Introduction of OBIC
The Oriental Business and Innovation Center (OBIC) was established by the Budapest Business School, University of Applied Sciences and the Central Bank of Hungary in 2016.
OBIC's overall goal is to improve the competitiveness of the Hungarian economy by contributing to a better understanding of the East Asian region. To achieve its objective, OBIC aspires to become a leading institution in oriental business studies - not only in Hungary, but in the broader Central European region as well - by the application of its cutting-edge knowledge and efficient operation. As such, OBIC also plays a major role in the implementation of the international strategy of BBS. In its work OBIC concentrates on the following target countries: India, Indonesia, Japan, Malaysia, the People's Republic of China, the Philippines, the Republic of Korea, Singapore, Thailand, Vietnam and many others in the Asia-Pacific region.
By joint collaboration, OBIC was established due to various factors. The 2008-2009 economic crisis in Europe brought about a need to diversify trade and investment relations in Hungary. In principle, this need for international diversification, coupled with the evolving international economic and political environment, has opened up new prospects for economic relations and knowledge-sharing between Southeast Asia and Hungary - despite the geographical distance -, and increased the demand for open-minded, culturally skilled and experienced specialists. The "Eastward Opening" policy of the Hungarian government since 2010 has been just one governmental initiative to which OBIC can provide significant feedback by broadening the economic, political and cultural knowledge base through strengthening the exchange of ideas, scholars and students.
To achieve its objectives, OBIC uses a variety of tools and instruments along the following lines: