Hungary, a country located in Central Eastern Europe with a population of 9.8 million, transitioned from a centrally planned economy to a market-based one since the fall of communism in 1989. It is a member of the OECD (1996), NATO (1999), the European Union (2004), and the Schengen Zone (2007). Per capita income is nearly two-thirds that of the EU-28 average and total GDP is $133 billion. Private sector activity accounts for more than 80% of GDP.
Hungary boasts of a strategic location in Europe, access to EU markets, a highly skilled and educated work-force, and a sound infrastructure which have led companies such as GE, Alcoa, Morgan Stanley, National Instruments, Microsoft, IBM and many others to establish their facilities in the country, both in manufacturing and services. According to Uniworld, there are more than 400 wholly-owned foreign companies in the country. Many of these companies have discovered that Hungary’s geographic position in Central Europe also offers a strategic logistical hub within the region.