We all know that the sanctions against Russia were very harmful to Hungarian economy, but there are some fields which are not affected by them. What are they and what should Hungarian entrepreneurs concentrate on during the period of sanctions?
– The trade restrictions effective since the end of 2014 brought major obstacles for Hungarian enterprises seeking new target markets for their export activities; though certain products, including wines, sweets and canned products may still be exported to the country. It is also important to note that Hungarian companies have had export opportunities even during this transitional period. That is because within the framework of its endeavours to replace food imports, the Russian leadership is actively seeking foreign technologies; primarily in agriculture and the food industry and that is a segment in which Hungarian enterprises have a major competitive edge. Milk, meat, fruit and vegetable processing could be prospective areas of trade co-operation, though horticultural propagation and grafting materials, as well as the related technologies could also play their role. It is important, therefore, for all Hungarian companies already present in Russia to maintain their established positions, while enterprises planning to enter the market should be continuously seeking opportunities and potential export partners in order to be able to start from a favourable position when the trade restrictions are abolished. In order to achieve that, joint ventures should be created because future business activities in the country, will primarily involve with goods produced locally.