Earlier today, Minister for National Economy Mihály Varga met with Indiana Governor Eric J. Holcomb and Indiana Secretary of Commerce Jim Schellinger to discuss economic cooperation options. At the event, the Minister said Hungary was working on bringing even more investment-seeking Indiana companies here, thus further bolstering bilateral economic relations.

In 2016, the United States was the 12th on Hungary’s ranking of trade partners, accounting for 2.8 percent of Hungary’s total trade turnover, Mihály Varga said. Among non-EU trade partners, however, the USA was our number one export destination, number two in terms of overall trade turnover and number three in terms of imports, the Minister pointed out. Hungary’s foreign trade with the USA has increased dynamically in the past ten years; the volume of exports has risen by 45 percent over the past four years, he noted.

Speaking of US companies’ presence in Hungary, the Minister said that more than 1700 subsidiaries of US companies were operating in the country, and these employ more than 93 thousand people. 40 out of the top 50 US multinational corporations have a subsidiary in Hungary, which fact indicates a high level of confidence in our country, Mihály Varga stated.
At the talks, participants expressed long-term commitment to cooperation, as a result of which trade activity between Hungary and Indiana is expected to pick up.

(Ministry for National Economy)