The "wonder kid" of the European Union

Hungary is located in the Centre of Europe, sharing its borders with the Ukraine & Romania in the East, Austria & Croatia in the West, Slovakia in the North & Yugoslavia in the South; enjoys phenomenal rise in economic growth after and development afterit embraced democracy and free trade policies in 1989. Since then, it has been receiving a steady flow of Foreign Direct Investment (FDI) and is today one of the High-Income Countries in Europe. It enjoys strong trade, fiscal, monetary, investment, business and labour freedom.

After joining the European Union (EU), in May 2004, Hungary can currrently boast a having attracted FDI of more than 60.0 billion, which represents the higher percapita in the Central Eastern European Region. Hungary has been focusing intensely on the introduction of advanced technology and innovation into production of goods representing higher added value. The Hungarian Government places greater importance on investment in the automotive sector, research and development, ICT, Biotechnology, Shared Services Operations & Logistics. Currently there are more than 30,000 companies including foreign companies in Hungary. In 2007, Malaysia was ranked as the 2th import source for Hungary with value amounted to 368.0 million. Hungary's main imports from Malaysia were electrical machinery, plastics, optical products and furniture.

(Source : trademart, A MATRADE Publication for Malaysian Exporters). The picture above is Wan Azhamuddin Jusoh, Malaysian Trade Commissioner in Budapest, HUNGARY.

I have been involved with 'Invisible Exports' for my country, Malaysia & ASEAN region, with Hungary 'the wonder kid in the EU' products' i.e. Education. It is fascinating that the export value has increase, and I sincerely hope it will get further. I am equally surprise to find this article in trademart. I believe, I have the right to point out, that when I was appointed by Hungarian Authorities, nobody in Malaysia, has ever been aware of the existence of Hungary, let alone, to know its valuable 'invisible exports'. The idea of even suggesting to explore its opportunities was brush aside, without second thoughts. As for MATRADE, yes, it is about the inflow of income i.e. Malaysian exports abroad, however, to reflect on Human Capital development, I believe, to have professionals trained there, and return home, will be good for the country, if at all Malaysia is focus on Human Capital, besides, it will be at a lower cost, compared to certain existing countries where our students are currently helping the economies there, especially when certain other countries do have 'protectionism', and of course, 'price discrimination'. Hopefully, we not only look, but really see Hungary.

"How I hope, we are thinking what I think, we should be thinking!"