For Hungary, the Czech Republic is an important partner both in terms of bilateral foreign economic relations and in terms of the cooperation of the Visegrád Four.
The Czech Republic is one of the most advanced economies in Central Europe. GDP per capita is 90% of the EU average. To date, manufacturing is the leading industry, especially in the automotive, machine, tool, glass and arms industries.
Our bilateral trade relations with the Czech Republic have expanded significantly since EU accession. Czech automotive developments can encourage co-operation, outsourcing and fusion capital investments for Hungarian companies. In the future, the market position of the Hungarian industry is expected to be improved primarily by increasing the market share of the mechanical, electronics, confectionery and chemical and pharmaceutical products. For Hungarian SMEs, the food industry and the export of quality wines could be another good business opportunity.
Our exports to the Czech Republic have been steadily growing over the past decade. In 2018, our exports to the Czech Republic increased by 8% compared to 2017.
The Czech Republic is the sixth most important export market for Hungary, while Hungary is the tenth most important import market for the Czech Republic.
Mol is the most important Hungarian investor in the Czech Republic with 315 gas stations across the Czech market. Among Czech companies, the AGROFERT conglomerate in the agriculture sector and the PPF Group, which has acquired Telenor, are the largest investors in Hungary.