Hungarian entrepreneurs have decided to launch an enterprise in Australia
The Budapest Chamber of Commerce and Industry (BKIK), Australian Department, organised a successful workshop at which interested Hungarian entrepreneurs were able to learn everything about the remote continent that might assist them in their activities, GLOBS Magazine said.
Australia is far away so, until now, few Hungarian entrepreneurs have decided to launch an enterprise there. The opportunities, though, are great and all you have to do is find your way there. According to Head of Department, Éva Szerbin, the workshop was an ideal opportunity to collect all the questions and create a good base for future work. The value of Hungarian-Australian bilateral trade is relatively moderate but has been developing dynamically over the past few years. Some of the main Australian exports are wool, chemical materials, medical and measuring instruments and educational and IT services.
In Hungarian exports, highly processed industrial products have a large share in the product structure and more than 60 % of total exports are made up of telecommunications equipment, vehicle components, computers and computer components and electrical industry equipment. The structure of Hungarian exports shows that multinational companies play a dominant role. In practice, that is related to intra-corporate trade between subsidiaries. The Hungarian Chamber of Commerce and Industry wishes to help change that.
Interested small and medium-sized enterprises need to prepare themselves for the features of the Australian market: the market is very solvent but as the distances are large, most opportunities relate to know-how technology and the export of services. It must not be forgotten that the regulations may be significantly different to those in Hungary. The Australian dollar has gained value significantly the USD as well as the Asian currencies which generally fluctuate in value along with AUD. That explains why more Australian business groups are looking at investment opportunities abroad.
Of possible interest to Hungarians is the biotechnology industry, where the annual sales revenues are over 500 million dollars a year and approximately 5,700 people are employed. In 2003, three federal states (Queensland, Victoria and New South Wales) committed themselves to developing international co-operation in biotechnology. The IT sector could also be important and Hungarian start-ups might perform well because that holds a great deal of interest in Australia. According to the calculations of the Allen Consulting Group, 6.4% of Australian GDP is generated by the computer and information technology sector.
Source: by Tamás Szűcs/GLOBS Magazine