In the EU development period of until 2020 the Hungarian Government puts greater than ever focus on consolidating the entrepreneurial sector, for which the inauguration of the Trading Office in New York will open a new gate in the United States, Minister of National Development Miklós Seszták pointed out at the inauguration ceremony of the first Hungarian Trading House in North America at the Consulate General of Hungary in New York on Tuesday.

The Hungarian National Trading House (HNTH) signed an agreement with the Hungarian-American Trading House in March, which will help the access of Hungarian SME’s to the market of the United States by market representation, partner search assistance and market research primarily. The minister said that the opening of the representation office would open a new chapter in the history of Hungarian-American relations and further strengthen the bond between the two countries.

"The economic alliance between the two countries is of priority importance for Hungary”, Mr. Seszták emphasized.

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Today there are some 1,700 companies with American interest operating in Hungary, giving a living to over 80 thousand Hungarian people, the minister said. These companies’ investments in Hungary have exceeded USD 9 bn, which qualifies as a significant contribution to the performance of Hungary’s national economy. Since 2012, the Hungarian Government has signed a strategic partnership agreement with 10 of these companies already.

Hungarian Ambassador to the United States Réka Szemerkényi underlined in her address that the free trade agreement between the European Union and the United States (TTIP), being worked out, was of key importance for enhancing the competitiveness of the Transatlantic partners and consolidating the traditional European-American alliance.

"Attaining the common objectives through the finalized agreement would serve the interests of all parties in this alliance ", the head of the diplomatic mission said. “Those that benefit most from this will, however, be small and medium enterprises”, she pointed out.

Eleven Hungarian companies were represented at the inauguration, of which a ticket selling company Interticket, a firm manufacturing and selling wine and pálinka manufacturing instruments Hagyó Distilling and an interior designer and customized furniture manufacturer firm, Müüska were given a special chance to present themselves.

Director of HNTH István Szalai emphasized it was treated as a strategic goal that Hungarian SME’s could appear in North America in significant number since companies that could have a successful presence at the strongest market in the world would certainly succeed elsewhere as well.

The United States of America are Hungary’s most significant trade partner outside Europe and export indicators rose by 8.1% last year. New York is one of the most important economic and commercial hubs in the world, giving home to flagship global corporations in the fields of IT, advanced industrial technologies and the health industry and being the number one market of many Hungarian companies representing advanced technologies. High quality Hungarian agricultural and processed food products, wines and health-rated products also have a prominent role there.

Hungarian companies show great interest in the American market and the opening of the trading house makes market entry in the USA more accessible for us, be it about IT, agriculture and food industry, fashion-design products, medical instruments, the construction industry or premium category products related to other industries. Via the Trading House, the sale of Hungarian medical mud began in the United States this March already.

After the opening of the Hungarian Trading House in New York, the 27th such trading house in the world, similar representative offices are to be opened in Canada and, depending on the results, probably in other regions of the United States as well.

(Ministry for National Development)