In line with Hungary's "Eastern Opening" economic strategy from 2015, with the increase of government and diplomatic resources, bilateral trade between Hungary and Türkiye has increased significantly - in 2023 it was 4.3 billion dollars, which is an 18% increase and also a new record. Thanks to this, more and more Hungarian companies are present in Türkiye with their products and services, and more and more Turkish companies are investing in Hungary, setting up factories and logistics centers. Turkish imports increase by an average of 3-4% per year, with the drastic increase of the Turkish population, the growth of the Turkish economy can also be predicted for decades.
It is important to note that Turkish companies have comparative advantages in terms of production costs, and several industries are protected by various import restriction measures. However, Hungarian companies which are able to bridge this gap with their products and know-how can gain an important and regional export market for themselves. In addition, due to the strategic cooperation between the two countries, they can be sure that their interests and projects will be represented at the highest government levels.
Along with the growing trade turnover between the two countries, a harmonization process was also created in the banking, legal and logistics segments. Turkish transport companies with a long history, banking and legal representatives appeared in Hungary. Doing business in their mother tongue has become safer and more secure for both Hungarian and Turkish companies.
Knowing the general characteristics, quality requirements, price and cost relationships of the market players is a basic condition for effective operation in the Turkish market. It is important to note that open information sources and databases are often not available for this. Both the foreign trade attachés working at the foreign mission and the Turkish partner of the Hungarian Export Development Agency, HEPA Türkiye, are ready to provide you with the company lists and sector information necessary for the initial steps.
If you need help with the following topics regarding your corporate affairs in Türkiye, please feel free to contact us:
- Market research
- Identification of business opportunities
- Identification of a suitable business partner
- Verification of the partner company
- Organization of a business meeting
- Settlement of business disputes (with the toolkit provided by Hungarian Ministry of Foreign Affairs and Trade)
- Removal of certain logistical obstacles