Hungary charms investors
Hungary in the person of Budapest architecture professor Erno Rubik came up with the most famous technotoy of all time in 1974, since when 350 million plus copies of the impossible Cube have been sold, and the much visited country is now advertising its receptivity to investors who are keen to foster the next work of genius in Budapest or alternative cities in the provinces of a land far from the sights of ISIS, where haircuts and lunches are still well below New York prices and where IBM has been present for 80 years, and now shares Ustream achievements with founder Gyula Feher, who says “our only lack is thinking big” and proceeded to think big himself and lead Ustream’s lab in Budapest “which can compete with anyone” into engineering what promises to be a major advance in scooping data from audiovisual on the Web far more efficiently than humans, while David Wiernik from Israel the co-founder of NVN Kft says “we came for the cost and people” but found government officials will phone every week to find out how they can be of help, in fact they have already legislated away taxes on startup revenue, and after giving up selling in China where his software was so popular there were illegal copies on every street corner, he pivoted to autos and won a 30% jump in sales with Toyota adoption in 2010 and now plans to be out in front of cybersecuring the navigation which will steer the autonomous driving that is now being tested at a government center, and which is now the focus of his thousand software engineers in Budapest, and Miklos Santa a partner at Ernst and Young agreed that government support and credits was helpful but emphasized another advantage was security, as shown by his tale of one company that chose a different location but two years later hurried to Hungary after finding that their auto software ‘traveled’ out of their control rather too quickly, all of which added up to numerous pluses for Hungary over other nations for investors though no actual measures were cited, and one left out of the reckoning might be the sense of undisturbed civilization which its residents project at least in the person of the Consul General Ferenc Kumin, who awarded a prize to IBM named for the Chain Bridge which connects the two halves of the city and which therefore celebrated the bridge IBM has built between the US and Hungary in investing in its future, achieving a total of 6000 jobs with 400 added this year, in the same spirit of amicable hospitality that imbued the networking party hosted afterwards with Hungarian wines and beers and chocolates in red heart shaped covers fueling a storm of conversation backed up by canapes and shrimp on sticks which vanished as fast as they could be served.
June 13, 4:00 – 7:00 pm EST
On Tuesday, June 13, Bloomberg Government will host an invitation only-event sponsored by the Hungarian Investment Promotion Agency and the Hungarian Consulate with top investors, government and business leaders and innovative entrepreneurs to examine the challenges and opportunities as countries in Central and Eastern Europe respond to Brexit and other geopolitical and economic realities while transforming their economy from one reliant on low-cost manufacturing to one increasingly powered by technology and high-value products and services.
Our program will take a deep dive on how industry and markets are viewing opportunities in the region post-Brexit and examine the impact of restrictions to the flow of skilled EU workers to Britain. Will talent head east? How viable are the innovation hubs that are rapidly developing in the region?
– Karan Bhatia, Vice President and Senior Counsel, Global Government Affairs and Policy, General Electric
– Robert Esik, President, Hungarian Investment Promotion Agency
– Gyula Feher, Co-Founder and CTO, Ustream, an IBM Company
– Ferenc Kumin, Consul General, Hungary
– Levente Magyar, State Secretary for Economic Diplomacy, Ministry of Foreign Affairs and Trade, Hungary
– Kevin A. Murray, Managing Director and CEO, Central Europe, Citibank
– Miklos Santa, Partner, Eastern European Business Group, Global Tax Desks, Ernst & Young
– David Wiernik, Co-Founder and President, NavNGo
When: Tuesday, June 13, 4:00 – 7:00 pm EST
Where: Bloomberg L.P., 120 Park Avenue, New York City, NY 10017
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