Relations between Hungary and the United States are characterized by mutual respect, constant dialogue and cooperation, Minister of Finance Mihály Varga said after he had received earlier today US Ambassador to Hungary David B. Cornstein in his office. At the meeting, the Minister was quoted as saying that both Governments shared the same opinion with respect to international tax evasion and the international financing of terrorism: both required more efficient counter measures.
Mihály Varga and David B. Cornstein signed an agreement on the reciprocal information exchange of tax-related data. This helps countries to more efficiently combat international tax evasion and ensures that multinational companies pay the proper amount in taxes for the country these are due to.
The two parties agreed that economic relations between Hungary and the United States have evolved favourably: the United States is Hungary’s number one non-EU export partner. In addition, US companies constitute one of the most significant investor groups in Hungary with more than 1700 US enterprises having some 105 thousand Hungarians on their payrolls. And in light of recent feedback from US companies this positive trend is likely to continue, Mihály Varga pointed out.
Speaking of the market potential of Hungarian enterprises in the United States, the Minister said that the US was the 15th most significant investment destination of Hungarian companies, and the volume of FDI by Hungarian enterprises exceeded EUR 464 million (USD 560 million) in 2017. The largest number of Hungarian enterprises are active in the IT and biotech sectors.
In recent years, Mihály Varga added, more and more innovative SMEs as well as start-ups have targeted the US market. The issuance of visas for trade and investment purposes for Hungarian citizens would be very important as this could further bolster bilateral business relations, the Minister noted.
(Ministry of Finance)
