Creating Concrete Business Opportunities

The Italian Trade Agency (ICE) is the governmental organization that supports the business development of Italian companies abroad and promotes the attraction of foreign investment in Italy through various events like business fairs, seminars and workshops.

As the Director of the agency in Budapest, Giovanna Chiappini Carpena explains to Diplomacy&Trade, they work closely with Italian and Hungarian businesses through a combination of market intelligence, business matchmaking trade promotion and investment support activities. They regularly organize seminars, workshops and sector-focused events to help companies understand market opportunities and connect with potential partners. “Particular attention is given to sectors where Italy and Hungary already enjoy strong cooperation, such as industrial machinery, food, personal care and cosmetics, furniture and interior design, energy and advanced manufacturing. At the same time, we are increasingly focusing on emerging areas of interest where Italy has much to offer, including the green transition, energy efficiency, smart technologies and innovation-driven industries,” she says.

Positive outlook for trade relations
The latest trade figures confirm the strength and stability of economic relations between Italy and Hungary. In 2025, bilateral trade reached approximately EUR 12.5 billion, remaining broadly in line with the previous year. Italy was Hungary’s eighth largest supplier, with exports to Hungary amounting to EUR 5.4 billion, marking a modest but positive increase of 0.6%. The Director is glad to note that the first quarter of 2026 started on an encouraging note. Bilateral trade grew by 4.1%, while Italian exports to Hungary increased by 5.9% compared to the same period of the previous year. “These results suggest that demand for Italian products and technologies remains solid across a number of sectors. In particular, Italy’s main exports to Hungary include non-ferrous metals, general industrial machinery and equipment, iron and steel products and road vehicles, reflecting the strong industrial integration between our two economies. On the import side, Italy mainly purchases road vehicles, pharmaceutical products, and cereals and cereal preparations from Hungary, highlighting the complementary nature of bilateral trade and the diversity of our economic ties,” she adds.
Overall, the data indicate a positive outlook for future trade relations with growth supported by the long-standing presence of Italian companies in Hungary, the complementary nature of the two economies, and the strong reputation of Italian products and technologies in the Hungarian market. If the current trend continues, bilateral trade could reach around EUR 13.5 billion by the end of the year.

Creating concrete business opportunities
ICE Budapest provides Italian companies with a wide range of services designed to facilitate their entry into and expansion within the Hungarian market. One of the core activities is identifying potential business partners through customized market research and partner searches. The ultimate goal is to create concrete business opportunities, which often lead to the organization of targeted B2B meetings between Italian and Hungarian companies.
Giovanna Chiappini Carpena points out that trade fairs remain one of the agency’s most effective tools. “We regularly coordinate Italian pavilions and collective participation at major Hungarian exhibitions, helping Italian companies increase their visibility, establish new business relationships, and strengthen their presence in the market, including digital promotion.”
Just last year, ICE Budapest delivered more than 240 services to Italian companies, organized 60 incoming missions of Hungarian operators to Italy, and held eight business events in Hungary. They produced over 260 business information reports, published 14 market researches, identified 87 tenders and major project opportunities for Italian companies. “These figures reflect our commitment to providing practical support and helping businesses identify concrete opportunities in the Hungarian market,” she emphasizes.

Hungarian presence in Italy more modest
Compared to the presence of Italian companies in Hungary, Hungarian investment in Italy has traditionally been more limited. Nevertheless, there are some noteworthy examples that highlight the growing potential of bilateral economic cooperation. One of the most significant examples is the activity of MOL Group, which has established a long-standing presence in the Italian petrochemical sector.
Another strategic development is Hungary’s investment in the Port of Trieste through the state-owned company Adria Port. This project is expected to strengthen trade and logistics connections between Hungary, Italy, and the wider Central European region, creating new opportunities in transport, supply chains, industrial cooperation and international trade.
Beyond industry and logistics, there has also been some interest from Hungarian investors in the Italian real estate sector, particularly in high-value and hospitality-related assets, the Director notes.

SIRHA Budapest
“Our agency participates in a number of important events throughout the year, but if I had to highlight one, it would certainly be SIRHA Budapest. For our office, it is the most important trade fair, as it brings together professionals from the food sector and offers excellent opportunities for Italian companies to showcase their products and establish new business contacts,” Giovanna Chiappini Carpena explains.
ICE’s involvement in SIRHA here began about ten years ago with a relatively small Italian collective featuring around ten companies. Over the years, interest has grown steadily, and today the Italian Pavilion covers approximately 400 sqm and hosts around 30 exhibitors, representing a wide range of high-quality food and beverage products. “The feedback they receive is consistently very positive. Hungarian buyers and distributors continue to show strong interest in Italian products, while participating companies appreciate the opportunity to meet qualified partners and gain a better understanding of the local market. Many of the contacts established during the fair develop into long-term commercial relationships, which is ultimately the most important indicator of success for us,” she adds.
More broadly, events such as SIRHA, Italian Design Day, Italian Cuisine Week in the World and other sector-specific initiatives help strengthen the visibility of Italian excellence in Hungary and create valuable connections between businesses, institutions and consumers.

More events this year
Among initiatives in the pipeline for the coming months, the Director highlights a series of seminars and workshops dedicated to environmental and sustainable solutions, scheduled for September. These events will address topics such as the circular economy, water treatment and purification, drought prevention, air quality improvement, waste management and green building technologies, bringing together Italian and Hungarian companies, experts and stakeholders.
They are also planning a dedicated initiative on industrial technologies, scheduled for early November, with a focus on machine tools, industrial automation and robotics. “Hungary has a strong manufacturing base, and we see significant opportunities for cooperation between Italian technology providers and Hungarian industrial companies looking to improve productivity, efficiency and competitiveness.”
In addition, between September and December, ICE Budapest will be implementing the ‘Salumiamo’ campaign, dedicated to promoting Italian cured meats. The initiative will include a series of targeted activities aimed at consumers, the specialized press and buyers, with the objective of increasing awareness of the quality, tradition and diversity of Italian charcuterie products and further strengthening their presence in the Hungarian market, she concludes.