The impacts of the Eastern Opening strategy on the bilateral trade and investment between Hungary and on the Asian economies

Bibliographic Data

ID22188351
AuthorsKatalin Bándy (Széchenyi István University), György Iván Neszmélyi (0000-0003-0707-5403, Schiller International University), Pál Koudela (0000-0002-2809-610X, Budapest University of Economics and Business)
Year2024
Volume8
Issue16
Pages9047
Publication date2024-12-19
Open AccessYes
TypeARTICLE
VenueJournal of Infrastructure Policy and Development (JOURNAL)
Journal identifiersISSN: 2572-7923 • E-ISSN: 2572-7931
PublisherEnPress Publisher (PUBLISHER)
DOI10.24294/jipd9047
OpenAlexW4405530018
LanguageEN
References cited5

Background and introduction: The East and Southeast Asian newly industrialized economies have shown spectacular economic development by their export-oriented development policies during recent decades, which resulted in not only economic wealth but enabled them to be technology exporters and investors. Their products, their flagship brands today are well-known and recognized throughout the world. It is not surprising that the Hungarian government—by its Hungarian Eastern Opening strategy—intended to focus on these economies, even though that with most of them there were intensive and broad co-operation in the fields of business, investment, culture, education and tourism. The new strategy gave a focus on increasing the diplomatic and trade relationship with the wider region, new embassies and trade representation offices were opened or re-opened in several locations with the view of intensifying the business and the people-to-people contacts. Even though the pandemic of Covid 19 and the energy crisis caused disruption in international trade, it can be said the trade and investment relations with these economies have still been growing, especially on the import side. The prospects of the growth of Hungarian exports to these destinations are modest which is hindered by the huge geographic distance, the peculiar consumer preferences, the merely different market conditions and the sharp competition. Objective: The aim of this paper to illustrate by statistical figures the state of the trade and investment relations between Hungary and the Republic of Korea, Taiwan, Singapore and Thailand. Methodology: Bibliographic and data analysis, focusing on the relevant international and Hungarian literature and databases, especially the trade and investment statistics of the Hungarian Central Statistical Office (HCSO/KSH)

Bilateral trade · Business · China · Economic geography · Economics · Geography · International economics · International trade · Political science · Global Trade and Competitiveness · Global trade and economics · Russia and Soviet political economy

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