Minister for National Economy Mihály Varga received in his office a delegation from the US-Hungary Business Council (USHBC).
After the meeting, the Minister said that economic relations, which were stronger than ever, continued to play a crucial role in the advancement of the Hungarian economy. The US is Hungary’s number one non-EU export partner, and the second largest partner in terms of FDI. US companies have hitherto invested more than USD 18bn in Hungary, and they employ more than 93 thousand people, he stated.
Hungary has been committed to fostering strong bilateral trade relations with the USA, therefore we place great emphasis on the exploration of mutually beneficial opportunities, the Minister noted.
Out of the 50 largest US multinational companies 40 have a subsidiary in Hungary, and the Government has concluded the highest number of strategic partnership agreements with US enterprises, he added.
Thanks to investor-friendly measures, the country’s potential to attract capital has increased; the corporate income tax rate has been reduced to 9 percent, the lowest rate within the EU. In order to improve business environment, the Government has introduced other substantial tax cuts, which is expected to further enhance relations between enterprises and the tax authority, he pointed out. Speaking of the current economic situation, Mihály Varga said that the economy had begun to shift towards a sounder and more balanced growth structure in 2013 and several positive trends have been observed ever since. In the first quarter of 2017, the economy posted growth of 4.2 percent year-on-year, the highest growth rate in three years, and the rate of expansion is predicted to be around 4 percent in the coming years.
The USHBC organized the Budapest Business Mission on 27-28 June 2017, for the second time, aiming to facilitate a more active dialogue between the Government of Hungary and the US business community.
(Ministry of National Economy)
