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SPEECH FOR HUNGARY AS A BUSINESS PARTNER I thank you for this opportunity extended to speak to you about Hungary at this Through this I am sure to reactivate traditional cooperation and open up new business channels for the Indian partners in Hungary Before I proceed further let me brief you about the Hungarian economy - Hungary has historically been a country of agriculture and small-scale manufacturing and has for a long time belonged to the upper-middle income group of countries In an effort to encourage a self-sufficient economy the former socialist government forced rapid industrialization in the beginning of the 1950s In 1968 this policy was abolished in favor of the New Economic Mechanism Foreign trade once again became an essential part of the economy Some freedom was given to the workings of the market and a limited amount of profit-oriented behavior was allowed in the official economy Economic liberalization in Hungary preceded full political liberalization The basic institutions of a market economy were already being established before complete liberalization took place in 1989 As in most Central European countries privatization in Hungary started slowly but the pace has picked up considerably Even though Hungary started earlier than some of its neighbors in making the transition to market economy the changeover was not without some economic pain In 1990 Hungary was faced with the collapse of the Council for Mutual Economic Assistance CMEA which was made up of former East-Bloc nations The country experienced an almost over-night disappearance of most of its Central and Eastern European markets Just one year later a worldwide recession started which also affected the Hungarian economy Now trade with Central and Eastern European countries is on the rise again but more significant trade relations are being established with the EU-member states furthering Hungary along the road towards European integration European integration Hungary made an important step toward European integration with
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