The Hungarian Government’s investor-friendly economic policy offers favourable opportunities to businesses from the United States as well, Minister for National Economy Mihály Varga stated at the meeting held with the delegation of the US-Hungary Business Council.

The meeting took place within the framework of the first business mission organised by the Business Council in Hungary between 22-24 June.

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Mr Varga received the delegation of the US-Hungary Business Council (USHBC) headed by President Eric Stewart in his office. The parties agreed at the meeting that economic relations between the two countries have become closer in recent years. The United States of America is the eighth most significant investor in Hungary, with investments worth USD 9 billion in total, Mr Varga said. He added: there was a 10 per cent increase in Hungarian exports to the US in 2015, and US firms in Hungary provide jobs for more than 90,000 people. Ten new US investments arrived in the country last year.

The Minister said at the meeting: thanks to the Hungarian Government’s investor-friendly measures, the presence of foreign capital has significantly increased in Hungary. The private sector may positively contribute to developments creating further jobs in the next few quarters, Mr Varga underlined, mentioning that the Hungarian economy embarked on a steady path of growth in 2013, and this trend continued in 2014 and 2015 as well. This is also testified to by the fact that the structure of economic growth has become stable and sustainable in the long run. The Hungarian economy expanded by 2.9 per cent in 2015.

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He highlighted: Hungary’s geopolitical situation, too, is a factor that attracts investments as Hungary is located at the junction of several major international trade routes, and it has sophisticated road and railway networks which are being improved continuously. The low rate of corporation tax may be a considerable competitive advantage for Hungary, Mr Varga pointed out, mentioning that the new legislation on taxation already passed by Parliament will drastically change relations between businesses and the tax authority as of 2016, and that the Government will continue its activities aimed at the reduction of administration and the improvement of the regulatory environment.

At the meeting the parties also discussed the establishment of the Transatlantic Trade and Investment Partnership (TTIP) between the European Union and the United States. Mr Varga said: Hungary pays close attention to the negotiations as, from an economic point of view, Transatlantic relations constitute the world’s most significant network of business relations accounting for almost one half of the world’s GDP globally.

(Ministry for National Economy)