Business & Finance
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Monegasque entrepreneurs have had the opportunity to learn about business opportunities arising from the Principality’s collaboration with Hungary at a meeting organised by the MEB.
Held at the Novotel on Monday 21st October by the Hungarian Embassy, the Monaco Economic Board (MEB) aimed to give targeted entrepreneurs in Monaco access to high-level contacts.
Hungary has embarked on a major promotional campaign that includes Monaco. A top-level delegation was headed by György Károlyi, Hungary’s Ambassador in France and Monaco, accompanied by Vice-Consul Péter Bakos-Blumenthal, Róbert Ésik, CEO of HIPA (Hungarian Investment Promotion Agency) and Edina Nagy, Deputy Director of HTA (Hungarian Tourism Agency).
With GDP increase of 5% in 2018, a shrinking public deficit, a competitive tax regime (9% corporate tax rate, lowest in the European Union, income tax at 15%) and almost-full employment for its population of 10 million, Hungary presents as a country on the rise, boasting remarkable macroeconomic stability, as underlined by Róbert Ésik.
To maintain this momentum, the country has set a target to post growth rates 2% higher than the European average over the coming years. Róbert Ésik highlighted sectors that are expanding such as the car industry (AUDI, Mercedes, BMW, Suzuki), R&D (Samsung has just built a factory) and artificial intelligence notably for self-driving cars.
Edina Nagy drew attention to Hungary’s rich heritage, which includes the oldest metro in Europe and numerous UNESCO World Heritage sites. Dubbed “Pearl of the Danube”, Hungary is keen to promote its cultural and culinary diversity.
After the presentations, entrepreneurs had a chance to sample Hungarian wines and attend an official evening in honour of Hungary’s National Day, organised by its Honorary Consul in Monaco who paid tribute to his country’s film industry.
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French Scientist Jean-Pierre Petit has told MEB members that the world economy has held up surprisingly well despite the health crisis, giving hope to Monegasque investors.
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Entries are now open for the MDO Monte-Carlo Prize, an international award for outstanding companies in terms of innovation, technology, design and sustainability.
Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion (€177 billion) in six months alone, according to a new report released on Tuesday.
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.
Accumulating $48.9 trillion (€43 trillion) in wealth, the United States topped the overall list, followed by China, Japan, the United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
Analysts are impressed by Australia’s showing in the top ten, considering that the country only has a population of 22 million. Australia, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.
In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million (€1.42 million) in wealth, the highest in the world, reports New World Wealth, which also said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime. (Source: Gulf News)