Description
The history of the chambers of commerce and industry in Hungary begins in 1850, when they were first established by royal patent. The first law on the chambers was passed in 1868, stipulating mandatory membership for all traders, craftsmen and companies. The chambers played an important role in structuring business life all the way up until World War II, when they were terminated by government decree and their assets were seized by the state.
The Hungarian Chamber of Commerce and Industry was founded in 1948, later functioning under the name Hungarian Economic Chamber. Its role was to represent business interests and promote economic cooperation.
More than 40 years later, a new law on the chambers of commerce and industry reestablished the chambers as public bodies and once again made membership for companies mandatory. The chambers are responsible for supporting economic development, facilitating business life and representing companies’ common interests. Mandatory membership, however, was abolished by the new law that entered into effect in 2000, and the chambers thus now operate on a voluntary basis.
The main task of the Hungarian Chamber of Commerce and Industry is now to represent companies’ economic interests, to develop economic ties and to support small and medium-sized enterprises. It plays an important role on the international stage in facilitating Hungarian firms’ activities on external markets and strengthening European business cooperation.
