Minister for National Economy Mihály Varga Meets With Representatives From the US-Hungary Business Council

Publicated on: June 28, 2017

Hungarian Minister for National Economy Mihály Varga met with a delegation from the US-Hungary Business Council (USHBC) in Budapest from June 27-28 to facilitate more active dialogue between the Government of Hungary and the US business community. In total, 10 large US corporations sent representatives to Hungary as part of the USHBC delegation.

Following the meeting – only the second Budapest Business Mission ever organized – Minister Varga reaffirmed the strength of US-Hungarian bilateral economic relations and highlighted the fact that the United States is Hungary’s largest non-EU export partner and largest source of foreign direct investment (FDI).

“The Business Council enables large American corporations that already have significant investments here, or are seriously interested in trade and investment opportunities, to exchange their experiences with relation to Hungary,” added Levente Magyar, Minister of State for Economic Diplomacy of Foreign Affairs and Trade.

The State Minister also stated that “in the interest of developing bilateral economic relations, Hungary will be further expanding its economic diplomacy presence in the United States and will be representing the interests and performance of the Hungarian economy in Texas, Florida, and Boston.”

Chairman of the USHBC Eric Stewart similarly pointed out that thanks to investor-friendly measures taken by the Hungarian Government including last year’s reduction of the corporate tax rate to 9%, 40 of the 50 largest US multinational corporations have invested more than $18 billion in Hungary employing 100,000 Hungarians locally.

Established in 2016, the US-Hungary Business Council (USHBC) provides an institutionalized platform for direct dialogue between the Hungarian Government and the American business community at regularly scheduled meetings and an annual business mission held in Budapest.

Click here to read the blog post of US-Hungary Business Council President Eric Stewart entitled "Hungary-US relations: the wave is coming".

(Ministry of Foreign Affairs and Trade/MTI)

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