Index – Economy – Can Hungary’s Eastern Initiative strategy be called successful?
The strategies and medium- or long-term plans of some states are of particular importance in terms of the development of the foreign economy and foreign relations. They can also help to expand an international network, as well as to establish relationships that include the position of foreign trade.
In Hungary, these goals have been manifested in foreign trade strategies for a long time, and the most outstanding project of recent years was the different Eastern opening. As its name suggests, its main purpose would have been to build economic relations with the countries to the east of us.
competition, one of the efforts was for Hungary to get to know markets that it had not encountered before, and even to gain a foothold in them. This was also necessary because Europe is still at the center of Hungarian foreign trade, so new players must be attracted to the market.
The Oeconomus Economic Research Foundation in a long analysis, he examined the strategic results of the eastern opening before and after each accession. The publication also scrutinized how Hungarian-Chinese and Hungarian-South Korean relations are developing, as well as what is the situation with the initiative initiated by the Southern Opening.
In 2012, one of the most important objectives of the foreign trade strategy was the realization of the opening to the East: in addition to diversifying the Hungarian market, it boosted domestic exports in the participating countries and laid the foundation for a long-term, fruitful partnership with these states. Hungary can benefit a lot from these relations in the future.
product, attention was also directed to the fact that Hungary is curious about the DI rate, since the highlighted F of this is that new, green-field investments that improve the competitiveness of the entire Hungarian economy could be realized. In conclusion, it can be stated that the efforts made to increase export-import brought real results, especially the expansion of the southern opening.
In terms of FDI flows, there are still many unexploited opportunities, but in the last few years several investments have arrived in Hungary, with the help of which this endeavor can also be called a success – especially if it continues to attract capital from the East. However, the final decision cannot be drawn yet, because the desired direction will take more than a decade.