A Hungarian-Irish Business Forum was held at the Hungarian Embassy in Dublin attended by major Irish investors in Hungary, senior representatives of Irish companies having extensive trade and economic relations with Hungarian counterparts or considering to invest in the Hungarian economy.

The consequences of the financial and economic crisis are already directly felt in the entire scope of the Hungarian-Irish economic contacts, both in the bilateral trade in goods and services as well as in investments. In the previous years Irish owned companies and private investors have amassed stocks of investment amounting to billions of euros mainly in the property market but also in tourism, air traffic, media, in the renewable energy market and in various other sectors.

At the Forum Dr. Alan Aherne, senior economic advisor to the Irish government elaborated his views on the economic prospects of Ireland and Central Eastern Europe and Dr Ábel Garamhegyi, State Secretary of the Hungarian Ministry of National Development and Economics outlined the proposed changes in the Hungarian economic regulatory framework and briefed the participants on the main macroeconomic developments in Hungary. The Chairmen of the Dublin based Irish Hungarian Business Association and of the Irish Hungarian Business Circle, representing Hungarian registered, Irish owned companies gave a detailed outline of the findings of the poll, condacted jointly by the two organizations among Irish companies active in the Hungarian market on the business climate in Hungary.

The presentations were followed by a lively discussion involving all participants on the specifics of the Hungarian investment and business climate as well as on the macroeconomic expectations in the Hungarian economy.

Dr Ábel Garamhegyi gave detailed reactions to the issues raised by the participants and had a number of separate talks with Irish companies considering to invest in the Hungarian market. Following the Forum, the State Secretary was received by Billy Keleher, the Irish Minister of State for Commerce.