On a recent business tour to Singapore a group of Hungarian technological startups were given a chance to attract local venture capital firms and meet high ranking officials of the state administration. The feedback was positive, and preparations are now underway to make business deals in the upcoming months.
Hungarian Trade House Singapore (HTHS) and the Hungarian National Trading House (HNTH) organized a successful event titled European Innovations from Hungary (EIH) in the Fusionopolis event center to promote the export of Hungarian know-how. The date of the event was chosen to match the timing of the Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó’s Southeast Asian tour in late May.
Participants of the event were: seven startups from the Hungarian private capital sector (5L, Aeroglass, Buxa, Cursor Insight, Rabbit, Slamby, Waterscope), six companies with several years of successful operation and constant development (Abseira, Cellum, Comforce, Holografika, Intelilight, Multipass) and one venture capital company (Primus Capital). Most of these companies are active in the IT sector. State institutions were represented by partner companies and presentations were made by Péter Szijjártó, Gábor Kun, Deputy General Manager of HNTH, Endre Spaller, Vice President of National Research, Development and Innovation Office and Domonkos Lakner, Head of Department at the National Investment Promotion Agency.
In his opening remarks Péter Szijjártó highlighted the global necessity of constant development and its implementation and also revealed, that to support innovations, the Hungarian government had doubled the financial resources for research and development activity in Hungary. HTHS signed a memorandum of understanding with the Singaporean Intellectual Property Intermediary (IPI). The main goal of this agreement is to help HTHS in the market launch of Hungarian technologies in Singapore. IPI’s network connects nearly 10, 000 persons and companies, which is a major resource when it comes to increasing the chances of successful business matching.
All in all, 37 Singaporean companies were represented by over 50 participants, including state and private investors, managers of local startups, IT vendors and venture capital companies, all whom showed great interest in Hungarian solutions. Based on their prompt feedbacks, participants found it very effective and promising to have been given the opportunity to meet Hungarian experts who are able to present world class, innovative and cost efficient solutions.
HTHS organized a 2-day preliminary program for the Hungarian companies before the EIH. On the first day, the delegation visited Infocomm Investments, Singapore’s biggest startup investor with a capital of SGD 200 million. Participants negotiated with local startups and local investors , and were given the opportuntiy to present innovations for some of them. On the second day, companies took part in an informal B2B meeting initiated by the founder of Tigerspike, a mobile technology corporation. This also ensured a good chance to meet directly with the Singaporean startup ecosystem.
Helping Hungarian SMEs
Hungarian Trading House Singapore (HTHS) was established in 2014 to support economic and trade efforts of Hungarian enterprises aimed at South-East Asian countries. HTHS cooperates with small and medium-size Hungarian firms, helps start up and operate local activities and locate competent and reliable partners for them in the ASEAN region. Apart from market knowledge HTHS offers mediation of business partners, B2B lead generation and business consulting.
Singapore is Hungary’s largest export partner in Asia after China, the United Arab Emirates and Japan. Agreements on investment protection and the prevention of double taxation entered into effect in 2002. Since than, bilateral trade has grown rapidly. Today more and more Hungarian exporting companies use Singapore's port which is the second busiest globally.