S'pore firms seeking expansion into EU can look to Hungary

It has a skilled workforce, low corporate tax rate and export-oriented economy: Report

- Timothy Goh

Singapore companies seeking expansion into the European Union can look to Hungary as a gateway, given the country's skilled workforce, low corporate tax and export-oriented economy, according to a new report.

It noted that Hungary, like Singapore, relies on foreign firms for 70 per cent to 80 per cent of its exports, helped in part by its 9 per cent corporate tax rate, the lowest in the EU.

The central European nation's workforce is boosted by more than 70,000 graduates annually in fields such as construction, engineering and manufacturing, which complements the manpower needs of Singapore firms, particularly those in innovation and research-led sectors.

Mr Lennon Tan, president of the Singapore Manufacturing Federation (SMF), which helped compile the report, told The Straits Times on April 4 that Hungary has much to offer.