The Republic of Hungary (Magyar Republic) is a landlocked country bordered by Austria, Slovakia, Ukraine, Romania, Serbia, Croatia and Slovenia. With a population of 10.19 million inhabitants and an area of 93,030 km2, Hungary is a Schengen state and a member of the EU, the OECD and NATO. Located between East and West, the country has been a point of cultural exchange for a thousand years.
Like most countries in Eastern Europe, Hungary underwent market liberalisation in the early 1990s as part of the transition away from communism. Now, as part of the Maastricht criteria governing its entrance into the EU, the country has been working hard to reduce inflation, expected to decelerate in 2009. With its structurally, politically, and institutionally open economy, Hungary is beginning to have a truly international outlook. Only two hours from Paris by air, it is also close to major European hubs of finance and commerce. For businesses choosing to locate there, Hungary offers a unique environment in terms of tax and corporate structures. The spoken language is Hungarian, but English and German are widely-used in business.
In a testament its cultural importance, Hungary is listed among the world’s 15 most visited countries. Budapest, also called “the Pearl of the Danube”, is especially known. Now a UNESCO World Heritage Site, the city is regarded as one of the most beautiful towns in the world.
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