The cooperation between Hungary and the United States plays an important role in the ever-improving performance of the Hungarian economy, said Finance Minister Mihály Varga who received Republican Senator Mike Crapo, Chairman of the US Senate Banking, Housing and Urban Affairs Committee in his office.

At the meeting the Finance Minister said it may further strengthen relations between the two countries if Hungary is close to the position of the incumbent US Administration on more issues, including the workfare economy, fiscal policy, family support and immigration.

The results of Hungary’s investor-friendly economic policy which seeks to support businesses are also emerging in relations between Hungary and the United States, Mr Varga pointed out, highlighting that the United States is our number one export partner outside Europe. Hungarian exports to the United States increased by almost 10 per cent last year, reaching USD 3.5 billion.

Also in the future the American party will look upon us as a reliable partner, the Finance Minister underlined, as the Hungarian economy’s ever-improving performance, balanced macro-economic indicators, qualified work force and reduced tax burdens continue to attract significant investment capital to Hungary.

In 2018 developments worth HUF 8,500 billion in total were implemented in Hungary which represents a 17 per cent increase on the year before. Thanks to this, Hungary’s investment rate above 25 per cent is the second highest in the European Union. US firms represent one of the most significant investor communities in Hungary; the some 1,700 US businesses operating in Hungary provide jobs for more than 100,000 Hungarians, he added.

The Minister said Hungarian-US relations are equally crucial from the viewpoint of security policy and the economy. An agreement on the exchange of tax information between the two countries entered into force last December. This enables the tax authorities of Hungary and the United States to gain a better insight into the operation of multinational companies.

(Ministry of Finance)