Budapest Economy

The dwellers of Budapest like to do business with people they know and trust, so it is worth taking the time to build relationships. This is particularly true of the older generation. Verbal greetings are extremely important - shaking hands (one waits for women to offer their hands), then saying the full name (surname, then forename). 'How are you?' is not a rhetorical question and requires an answer. Business cards (preferably in Hungarian) are vital. You should also shake hands on leaving. Punctuality is essential. Giving and receiving gifts is common.

Hungarian is a difficult language but, contrary to popular opinion, it is not impossible to learn. A lack of knowledge of the language, culture and business context is often seen as a sign of arrogance and can also lead to social segregation. Asking a colleague to act as a translator can often lead to resentment, since this is seen as servicing rather than managing. Imposition of additional red tape is seen as a lack of trust and being overly confident is often regarded as naivety.

Standard working hours are generally 0800 to 1630 Monday to Thursday, finishing earlier on Friday. The distinction between office and home phone numbers is far from clear - keeping in touch is vital and calls in the evening and at weekends are common. Since the country joined the EU in 2004, many remaining quirks of doing business in Budapest have been smoothed out.