PwC Hungary, Debrecen Municipality Host 1st Major Business Forum Outside Budapest

“There has never been a business event of this magnitude in Hungary before outside Budapest, which clearly shows the role of Debrecen and the opportunities for the city and the region,” said Tamás Lőcsei, PwC Hungary’s CEO, in his opening speech. Working with co-organizers from Debrecen municipality, PwC says it intends to make the spring summit an annual fixture in the business calendar.

“At PwC, we look for connections in places where there is both knowledge and opportunity to form new, valuable and future-proof ideas and alliances; where we can learn from each other and where everyone benefits from dialogue,” Lőcsei explained. “We believe that trust is the cornerstone of everything we do in business, and it is building trust with our stakeholders that makes us successful in solving important problems.”

The forum at Debrecen’s Kölcsey Center featured discussions about the development of Eastern Hungary, as well as industry and business trends. It also provided a space for dialogue regarding the concerns of CEOs in Debrecen and innovative solutions. Issues included labor and capital shortages and financing and supply difficulties.

Labor Pessimism

PwC’s 13th Hungarian CEO Survey revealed that CEOs in Debrecen are more alarmed by these problems than CEOs nationwide. According to Lőcsei, 31 of the 297 CEOs questioned in Hungary were based in the second city. Some 81% of CEOs in Eastern Hungary said they were pessimistic about labor shortages, while the national average is 48%. It is clearly a critical issue for locals to debate. And debate was very much the point of the day.

“By inviting local and multinational companies, small and large enterprises, educational institutions and business organizations to Debrecen, we are fostering dialogue for a successful future,” said Tünde Kis, director at PwC Hungary and head of the company’s Debrecen office.

“Today, Debrecen contributes to Hungary’s economic development with its unique and robust economy. This is because it has been able to attract industrial enterprises with top-notch technological know-how in the fields of electromobility and energy storage,” said László Papp, Mayor of Debrecen, who also welcomed delegates.

“However, this endeavor will only be successful in the long term if we pay due attention to environmental protection and sustainability. And in this, we all have an important role to play,” he said.

“It is possible to build an economy in the East that is recognized in the West. In the past 10 years, thanks to an economic restructuring, Debrecen has been able to catch up with the most dynamically growing cities in Central Europe,” Papp added.

Rapid Expansion

The municipality of Debrecen estimates the local economy will grow to six times its size in 2020 by 2030 due to the city’s increase in and improvement of its educational and business infrastructure. This expansion was one of the subjects in the panel discussion led by Budapest Business Journal editor-in-chief Robin Marshall. His roundtable featured leaders from multinational companies BMW, Lego, CATL, and Wizz Air, who emphasized that sustainability and building on local capabilities and resources should be prioritized by investing in companies to encourage development.

Other highlights included Marc Olric, an international expert from PwC Germany, talking about the economic revitalizing effect of generative AI, while Richárd Végh, CEO of the Budapest Stock Exchange, discussed current capital market trends and market opportunities for companies.

A second roundtable discussion featured the leaders of local businesses, the Tranzit Group, Xanga, Hajdu and Kite. They discussed the prospects, plans for growth, and supplier potential of Hungarian-owned companies operating in Debrecen and the region.

At the end of the morning session, two awards were presented by Lőcsei and Papp. László Ábrahám, managing director of Sensirion Hungary Kft., received the “Business Excellence Award” in recognition of his exemplary professional and civic achievements in the economic development of Eastern Hungary. Dezső Karasszon and Zoltán Vasvári, joint CEOs and co-founders of DataExpert Services Kft., won the “Company of the Future Excellence Award” for the innovativeness of their business and its significant contribution to the region’s economic development.

After lunch, three breakout meetings were organized on how technical and R&D activities aid the region’s progression (hosted by the German-Hungarian Chamber of Industry and Commerce); a workshop on the sustainable labor market (led by the American Chamber of Commerce in Hungary), and a meeting on the relationship between generational change and digitalization (led by the National Association of Entrepreneurs and Employers).

PwC Hungary opened its office in Debrecen last November to serve businesses in Debrecen and the surrounding ecosystem better, especially in supporting innovation, R&D, and education. From September 2024, the University of Debrecen will offer a tax course taught by PwC’s experts. In the next few weeks, PwC will organize professional events on various topics, such as transfer pricing and cybersecurity. PwC Academy’s adult education courses on IFRS, accounting, ESG and sustainability matters will also be offered in Debrecen.

This article was first published in the Budapest Business Journal print issue of April 19, 2024.