Economic relations between Hungary and the United States are instrumental for the steady improvement of Hungary’s economic performance, Minister of Finance Mihály Varga said at a meeting with the US-Hungary Business Council (USHBC) delegation headed by President Eric Stewart.
American enterprises constitute one of the most important investor groups in Hungary; the 1700 US companies operating in the country employ more than 100 thousand people, the Minister said.
US companies have been satisfied with Hungary’s business environment and they feel content to be here. The fact that the US is the second largest investor in Hungary proves this. The Government of Hungary has so far concluded 14 strategic partnership agreements with US companies. In terms of trade volume, the US is Hungary’s thirteenth largest partner, and the volume of bilateral trade has increased dynamically in the past ten years. Innovation, goods and services of high added value are among the Government’s priorities and US companies are seen as ideal partners for helping the country to reach such goals, Mihály Varga noted.
Speaking of the to-do list of Hungarian economic policy, the Minister said that Hungary’s economy has been on a path of dynamic growth, and the rate of GDP growth was nearing the 5 percent mark. In order to maintain growth momentum, state expenditures must be reduced, investment must be facilitated, the investment environment must be made even more predictable and existing labour reserves must be activated through every tool at the country’s disposal, he stressed.
That is why the Government has been implementing measures in the fields of taxation, wage hikes, vocational educational and investment subsidies that can help improve the efficiency and market potential of enterprises. The National Competitiveness Council has been established to bolster the country’s competitiveness, and thanks to this step Hungary has advanced in several competitiveness rankings, he pointed out, referring to the fact that out of 140 countries Hungary now ranks as the 48th most competitive in the latest study by the World Economic Forum.
(Ministry of Finance)
