“Workplaces representing a high added value and level of technology will be created in their hundreds as a result of the Hungary-Ohio Economic Cooperation Agreement about to be signed”, Minister of Foreign Affairs and Trade Péter Szijjártó said in a telephone statement to Hungarian news agency MTI from Ohio. The Minister is holding talks with the directors of several large American corporations in the U.S. state, and on Monday will be signing a Memorandum of Understanding on the conclusion of a Hungary-Ohio Economic Cooperation Agreement with Director of the Ohio Development Services Agency Lydia Mihalik.

Mr. Szijjártó pointed out that cooperation with the U.S. economy is playing a huge role in the fact that Hungary has been performing increasingly well in recent years with relation to both attracting investment and increasing exports. The United States remains Hungary’s most important export market outside the European Union, in addition to which U.S. companies realised the second largest number of investments in Hungary, and the over 1700 American companies operating in Hungary provide jobs for 105 thousand people.

The automotive industry plays the most important role in this cooperation, and according to Mr. Szijjártó it is therefore particularly important for Hungary to establish close cooperation with states that provide the largest share of America’s automotive industry performance.

The Minister pointed out that Ohio has the third highest economic performance within the United States’ industrial output, and is in fourth place with relation to automotive industry performance, and for this reason economic cooperation between Hungary and Ohio plays an important role in determining the development of Hungarian-American automotive industry cooperation. Hungary-Ohio economic cooperation also plays an important role with relation to the development of American-Hungarian economic cooperation, he stated.

“The soon-to-be-signed Hungary-Ohio Economic Cooperation Agreement will result in enterprises from Ohio realising more investment projects in Hungary, thanks to which hundreds of new jobs will be created in Hungary, all of which represent a high level of added value and technology”, the Minister said.

Several of the United States’ Fortune 500 companies can be found in Ohio, and four of them are already present in Hungary with significant production and research capacities. According to  Mr. Szijjártó, 12 enterprises from Ohio have already invested in Hungary, and provide employment to 2600 Hungarians. The Minister pointed out that Procter & Gamble, Owens-Illinois, Dana, Eaton and Goodyear are among the largest enterprises in the United States, are all based in Ohio, and all have significant investments in Hungary. During his visit to Ohio, Mr. Szijjártó held talks with the directors of the majority of these corporations, as well as with the representatives of other major companies.

The Minister of Foreign Affairs and Trade pointed out that Hungary and Ohio are also closely linked by the fact that the State has the largest Hungarian population in the United States. “About one seventh of Hungarian Americans, some 200 thousand people, live in the State of Ohio, and they represent a very special link between Ohio and Hungary, and accordingly this is a lucky coincidence thanks to which Hungary-Ohio economic cooperation will receive new impetus in future”, Mr. Szijjártó said.

(Cabinet Office of the Prime Minister/MTI)