The Minister of Foreign Affairs and Trade called Hungarian-American economic cooperation a true success story; following a meeting with the members of the US-Hungary Business Council in Budapest on Thursday, Péter Szijjártó highlighted the fact that the United States has become the largest investor in Hungary outside the European Union.

“The total value of investment from the United States exceeds 9 billion dollars; the 1600 American companies currently operating in Hungary provide jobs for some 100 thousand Hungarians”, the Minister said.

“The United States of America has become Hungary’s most important export market outside the EU, as well as its second most important trade partner and third largest source of imports”, he added. “Discussions within the framework of the US-Hungary Business Council concern enterprises that are already present in Hungary, since repeated investment is at least as important as new investments”, the Foreign Minister stressed.

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“Hungary is often criticised for an alleged lack of consultation, but cooperation with American enterprises contradicts these claims; the Business Council has also confirmed that consultations with enterprises occur on a regular basis”, he highlighted.

According to Mr. Szijjártó, some of the changes to tax regulations to be introduced next year are also the result of American recommendations, including a doubling of tax relief opportunities for companies that conduct research and development and significant tax breaks for enterprises that are capable of mobilizing the workforce, which balances differing geographical labour capacities.

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The Foreign Minster also reminded the press that Hungary has ten American strategic partners; the first such agreement was concluded with Coca-Cola.
With relation to the Transatlantic Trade and Investment Partnership (TTIP), Mr. Szijjártó said:

“Hungary has an interest in the conclusion of the transatlantic free trade agreement, providing this coincides with national interests. It would clearly be in the interests of the country for there to be as few as possible bureaucratic obstacles to economic relations with the United States”, he noted.

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Chairman of the US-Hungary Business Council, Mr. Eric Stewart, told reporters: “8 American companies have arrived in Budapest to discuss their future investments with the Hungarian Government”. According to Mr. Stewart, Hungary has been an excellent partner to the United States both strategically and militarily, in addition to which the fact that the country has cooperated with American companies so far is also appreciated.

The event was attended by, amongst others, Hungary’s Ambassador to Washington Réka Szemerkényi, US Ambassador to Budapest Colleen Bell and President of the Hungarian Investment Promotion Agency (HIPA) Róbert Ésik. The press conference was followed by the commencement of negotiations with American enterprises.

(Ministry of Foreign Affairs and Trade)