success will depend not only on sustaining its traditional advantages but also on adapting rapidly to new demands in digitalization and automation, the survey finds.

Strategically Significant

“The Hungarian business services sector has evolved into one of Europe’s most mature and strategically significant service delivery landscapes. The sector now counts over 215 centers and 110,800 employees, contributing approximately 3% of GDP. Threequarters of these centers are captive operations of multinational firms, while a quarter are outsourced

and efficiency, cost reduction, and improved end-to-end ownership.

Approximately 58% of respondents have already begun (or are planning to begin) their GenAI journey, Deloitte stresses. Finance and information technology are the lead functions where use cases such as chatbot/AI tools, invoice management, and analytics have been implemented.

Mexico and Portugal Preferred Locations

India, the United States, and Poland are the top three GBS locations and have consistently remained at the summit over the years. India continues to be the preferred location across all major functions. However, Portugal has emerged as a location for global business services delivery and entered the top 10 preferred countries in the latest survey. Mexico has risen to become one of the top three preferred locations due to its technology and talent availability, scalability, and competitive costs.

Demand for Skilled Talent Remains High

Some 50% of global business services organizations plan to expand their footprint, driven by new functions and market needs, Deloitte says. GBS organizations continue to face talent challenges, including skill gaps, high turnover, and increased labor costs. Some initiatives led by GBS organizations to attract and retain talent include developing a strong culture, adjusting compensation to market benchmarks, and increasing well-being opportunities, such as hybrid work models.

service providers, reflecting Hungary’s strong role in corporate in-house delivery networks,” according to the executive summary of the report.

The report also lays bare the structural challenges Hungary’s business services sector faces. “Talent shortages, mobility limits, and policy gaps are constraining competitiveness, while digital transformation demands and economic volatility are testing the sector’s adaptability,” it suggests.

Alongside unstable taxation and shifting trade policies, it points to “a highly unpredictable and restrictive immigration framework for non-EU white-collar professionals” that, collectively, is eroding predictability.

“With its strong talent base and digital ambitions, Hungary is poised for growth if it invests in transformation, partnerships, and policy alignment to become a leading European BSC hub,” the report concludes. That will, however, require state support in the form of transparency in immigration processes, education reform, stronger branding, and public–private collaboration, which are “critical to unlocking Hungary’s full business services potential.”

Hungary’s Business Services Sector Undergoes Transformation Amid Slower Growth

The pace of expansion at Hungary’s business services centers is a little slower than usual, but, with proper planning and deft use of AI, they have the potential to double its contribution to GDP, according to the head of the association that represents the sector.

The post-COVID aftermath brought about a significant jump in the local BSC sector, both in terms of employment and the number of centers. However, given that the Hungarian economy has been struggling for growth for three years now, that previously crisis-proof segment didn’t remain unscathed. As confirmed by István Lenk, president of the Association of Business Service Leaders in Hungary, the BSS here is experiencing a significant transformation, even if its growth rate has slowed in recent years.

“There has been a shift in the market, and according to the latest numbers, we are looking at around 120,000 employees and roughly 230 centers,” he tells the Budapest Business Journal , emphasizing that transformation, rather than pure volume growth, is now shaping the sector. As he explains, companies are moving toward higher-value roles.

“This has always been the vision, but now it is actually happening. Simply put, because it has to,” he says. This transformation involves developing employee skills, competencies, and knowledge to support future-ready roles. Businesses are investing in higher-value positions to create a stronger foundation for long-term growth. At the same time, the hub feature is gaining significance, serving as “orchestrators” within corporate structures.

“The GBS [Global Business Services] hub itself will sit at the center, with various functions connected to it. These hubs retain high-value roles, meaning many functions exist only there and nowhere else in the business,” Lenk notes. These include finance, HR, technology engineering, cybersecurity, and digital marketing, functions that can be centralized while maintaining cohesion in a large GBS ecosystem.

The sector’s evolution marks a shift from traditional, costfocused BSC models, once known as shared services centers, where labor arbitrage dominated, to ecosystems integrating technology and human expertise.

“These two elements, technology and knowledge, create a domain that is a mixture of expert-level knowledge and resilience,” says Lenk.

Evolutionary Change

Service centers are moving from transactional processes to end-toend operations. Transactional tasks are either automated, reorganized, or outsourced, while repetitive work may be automated through software solutions, outsourced via business process outsourcing models, or relocated to regions such as Asia.

“In certain respects, India is no longer cheaper than Hungary. At the leadership and expert levels, in fact, it can even be more expensive,” the ABSL Hungary President adds.

The labor market shows a dual trend: a relatively large talent pool exists, but there are shortages in certain specialized positions. This means that continuous reskilling is essential for employees to fill emerging roles created by transformation.

Asked whether the phenomenon of “quiet cutting” (where people are placed in roles for which they are overqualified to encourage them to quit), Lenk notes that roles are being transformed no matter what; if someone is open to learn, they won’t run the risk of being put into awkward positions against their will.

BSC employees are, in any case, used to change management. This is critical because, in Hungary, staff turnover is very high, which is partly why companies are forced into salary bidding wars despite sluggish growth and stagnant revenues.

Another key issue is how Hungary fares compared to its regional counterparts. Overall, Hungary’s business services wages are among the lowest in the EU. Generating some 3-4%

of the country’s GDP, the BSC sector has massive potential. And with a well-crafted strategy, that figure could crawl up to the two-digit realm, Lenk believes.

“After Poland, Hungary is the second strongest in this competition,” Lenk states. Yet new competitors are emerging, including Spain, Portugal,

and especially Egypt. The latter is “developing rapidly and investing heavily in government-led initiatives. Egypt’s advantage is delivering services more cheaply, with robust language skills and European time zones.”

Showcasing the Sector

What is important is to showcase what the Hungarian BSC sector has to offer, the expert notes. This could be achieved, for instance, through cooperation with the Hungarian Investment Promotion Agency and the Central Statistical Office (KSH) to make accurate reports available for the public and potential investors. The emergence of Generation Z introduces new dynamics as well.

“Generation Z has different expectations: they demand output and flexible work arrangements. Employers must take this into account,” says Lenk. Young professionals communicate quickly, prioritize career growth over loyalty, rapidly adopt new technologies, and are unafraid of AI. As Lenk puts it, they “cannot imagine life without finding digital solutions for everything,” including AI-powered tools.

Furthermore, young employees just can’t imagine their jobs would be endangered by digitization in any way. Moreover, the BSC sector is their natural habitat, as the segment offers a terrain for synergies between capability and willingness.

“These two elements, technology and knowledge, create a domain that is a mixture of expert-level knowledge and resilience.”

“Business services lead in technology and digitalization because they can quickly adopt new practices related to resilience and change management,” according to Lenk.

The role of GBCs is also changing, though. Digital hubs are sure to customize solutions from major tech providers, including ChatGPT and other AI technologies.

“The noise is big,” admits Lenk; therefore, it is hard to identify what best suits any given process.

Training, therefore, should provide clarity on what to use for which purpose. In many cases, AI’s worth has already been proven. Take AI-related IT roles, speeding up the review of legal opinions or automating accounting tasks. The key is to free up time by taking over repetitive tasks, provided decision points remain where the “human in the loop factor” is still the determinant.

“Certain elements can be sped up, but process management itself must stay within the responsibility of humans,” Lenk concludes.

in Brief News

Support

Services Group Europe

to

Invest HUF 940 mln in Szekszárd

Mind the 5%: Getting Ahead of Gender Pay Gap Rules in Hungary

Andreas Köhler Partner, Co-Head of CEE German Practice

György Bálint Senior Counsel, Employment

Minister of Foreign Affairs and Trade Péter Szijjártó, at the announcement of Support Services Group Europe Zrt. ’s investment at the Ministry of Foreign Affairs and Trade in September. The American group of companies is establishing a new service center in Szekszárd to serve the entire Central and Eastern European region.

The U.S.-owned Support Services Group Europe, which offers business process outsourcing and contact center services, will invest around HUF 940 million in Szekszárd (150 km south of Budapest by road).

Minister of Foreign Affairs and Trade Péter Szijjártó has confirmed the state is supporting the investment, which will create 75 jobs, with HUF 282 mln.

He added that U.S. companies formed the third-biggest group of foreign investors in Hungary and employed over 100,000 people. Over the past 11 years, he said, the government had supported 145 investments by U.S.-owned companies that created 20,000 jobs. American investments in Hungary can mitigate the adverse effects of the “tragically bad” tariffs agreement reached between the European Union and the U.S., Szijjártó added, according to state news agency MTI.

More than 200 shared service centers operate in Hungary, employing over 110,000 people, MTI says. With over 25 years of experience on the Hungarian market, SSG Europe has become a leading provider of contact center and customer experience management services. Each year, it handles more than four million customer interactions, offering tailored solutions to clients to support their daily operations and achieve their business goals, and delivering premium contact center solutions and workforce outsourcing services from three strategic locations. In addition to Szekszárd, in a renowned Hungarian wine region, these are in Budapest and Balatonboglár (144 km southwest of Budapest by road), about halfway down the “southern” shore of Lake Balaton, Central Europe’s largest lake, offering what the company calls a “serene yet efficient work environment.”

Sanofi Expands Global Services Center in Budapest

French pharmaceutical company Sanofi has inaugurated an expansion of its global services center in Budapest. The investment will add 500 jobs by year-end, bringing the headcount

to 2,200, Minister of Foreign Affairs and Trade Péter Szijjártó said. He added that the size of the center, which deals with finance, customer service, HR management, clinical trials, process automation and data analysis, had doubled.

The minister noted that the government had supported 116 shared services center investments with HUF 20 billion in the past 10 years. Those projects have created more than 22,000 jobs, he added.

Sanofi is a global biopharmaceutical company focused on human health. It engages in the research and development, manufacturing and marketing of pharmaceutical drugs principally in the prescription market, although the firm also develops overthe-counter medications. The company covers seven major therapeutic areas: cardiovascular, the central nervous system, diabetes, internal medicine, oncology, thrombosis, and vaccines (it is the world’s largest producer of the latter through its subsidiary Sanofi Pasteur).

It is widely known that by the summer of 2026, it will be mandatory to apply the principle of equal pay for men and women for equal work or work of equal value, as set out in the EU Pay Transparency Directive. Where does Hungary stand on the issue?

The directive will affect all employers and employees in the public and private sectors, and specific provisions will also apply to job applicants. Nevertheless, at the time of writing this article, the directive has not yet been transposed into Hungarian law, and no information is available on what draft legislation the committee responsible for transposing the directive, operating under the Ministry of National Economy, has developed to date.

In other words, very little is known in Hungary about the legislator’s plans beyond the minimum requirements set out in the directive. Even in professional forums, those responsible reveal little about the direction of the regulations.

It seems likely that the legislation will meet the minimum standards or only slightly exceed them. We discuss here some expected legislative trends and mention the practices many companies are already applying and the problems they are facing.

Firstly, it is essential to emphasize that employers must have wage structures in place that ensure equal pay for equal work or work of equal value. The concept of “wage structure” is not defined in the directive. It is unclear whether a clear definition can be expected from the Hungarian legislator in this regard, or whether statistical methodological guidelines will be applicable.

The basic function of pay structures will be to enable an assessment of whether employees are in a comparable position in terms of the value of their work, based on i) skills, ii) effort, iii) responsibility and working conditions, and iv) any other factors relevant to the position in question.

The directive may also impact employers’ recruitment processes. Job applicants must be given the right to receive information about the initial remuneration or remuneration range for the position in question and, where applicable, the relevant provisions of the collective agreement.

Although this is already partially implemented in everyday life, it has been rare for job applicants to be familiar

with the rules of collective bargaining agreements before they are hired. Further, it will certainly no longer be possible to ask applicants about their current remuneration.

Employers will have to make the criteria used to determine employee remuneration, wage levels, and wage increases easily accessible to their employees. According to the directive, remuneration includes the regular basic or minimum wage or salary, and any other benefits the employee receives from their employer, directly or indirectly (as a supplementary or variable component), in cash or in kind, in respect of their employment. The wage level is the gross annual remuneration and the corresponding gross hourly wage (the latter indicator is particularly relevant when there is no data available for the entire year for an employee).

Because the concept of a “wage” is not defined in the directive, it is expected that it will be in the local legislation. It is currently unclear whether the Hungarian legislator will define guidelines that will enable employers to easily and uniformly express the value of certain in-kind benefits in monetary terms; at this stage, this appears to be a significant problem for companies preparing for the directive. Employees shall not be prevented from disclosing their remuneration, and it will be prohibited to apply contractual terms that restrict employees from disclosing information about their remuneration. Thus, we believe that to avoid the application of these rules, it may become practice to terminate the employment of senior managers and employ them under civil law contracts, or even to “relocate” their employment to another company within the same company group.

Employers will be required to publish a so-called wage report. This must provide information, in particular, on the gender pay gap across several criteria. Thus, a solid understanding of the definitions in the directive will be key. Also, it is already advisable that employers begin reviewing their wages and use various techniques to equalize them as soon as possible, so that no differences exceed 5% before the Hungarian rules based on the directive come into force.

Opening a business doesn’t make you a businessman.

More Complex BSC Office Requirements

As the role of business services centers develops, their office needs are becoming more sophisticated with ever more complex staff and ESG requirements, reflecting the current trend in high-end office markets.

“Achieving a balance between CEO expectations for office-based work and talent preferences for remote work will be crucial in receiving top talent and optimizing operational effectiveness,” comments KPMG. The Big Four consultancy sees the development of the BSC sector as “a journey from back-office to innovation hub.”

The establishment of speculative office markets in Central Europe emerged on the back of demand for shared service centers that have morphed into BSCs, reflecting a more complex and diversified role for the business concept.

In Poland, the most significant office market in the region, 55 new BSCs were established in 2024. The sector employs over 480,000 people across 2,000 centers, according to the Polish Investment and Trade Agency.

In Hungary, there are currently 215 companies with BSCs in the country with 110,000-plus employees, according to the Hungarian Investment Promotion Agency. These companies are also increasingly establishing offices in emerging provincial tier-two cities with strong university backgrounds, such as Székesfehérvár, Miskolc, Debrecen, Pécs, and Szeged.

Outside of the capital, the U.S.based Support Services Group (SSG) has extended its presence in Hungary with a new EUR 2.5 million operation in Szekszárd, some 156 km south of Budapest by road, with support from Hipa.

“Hipa has never negotiated as many research and development projects or business service center-

related developments as in 2025,” comments István Joó, the agency’s CEO and also the Government Commissioner for Investment Promotion and Implementation of Large FDI Projects.

BYD, the leading Chinese EV manufacturer, has purchased the 32,000 sqm IP West office complex in District XI for use as its headquarters. The complex will serve as the European business and R&D headquarters of the company, which is building its first European car factory in Szeged (175 km southeast of the capital), although it has just announced a delay in that project.

“The company will employ over 2,000 people at its new headquarters that will serve as the central hub for BYD’s European operations, driving innovation, covering R&D and high value-added services,” commented Kata Mazsaroff, managing director of Colliers Hungary, who worked for BYD on the transaction.

Extensive Renovations

The earlier generation IP West was delivered in two phases between 2009 and 2011 by AIG/ Lincoln. Following extensive renovations by CA/Immo, the building became the first existing building in Budapest to achieve WELL “Gold” certification.

The 11,000 sqm Diageo headquarters at Green Court Offices in the Váci út Corridor, developed by Codic and certified at BREEAM “Excellent” level, has a global and regional role for finance, HR, procurement, and IT. The 1,400-person staff enjoy use of an on-site gym, café and rooftop bar, among other amenities.

The Váci Corridor remains the most favored development destination in Budapest, attracting several BSCs. The area provides direct access to the

M3metro line.

In addition to office development, a number of residential projects have been delivered in the area, providing easy access to commercial centers.

From the tenant perspective, location is critical; the office should be easily accessible, and its design should be tailored to the needs of the people working there, providing the right conditions for efficient working.

“Today, it is also a natural expectation that you should not have to travel long distances to reach services such as restaurants, cafés and shopping facilities during a break or after work,” comments Valter Kalaus, managing partner of Newark VLK Hungary.

The current, limited speculative Budapest office pipeline is expected to result in a low supply of quality, welllocated, contiguous offices that meet ESG expectations and regulations and satisfy tenant demands, despite rising overall vacancy rates.

Total Budapest office stock stands at around 4.42 million sqm according to the Budapest Research Forum, which comprises CBRE, Colliers, Cushman & Wakefield, Eston International, iO Partners and Robertson Hungary. Around 3.6 million sqm of this was developed on a speculative basis. Budapest remains the secondlargest CEE office market after Warsaw.

‘Flight to Quality’

“I believe selective new developments will do well in prime, well-connected areas where transit options are strong. There is definitely a clear flight to quality happening: businesses want efficient

workplaces that deliver transparent ESG performance,” comments Aurelia Luca, executive vice president of operations for Hungary and Romania at Skanska.

“At the same time, redevelopment and deep retrofits are gaining traction as owners look to improve energy performance and user experience to keep their assets valuable for the long haul. For new projects, the winning approach is all about choosing great locations and designing adaptable spaces,” she says.

“This has to be backed by responsibly sourced materials and measurable results. We’re seeing positive momentum on the ground: our projects are moving forward with strong tenant interest, which really shows how the market is shifting towards quality, sustainable workplaces,” Luca notes.

Skanska and GTC are among the few developers to have undertaken recent substantial speculative office development projects.

“As financing costs stabilize and more occupiers consolidate into efficient, sustainable workplaces with lower operating costs and strong digital connectivity, we expect selective new starts in prime, transitserved submarkets,” Luca says.

“The shift we see is not about volume but about purpose. The next wave of office development will be driven by clear demand for spaces that combine efficiency, sustainability, and human experience, buildings that genuinely support productivity and well-being,” she adds.

Across the modern Budapest office market, the design, development, and property management of offices aligned with sustainability and ESG requirements are now a basic requirement. This could cause a major problem for some organizations as several office complexes in the market will be unable to meet ESG requirements.

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4 Socialite Encountering the Spiritual on Andrássy

“The Night of Enitharmon’s Joy” and Júlia Eszter Kuzma’s “Bestial Sanctum” may have been made centuries apart and look utterly different. But they share a spiritual impulse born out of living in thoroughly turbulent times. I encountered the Blake in the “The Marriage of Heaven and Hell: William Blake and his Contemporaries” at the Museum of Fine Arts in Heroes’ Square, and the Kuzma in the “Conversion. Radical Encounters” show at HAB Hungarian Art and Business, a few blocks away on Andrássy út.

DAVID HOLZER

Neglected in his lifetime, Blake (1957-1827) has come to embody the notion of the visionary artist. He responded to a changing world – from the enormous impact of the 1790s French Revolution to the white-hot pace of technological and industrial development and political and social unrest – by championing emotions and the irrational.

Works such as “Enitharmon’s Joy” are a prime example of how Blake reworked subjects from classical mythology and the occult to his own ends. In his universe, Enitharmon represents spiritual beauty and poetic inspiration as well as female domination and the way sexual restraints limit the artistic imagination.

With her long grey hair and hawklike nose, Enitharmon bears a striking resemblance to the performer and writer Patti Smith. I don’t believe this is a coincidence. Smith is a Blake devotee.

“Blake and his Contemporaries” presents an impeccably organized selection from the United Kingdom’s Tate collection, including important works such as those inspired by the scientist and occult seeker Isaac Newton. While it’s always fascinating to see work you have only ever encountered in reproduction in the flesh, as it were, there’s way too much to absorb in one visit. It wasn’t long before I got Blake fatigue and began to find the more abstract works on show by contemporaries like JMW Turner and Henry Fuseli far more appealing. It also started to feel like I was walking over a never-ending bed of nails. There’s nowhere to sit inside the exhibition space, and I began hungrily eyeing the security guards’ chairs.

Comic Book Influencer?

Limping away from “Blake and his Contemporaries” on throbbing feet, I realized that, while I admired the man and his ideas, I really didn’t resonate,

as they say, with his visual art. His writing, yes. It also dawned on me that Blake’s real influence is on comic book artists. The great Jack Kirby, who drew Superman among others, must have been an admirer.

Luckily, I had enough strength left to hobble the few blocks down Andrássy út to HAB Hungarian Art and Business, which I’d written about for this column but never actually visited. It was a pleasure.

The building on the “Classicist palace row” that houses HAB was built in the late 19th century as the summer residence of Ferenc József Landauer. It is now under the care of the MBH Bank. Somewhat grandly, HAB describes itself as “the origin of innovation in Hungarian fine arts” and “a social meeting place that can connect visitors with art and with each other.”

The décor is what you might call “Hungarian Minimalist,” expanses of white mixed with bright color. It features an impressive concrete spiral staircase awash in greens, blues and pinks that’s catnip for influencers. As well as offering a photogenic menu (perfect for Instagram) that you can actually eat, the restaurant’s chairs are supremely comfortable. Oh, and the exhibition spaces are not large, so you can really focus on the artworks without schlepping miles.

Unfortunately, “Conversion. Radical Encounters,” the exhibition my wife and I saw, ends in the next couple of days. Hurry down to HAB or you’ll miss it.

While I question how radical the artworks I encountered actually are, I agree with the exhibition’s fundamental premise that “being under threat invariably calls for a radical turn in our lives.” The work on show aims to encourage the viewer to consider conversion. They “predominantly invite the viewer to contribute to the work with an active agency.”

Interactive Installations

This is certainly true of Hungarian contemporary artist Eszter Júlia Kuzma’s marvelous textile work “Bestial Sanctum.” Kuzma’s art combines ancient symbols with the world of today. It’s primarily concerned with the relationship between nature, transcendence, femininity and materiality, explored through a variety of media and often linked to mysticism, myths, and various religious traditions and rituals, which she translates into interactive installations and objects.

“Bestial Sanctum” incorporates a bowl of fake blood atop a plinth in front of an altar depicting flames and protozoan shapes. Viewers are encouraged to dip their fingers in the blood and daub on the textile. Unfortunately, the blood had all been smeared by the time we got there.

Before we left HAB, we checked out the basement. Here, I had an unexpected encounter with an old friend.

I first saw Mark Wallinger’s Blakeinspired “Angel” video in 1997 at the game-changing “Sensation” exhibition of what was then called “Britart” made by Young British Artists (YBAs) at the Royal Academy in London.

“Angel” is a video installation of Wallinger as a blind man walking backwards at the foot of the down escalator at Angel Underground Station, reciting the opening of the New Testament Gospel of St. John: “In the beginning was the Word and the Word was with God and the Word was God.…”

Wallinger’s installation is a spiritual work that also questions the value of spirituality in art and life. If we really want art to make change, it needs to be aligned with direct action. William Blake knew this.

“The Marriage of Heaven and Hell: William Blake and His Contemporaries” is at the Museum of Fine Arts on Heroes’ Square until Jan. 11, 2026. HAB can be found at 112 Andrássy út.

OBITUARY: PÉTER PALLAI

Revolutionary Fighter, Builders’ Laborer, Teacher, Journalist, Jazz Ambassador

Péter Pallai, probably best known globally as a BBC Hungary correspondent, won affection in whatever role he took on. He died in his native Budapest on Oct. 28, aged 87.

It was the night of Nov. 27, 1956, and 18-year-old Hungarian student Pallai did as advised by a local farmer: “Go as close as you can to the border guards’ camp, as they won’t expect you there, and when the searchlight sweeps round, flatten yourself to the ground.”

Pallai related this story to the Hungarian International Press Association at a dinner almost 60 years later. “It took about two weeks to crawl across, it seemed to me. I’ve never been so frightened in my life, but we made it. Fortunately, in the spring, they had taken up the mines, and we got into Austria,” he added.

The Austrians were decent and did what they could, but were overwhelmed by the numbers fleeing the turmoil in Hungary. With 1,300 refugees put up in a camp designed in World War 2 for 400 people, the men voted to allocate what food there was to the elderly, women and children.

“We lived on black coffee for three or four days. Then I hitchhiked to Vienna. I was very upset, because I didn’t want to leave Hungary. I was really homesick for years,” he recalled. Ahead lay the democratic West and freedom. But Pallai was not merely seeking a better life; he was fleeing to save it. A month earlier, filled with revolutionary zeal, he had looted a rifle from an armoury at the beginning of the Hungarian uprising, and in its defence, he’d spent days battling the Hungarian State Security Police, the infamous ÁVH, from bulletpocked buildings in Buda and Pest.

But with the return of Soviet forces, the poorly organized revolutionaries faced inevitable defeat, and capture meant certain death. Pallai’s father, himself a disillusioned former communist, told him: “Leave!” But now, just days later in Vienna, where to?

Passage and a Permit Pallai toyed with France (“They have beautiful women, wine and weather, but no jobs”), Scandinavia (“But it’s horribly cold”), and England. At the

Péter Pallai: Fear Conquers Fear

“The press building [we were defending] had huge windows with very wide ledges, and I saw, from the opposite house, someone firing at us. I was pretty frightened, but so incensed that I stepped onto the ledge and tried to shoot him.

I don’t know whether I got him. They had automatic weapons, and I had to jump back into the room. And that’s when I realised that I had been standing on this ledge. I had a terrible fear of heights, and I threw up straight away. [In battle] you lose every normal sense that you have, you are so frightened.”

British Embassy, to his amazement, he was offered passage, a work permit and the chance to continue his studies.

“The condition was to pass an entrance exam in September 1957. I knew no English, except the names of jazz instruments. I was totally convinced that I wouldn’t pass an exam, but they said we’d get evening classes for English. Great! If not university, so what? I’ll still live,” he said, recalling his thoughts at the time.

Two days later, he was flown to England. By February, Pallai found himself in London with Imre, a retired dentist, “heroically” digging the foundations of Islington’s new public library.

He knew the job from his compulsory “volunteer” summer work in Socialist Hungary, but fearing for his older friend, he told him, “Take it easy. Don’t kill yourself.”

“We were going at a really leisurely pace, and suddenly a guy came to us who I’d never seen on the site before. He slowly and clearly said how popular we were, how all the guys sympathised with what happened in Hungary, but the pace at which we worked was not good. I said we would work faster, and he said: ‘No, no! I’m from the union! Slow down!’” Pallai first thought he was being sarcastic, but then the penny dropped.

“That’s when I learned what English democracy and the labor movement stood for,” he told his journalist audience, adding, to howls of laughter, “I couldn’t work slower.”

Making an Impact

The builders’ laborer later enrolled at the London School of Economics and, on graduation, took up teaching at Sloane Grammar School in Chelsea, where he quickly made an impact.

“He was a very popular teacher. [Once] he took myself and one or two other boys

to the Russian Embassy in London. We were studying the [Bolshevik] Revolution and he somehow arranged for us to meet one of the Consular Officials, who gave us an insight into the dynamics of that period,” Kevin Fuller, now retired from the British Foreign Office, recalls from his school days.

Pallai gave up full-time teaching in 1968 to join the BBC World Service in London, and in the next three decades worked as a presenter and producer of rock, jazz, current affairs and documentary programs. He moved to Budapest in 1996, where he headed the BBC Hungary bureau. Gyula Csák began life as a trainee radio journalist with Pallai in 1996.

Péter Pallai: Solidarity and Purity

“What struck me at Széna tér [in Buda] was that, after a day’s fighting, nobody went home. People allowed totally unknown, filthy young people with weapons into their flats and let them sleep there. There was such solidarity, it was really touching. There were boys and girls in the room. There must have been 20 of us, and somebody very heroically said: ‘Let’s not start anything with the girls, let’s keep the revolution pure.’ That was very charming and very beautiful, and that I will always remember.”

“Péter was a mentor, a friend, and a father figure to me, teaching me every trick in the book with quiet authority and a wonderfully unique sense of humor. I was privileged to work with him for three and a half years, until his retirement in mid-1999,” Csák, now an editor with investigative research group Bellingcat, told the Budapest Business Journal

Pallai spent that retirement working tirelessly to promote jazz within Hungary and advance the cause of Hungarian musicians in London and beyond.

Réka Irk, editor-in-chief of jazz.hu, described Pallai as “the ambassador of Hungarian jazz” in her eulogy for the website. Pallai was married three times, and had two sons and a daughter

By Kester Eddy

The Difference Between Democratic Socialism and Communism

Alan Johnson, acclaimed author and retired politician, a former minister in both the Tony Blair and Gordon Brown U.K. governments, was a pupil at Sloane Grammar School in the 1960s. In his autobiography “This Boy,” Johnson credits Pallai as having “begun to prise open a window on the world for me.” He told the BBJ : “He taught history and economics, but with a dash and glamor that no other teacher could match [...] Péter Pallai and George Orwell are the two principal reasons I never became a communist.”

Profile: Music Historian Ádám Bősze Culture Matters

A regular look at culture issues in Hungary and the region

Music historian, antiquarian, author and former radio and television presenter Ádam Bősze is currently promoting his latest book, the wonderfully titled “Mozart bikinibe” (“Mozart in a Bikini,” which is dedicated to the sartorial habits of composers through the centuries) and performing sell-out shows at the MOM Cultural Center.

[….] he introduces his audience to the fascinating realm of classical music, armed with a wealth of knowledge and spiced with overwhelming humor.”

According to commentator László Végh, the 57-year-old Bősze “has been working for a long time to break down the rigidity that characterizes the world of classical music. During his highly successful evenings and lecture series,

His biographical-cultural history show “Páratlan párok” (“Unmatched Pairs”) is in its fifth season and brings together unlikely couples, such as Verdi and Philip II. Alongside the historian Ferenc László, Bősze presents a 90-minute performance enriched with musical and visual illustrations.

He gives lectures at the annual “Haydneum” program, which promotes the performance of early music in

Hungary and features Hungarian and international artists. Something of a polyglot, Bősze is also responsible for the “On Tiptoe Evening” about music and dance at the National Dance Theater, presented together with dancer Léna Megyeri. Each episode explores a specific theme through the presentation of legendary figures from the history of dance and music.

Jack of All Trades?

Bősze is known in the world of Hungarian music as a radio and television producer, writer and the host of classical music

programs. He began his studies at the Franciscan Theological College after completing secondary school, but, in a 180-degree turn, he applied for admission to the Ferenc Liszt Academy’s Department of Music History.

After passing the entrance exam, the musicologist in waiting knocked on the door of the editorial office of Magyar Nemzet. There, he approached cultural section editor Gabriella Lőcsei with the idea of writing reviews of musical performances. A trial proved successful, and soon a wealth of opportunities had opened up.

His period of journalism was followed by work in radio, as the host of Bartók Radio’s Muzsikáló Reggel (Musical Morning) program. He also appeared on television as the moderator of the highly popular show Virtuozok (Virtuosos).

Besides “Mozart in a Bikini,” his other books include “Nagy zenészek, nagy szerelmek” (“Great Musicians, Great Loves”), and “Muzikális bestiák”(“Musical Beasts”). Literature clearly matters to him: he is also an antiquarian bookseller. Bősze is clearly a complex personality, whose character, charisma, and sense of humor captivate his audiences, no matter what field he is working in. At present, he says he feels fulfilled: all his evenings are booked with performances both in Hungary and abroad until Christmas.

Kicking off Advent With Pop Hits and Musicals

The MOM Cultural Center will launch the last month of the year with a special light music program on Monday, Dec. 1, when singers Adrienn Fehér and Andrea Jónás will perform with Pécs-born actor, singer, composer, lyricist and director György Szomor and the Alba Regia Symphony Orchestra of Székesfehérvár, conducted by Tamás Ruff.

The production features artists who have shared the stage on several occasions throughout their careers. Ruff is one of those

musicians around whom life is always vibrant. In the course of his studies, he has earned multiple diplomas: he is a conductor, a trumpet player, a composer, the creator of countless musical arrangements, and the leader of two orchestras.

Various musical and cultural centers in Hungary have, from time to time, provided him with a home and artistic stimulation. For five

years, the University of Pécs offered a place of study; Kaposvár presented him with a theatrical atmosphere; in Székesfehérvár today, he works as the conductor of the Garrison Wind Orchestra, as a conductor with a professional and armed forces ensemble, and as a director of the Alba Regia Symphony Orchestra, working closely with the artistic director and lead conductor Péter Dobszay, who

is also music director of the National Theater of Szeged, and a lecturer at the Liszt Ferenc Academy of Music.

Strings to his Bow

During his theatrical work, Ruff has become familiar with and conducted musicals such as the “Three Musketeers” by Rob and Ferdi Bolland, “Aida” by Elton John and Tim Rice, and “Hair,” with book and lyrics by Gerome Ragni and James Rado, and music by Galt MacDermot. Beyond these, classical music provides another significant string to his musical career.

The Budapest event is also the result of the collaborative efforts of all the contributors. Ruff shares similar values to singers Fehér and Jónás, not least that professional dedication and humility truly matter.

The Dec. 1 concert is the final chord of a three-part subscription series. The first event was a Beethoven evening at the Óbuda Social Circle; the second featured a concert of modern works. This evening will take the audience into the world of pop music and musicals, featuring hits by Celine Dion, Barbra Streisand, and Tina Turner, along with beloved Hungarian favorites.

Chamber of Commerce Corner

This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu

German-Hungarian Chamber of Industry and Commerce (DUIHK)

On Wednesday, Nov. 5, 300 top managers from companies across Hungary, representatives of the Debrecen economic region and Bavaria gathered under the motto “Economy in Transition: Shaping the Future Together,” to discuss how German and Hungarian companies can successfully strengthen their competitiveness amid a volatile global economic situation, what conditions are necessary for this, and what best practices can be drawn upon. The fullday conference, organized by the DUIHK and the city of Debrecen, addressed topics of particular importance for the long-term economic success of companies: innovation strategies, partnerships, cooperation and the establishment of regional clusters, government support instruments, and the strengthening of regional suppliers and local SMEs. Almost 30 speakers and panel participants shared their experiences on these topics in an unusually open and practical manner, making the event a highlight of German-Hungarian economic relations.

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH warmly invites guests to celebrate the arrival of the Beaujolais Nouveau, one of the most joyful and quintessentially French traditions. Join the chamber for an evening of good wine, good company, and French flair in the heart of Budapest. • When: Thursday, Nov. 20, 6-9 p.m. • Where: Le Troquet Wine Bar (French Institute), Fő utca 17, 1011 Budapest. • Fee: Members, HUF 13,500 + VAT; non-members HUF 19,500 + VAT

The CCIFH will also have its festive End-of-Year Cocktail Party, where new members will be introduced, and a lively quiz game, raffle, mulled wine, and buffet will be part of the program at the stunning Roxy Rooftop Event Space. • When: Friday, Dec. 5, 6-9 p.m. • Where: Pullman Budapest, Nagymező utca 38, 1065 Budapest • Fee: Members, HUF 19,500; non-members HUF 29,500 + VAT

British Chamber of Commerce in Hungary (BCCH)

The BCCH invites guests to its annual Christmas Party, with an expected attendance of more than 100 guests drawn from its membership network, including dynamic SMEs, top-level executives of international companies, government representatives, and members of the foreign diplomatic corps, together with chairman Duncan Graham, who will open proceedings. As is tradition, the event will include a reception, a Christmas cake, and a prize draw, among other highlights.

• When: Wednesday, Dec. 17, from 6 p.m. • Where: Kimpton BEM Budapest Hotel, Bem József tér 3, 1027 Budapest • Fee: Members, HUF 20,000 + VAT; non-members, HUF 30,000 + VAT

Canadian Chamber of Commerce in Hungary (CCCH)

On Wednesday, Nov. 5, the Canadian Chamber of Commerce in Hungary, in partnership with Cape Breton University (CBU), held an exclusive business breakfast event, introducing the university’s innovative Online MBA in Community Economic Development (CED) program. Led by Barrie Riome, retired MBA program director at CBU, the event brought together professionals eager to explore how a Canadian business education can empower them to make a broader community impact. Riome presented the CED MBA’s distinctive approach, which combines traditional business fundamentals with themes of social responsibility, sustainability, and inclusive economic growth. Participants learned how the program’s live, online weekend format enables working professionals across Europe and beyond to earn an internationally recognized Canadian MBA without interrupting their careers. With no international differential fees, GMAT waiver opportunities, and flexible semester-based tuition, the program stands out as both accessible and globally relevant. The session sparked lively discussion among attendees interested in developing their leadership skills in a purpose-driven and globally connected academic environment. For further information, professionals may contact Barrie Riome directly at MBA_info@cbu.ca

Italian Chamber of Commerce for Hungary (CCIU)

The CCIU is delighted to invite guests to its upcoming event in collaboration with Unicredit, “Women at the Forefront of Success,” an initiative celebrating and empowering women in the professional world. The event will shine a spotlight on female leadership and success, featuring diverse experiences, accomplished career paths, and meaningful dialogue on the role of women in business. Unicredit’s head of retail, Réka Vörös, and head of corporates, Balázs Gergely Toldi, will open the panel discussion, followed by contributions from distinguished speakers and industry experts, including Monica Carraglia from Biolab Soragna Srls and Zsuzsa MészárosSchaffer, marketing director of Gi Group Holding, Stefania Ciraolo, head of the EIB Group’s office in Hungary, and Giulia Naboni, officer in charge of external relations at the United Nations High Commissioner for Refugees (UNHCR). The event will also feature Szabina Tomán, a distinguished Hungarian entrepreneur, former model, and founder of Toman Lifestyle, a leading health and nutrition brand. As a female investor on Hungary’s Shark Tank (Cápák között) TV program and a mentor to aspiring women entrepreneurs, she will share her journey and insights on achieving success and inspiring change.

• When: Monday, Dec. 8, 9 a.m.–1 p.m. • Where: YBL Palace, Károlyi utca 12, 1053 Budapest. • Fee: Free

Netherlands-Hungarian Chamber of Commerce (Dutcham)

AI has become the buzzword of our times: companies are under pressure to understand it, comply with it and make the most of it to achieve outstanding business performance. In partnership with members representing various business areas, Dutcham has created a program designed to help mid- and top managers. The chamber invites guests to an insightful dialogue to discuss what works, what fails, and the trends for the coming years. Presentation themes include: Demystifying AI and Enabling Your New Superpowers; AI: The new Colleague; What’s up in HR’s AI House; and Legal Risks and Issues of AI and the new EU AI Act. The Hungarian-language event is organized with the active involvement of BlackBelt, CMS, Mondriaan, Nexon, and WSI Go Digital. Participation is subject to prior registration on a first-come, first-served basis.

• When: Nov. 26, 9 a.m.-noon • Venue: Nexon, Váci út 185, 1138 Budapest • Fee: HUF 20,000 (incl. VAT)

Belgian Business Club in Hungary (Belgabiz)

Belgabiz, together with the NetherlandsHungarian Chamber of Commerce and the Hungarian-Bulgarian Chamber of Commerce, hosts a joint networking event on “China and Europe in a Changing World” featuring Richard Ghiasy, an internationally recognized expert on geopolitics and geoeconomics. The event includes a full Chinese-style dinner with beverages. Join us for an evening of insight and international networking to stay ahead on one of today’s hottest global topics in an authentic setting.

• When: Thursday, Nov. 20, 6-9 p.m. • Where: Taiwan Restaurant, Albert Flórián út 3/B, 1097 Budapest

• Fee: Members of participating chambers, HUF 11,000 (no VAT); non-members, HUF 15,000 (no VAT)

Hungarian-Norwegian Chamber of Commerce (HNCC)

Following last year’s successful event, the “Taste of Hungary” cultural afternoon was once again held at the Midtåsenhjemmet elderly care facility in Oslo. The event was jointly organized by Adam Laska, chairman of the HNCC, together with the Embassy of Hungary. Residents and staff were treated to an authentic Hungarian experience: traditional dishes and fine wines were served, accompanied by live performances of Hungarian music by Per Roger Karang and Ragnar Heyerdahl, while Petter Simonsen, a member of HNCC, delighted the audience with his singing. Guests also had the opportunity to admire a handcrafted Hungarian folk dress decorated with traditional Kalocsa embroidery. Beyond music and gastronomy, guests could also discover Hungary’s rich cultural heritage, vibrant cities, picturesque countryside, and worldrenowned spa traditions through videos compiled and presented by Zsolt Kakuszi, HNCC project manager.

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