Promoting Mutual Trade and Investment

Headquartered in Tokyo, the Japan External Trade Organization (JETRO) was established by the Japanese government in 1958 as the nation’s principal organization for implementing and promoting trade with other countries. Its Budapest office was founded in 1991 and since then, it has successfully promoted business exchange activities between Japan and Hungary. The office’s General Director, Yasunari Miyauchi highlights to Diplomacy&Trade the most frequent tasks JETRO Budapest has been performing recently.

The first one he mentions is to collect political, economic, and business information on Hungary and provide it to Japanese companies. “We write simple reports and disseminate them on JETRO'S website, and also brief business people who come here mainly from Western Europe on a business trip basis.”
The second is to introduce Japanese products such as food, contents, and design to Hungarian buyers. “We arrange individual business meetings, and recently we are also arranging online meetings. We also deliver samples of food or design products to Hungarian buyers, and if they are interested, we arrange online business meetings,” he points out.
JETRO'S Budapest office has also dispatched a business mission recently to Serbia: Japanese companies, mainly from Japan and Western Europe, visited the region and held dialogues with government officials, business forums, business meetings and company visits.

J-Bridge
There is a business platform to facilitate collaboration between Japanese and overseas companies. As the General Director explains, this J-Bridge platform plays an important role in promoting international collaboration between Japan and other countries by introducing promising start-ups to Japanese companies. More than 2,600 people from over 1,700 Japanese companies interested in open innovation with foreign companies have registered with the program. On the other hand, the website contains information on more than 1,100 promising start-ups and foreign companies in Japan that JETRO carefully selected from around the world.
On request, JETRO arranges online business meetings as a meet-up service. “Currently, our office is working on networking with relevant agencies and organizations to understand the Hungarian ecosystem. At the same time, if we come across a promising start-up, we ask them if they are interested in international collaboration with Japanese companies.”

Increased geographical scope of authority
Since last fiscal year, JETRO Budapest office’s coverage area has been widened, which means it no longer includes only Hungary but now, Serbia and Kosovo as well. In this framework, a Japanese business mission was sent to Serbia last October. “Currently, the Balkans are attracting attention due to their low costs, and recently Japanese companies such as Nidec and Toyo Tire have established facilities in Serbia. The Serbian government is calling for more investment from Japanese firms, and this time, they offered us free charter flights. As a result, the business mission, which was originally planned for about 20 people, ended up with 100 people participating. During this trip, Serbian President Aleksandar Vučić and ten ministers were at the disposal of mission group for business dialogue. The business forum also provided an opportunity to disseminate information and discuss issues of business in both countries. Furthermore, the one-on-one business meetings provided an opportunity for concrete business discussions to begin. In addition, by visiting local IT and automobile-related companies, the participants were able to gain an understanding of the business situation in Serbia,” Yasunari Miyauchi highlights.

Food business event
Another event that the Budapest office actively participated in – this time together with the Japanese Embassy – was about food & beverages B2B support (wagyu, spirits, Japanese tea & sweets, etc.) At the end of January, 15 Hungarian buyers were invited to meet with four suppliers of Japanese food products. Wagyu beef, a Japanese sweet called yokan, Japanese tea and sake were on display, and subject of lively business discussions.
“At this one-day event in Hungary, first, we briefed Japanese suppliers on the Hungarian food market. After that, we held the one-on-one business meetings in the morning, and a total of 25 meetings were held with the four suppliers. Networking took place during lunchtime, also serving for the purpose of free-for-all business meetings. In the afternoon, we escorted Japanese suppliers to several retailers selling Japanese food and gave them a tour of the Hungarian food market. Since many of the Japanese products were made with great care, many buyers enjoyed the taste and high quality of the products. On the other hand, some buyers said that the distribution channel via Western Europe is still expensive even with the weak yen, which is a problem,” the General Director notes.

Presenting Japanese scallop
The latest promotion activity by JETRO’s Budapest office is that of Japanese scallop this February. Scallops are a solid mass of tough muscle and are a very high-protein food, consisting of about 80% protein, excluding water. They are also rich in amino acids, which are the source of their delicious taste. One feature is the prominently high amount of glycine, which gives scallops their unique sweetness. They are also rich in minerals such as iron and zinc, and vitamins B1 and B2. With its high protein content and low-fat content, it is attracting more and more attention as a healthy food.
Another reason for the global popularity of Japanese scallops is their excellent processing technology. While shellfish in general are considered difficult to freeze, but scallops are well suited for freezing, and instant freezing technology has enabled scallops to retain almost the same taste as fresh scallops. Quick-frozen scallops produce less drippage after thawing, making it easier to maintain freshness and flavor. This makes them suitable for raw consumption, such as sashimi and sushi.
Visitors to the restaurant offering scallop were impressed by the refined sweetness. They commented that the texture was soft and melted in their mouths. They also commented that the scallops had a stronger flavor than the Mediterranean scallops they had previously tasted. Some of them are looking forward to having them on the regular menu. Many praised the sweetness and texture in particular. Some also commented on the high quality of the scallops, saying they were surprised that such high quality was maintained even though they were transported such a long distance from Japan to Hungary.

Relevant partners
Regarding the Hungarian partners JETRO’s Budapest office, Yasunari Miyauchi mentions that “for example, if a Japanese company wants to invest in Hungary, we will connect them to the Hungarian Investment Promotion Agency (HIPA). Also, when we dispatch a business mission, we ask for cooperation from the relevant ministries and agencies. Furthermore, food events are sometimes held jointly with the Embassy, and sometimes in cooperation with cooking schools or distributors. For events with a strong cultural element, we may also work with the Japan Foundation. Anyway, we work with organizations and companies that have strengths and share roles in our projects.”