Singapore-Hungary Partnership Highlights Market Entry Opportunities for Businesses

Singapore, 3 April 2025 – The Singapore Manufacturing Federation (SMF), in collaboration with the Embassy of Hungary in Singapore, the Hungarian Investment Promotion Agency (HIPA), and Rothman & Roman Group, has unveiled a whitepaper titled European Horizons: Pathways for Singaporean Business Expansion. The launch took place at the European Horizons seminar held at the Auditorium of Continental Automotive, providing valuable insights for Singaporean enterprises seeking growth opportunities in Europe via Hungary.

The event was graced by distinguished guests, including Mr Lennon Tan, President of SMF; H.E. Judit Pach, Hungarian Ambassador to Singapore; H.E. Ng Shin Ein, Singapore Ambassador to Hungary; Mr István Joó, Government Commissioner and CEO of HIPA; and Ms Zsofia Balatoni, Co-Founder and Chief Strategy Officer of Rothman & Roman Group. The seminar featured keynote addresses and expert panel discussions, with Mr István Joó outlining Hungary’s investment climate and incentives, Mr Ben Chia of PATEC Technologies sharing real-world experiences on business expansion in Hungary, and Ms Zsofia Balatoni presenting key takeaways from the whitepaper.

The whitepaper serves as a roadmap for Singaporean companies looking to enter the European Union (EU), leveraging Hungary as a strategic entry point. It highlights Hungary’s business-friendly tax policies, cost-effective labour market, and direct access to the EU’s single market of over 450 million consumers. The report also addresses critical challenges such as regulatory compliance, supply chain optimisation, and market-specific opportunities, equipping businesses with the tools needed for sustainable expansion.

H.E. Judit Pach, Hungarian Ambassador to Singapore and Brunei Darussalam and Governor to ASEF, underscored the significance of this initiative: “European Horizons is a game-changer for Singaporean enterprises eyeing Europe. It not only showcases Hungary’s role as a gateway to the EU but also offers practical strategies for forging successful cross-border partnerships and navigating Europe’s vast market with confidence.”

Mr Dennis Mark, CEO of the Singapore Manufacturing Federation, welcomed the collaboration: “Today is a significant moment for the launch of this whitepaper. The topic of European business expansion is more relevant than ever in a rapidly shifting global economy. The insights provided will be instrumental in shaping the future of Singaporean investments in Hungary and beyond.”

Mr István Joó, CEO of HIPA, emphasised Hungary’s growing role in global trade: “Hungary has become a meeting point between East and West, with our largest investors now coming from Asia. Just like Singapore, we strive to remain competitive in the global economy, and this whitepaper highlights why Hungary is an ideal location for businesses looking to expand into Europe.”

Providing a business perspective, Mr Ben Chia, Commercial Director of PATEC Technologies, shared his company’s motivations for investing in Hungary: “Hungary is at the heart of Europe’s growing manufacturing sector. Its strong tradition of engineering excellence, competitive labour force, favourable business environment, and strategic connectivity make it an attractive destination for companies like ours looking to establish a presence in Europe.”

Ms Zsofia Balatoni, Co-Founder and Chief Strategy Officer of Rothman & Roman Group, reflected on the broader implications of international business cooperation: “Global trade relationships are evolving, shifting towards international manufacturing collaborations. The insights from this whitepaper explore how businesses can leverage Hungary’s strategic advantages to capitalise on this transformation.”

With a strong presence of global automotive giants such as BMW and Audi, Hungary has positioned itself as a hub for manufacturing and innovation. Companies like PATEC Technologies have already benefited from its strategic location, skilled workforce, and advanced infrastructure, reinforcing Hungary’s appeal as a prime investment destination.

This initiative marks a significant milestone in strengthening economic ties between Singapore and Hungary, fostering bilateral trade and investment collaborations that drive mutual growth.

Source: IN Diplomacy Reporters