Roses and Trucks – Prosperous Turkish-Hungarian Relationship

The main event of the visit of Turkish President Recep Tayyip Erdogan in Budapest was the formal opening of the reconstructed tomb of Gül Baba, the Father of Roses. The Rózsadomb district is named after the memory of the Turkish poet. The name stands as a symbol of the prosperous relationship between the two countries.

Since the Hungarians settled down in the Carpathian Basin, the nation always determined itself in the system of relations with the surrounding great powers. These powers were the Slavs in the south, the Germans, and the Byzantines who conquered the Balkans before the Turks. During the two-day meeting, Viktor Orbán recalled that the situation of Hungary was always the foremost when the country found balance between these powers. The interest of Hungary is to find our own way between Berlin, Moscow and Istanbul. That is why it is important for Turkey to be present in the Hungarian market and our presence in the Turkish market is just as essential for Hungary.

This initiative is increasingly being implemented. Although trade is still lagging behind, it is growing dynamically, and the economic ties between the two countries are getting tighter. Budapest is the heart of Europe. The Hungarian capital is important for Turkey, not only in the perspective of logistics. However, the presence of Turkish logistic companies is already significant in Hungary and that can be a gateway in the direction of the V4 countries as well as the west. This is why it is important that the number of Turkish-owned companies in Hungary is growing rapidly. According to the report of the Opten Informatikai Kft., the third of 298 companies were established in the last one and a half years. Based on the analysis submitted to the MTI, 136 companies with Turkish background were founded in Hungary since 2016. The economic impact of these companies is already significant. The last year’s revenue of these companies has reached 85 billion forints, and they paid 2.3 billion in taxes. The number of employees exceeded 1.500.

As it was said by Turkish President Recep Tayyip Erdogan, there is still room for further development. He said that during the Hungarian-Turkish business forum on Tuesday. The event was organized by the Hungarian National Trading House.

An important instrument could be the new agreement concluded between the two countries' Exim Banks. The agreement, which aligns with the government's Eastern Opening strategy, promotes deepening cooperation between the two export credit agencies and effectively contributes to strengthening bilateral economic relations. In the framework of the cooperation, Exim and Türk Eximbank regularly exchange information on the economic situation and business opportunities of the countries. The utilization of this agreement can be profitable for companies in both countries. Another priority area is the solution of bank financing of Hungarian-Turkish joint investments and the search and establishment of joint business cooperation in the markets of other countries.

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The GLOBS is the only magazine in Hungary that focuses on global affairs and trade. The topics cover the different aspects of social life, business and culture (especially business culture), research and development, investment opportunities, charity initiatives, and the everyday life of the diplomatic delegations.
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