At the Portfolio Budapest Economic Forum, senior executives from major Hungarian companies highlighted the need for economic predictability, fiscal discipline and policies that support investment. While participants differed on matters such as the timing of euro adoption, the draft wealth tax and AI policy, there was broad agreement that exchange-rate stability and regulatory simplicity are critical for planning and competitiveness.
A unified European capital market and the size of the Hungarian exchange
Tálos Péter, Vice President of Foxconn Group, opened the panel by saying the Hungarian stock market is too small for a company like Foxconn and that a unified European capital market would make more sense. Rékasi Tibor, CEO of Magyar Telekom, argued that national markets still have a role and that investors also come from the United States.
Panelists agreed that a competitive European alternative is necessary if Europe is to compete with the United States.
Economic outlook and corporate planning
Kovács László András, Chief Financial Officer and Deputy CEO of Richter, said there has been modest growth in recent months, but the broader European environment remains important for the company. Richter plans on long development cycles of 10–15 years while also adapting to rapidly changing external market conditions.
Wolf László, Deputy CEO of OTP Bank, observed that GDP growth has already begun, but private investment expansion and corporate loan demand remain subdued. OTP expects stronger loan demand around 2027, partly linked to co-investments associated with EU funds. Wolf mentioned several positive government measures, including cleaning up competition and improving the fiscal situation, but called for caution in overall assessment.
Government policy: consolidation, taxes and permitting
Participants generally took a cautious stance toward the new government’s economic policy. Kovács noted that a few months is insufficient for a comprehensive evaluation, while Rékasi welcomed tighter fiscal discipline and the commitment to adopt the euro, and emphasized the need for structural reforms.
Tálos said Foxconn aims to adapt to economic policy rather than formulate demands, whereas Wolf expects lower taxes, faster permitting processes and stronger support for innovation and technology investments. Wolf also pointed out complaints from the construction sector about slower permitting, which could slow housing construction. Consensus held that fiscal consolidation is an essential base, but further steps are needed to foster economic growth.
Views on the wealth tax
The draft wealth tax proposed by the Tisza government was discussed. Wolf said the tax may be understandable and useful from the government’s perspective, but taxing corporate assets could reduce investment and competitiveness. Tálos described the wealth tax as a bad idea on philosophical and pragmatic grounds, while Rékasi and Kovács primarily criticized the complexity of the regulation — complex systems rarely work well and leaders prefer to avoid unnecessary complexity.
Exchange-rate policy: stability and low volatility
On the euro–forint exchange rate, panelists uniformly emphasized the importance of stability and low volatility. Tálos argued that the optimal exchange-rate number is less important than the absence of disruptive dynamics; he concluded that a stable trajectory is what companies prefer. Wolf similarly stressed that low volatility helps companies and clients plan. Rékasi noted that exchange-rate changes affect Magyar Telekom’s costs in different ways, making a predictable path desirable.
Artificial intelligence: energy needs, financing and applications
The panel ended with a discussion of artificial intelligence. Executives said they use AI both at company and personal levels. Kovács explained that AI can help Richter in development processes, handling large volumes of documentation and office back-office tasks. Rékasi described AI as a wave companies cannot ignore without risking being overwhelmed.
Wolf said OTP Bank already uses AI in several internal processes, though the bank still favors human staff in customer-facing roles for now. Tálos, as a directly interested party, raised the energy requirements of AI, noting that the OpenAI planned data center would require capacity comparable to multiple nuclear reactors. He suggested that, rather than speculative debates about existential risk, the discussion should focus on two practical questions: how technology companies will finance their development, and how AI’s massive energy needs will reshape energy policy.
Conclusion
The Portfolio Budapest Economic Forum panel showed that Hungary’s corporate leaders prioritize predictability, simple regulation and exchange-rate stability. Despite differing views on the timing of euro adoption, the proposed wealth tax and AI regulation, the shared preference was for a stable, investment-friendly environment that supports long-term corporate planning.
