With cumulative foreign direct investment totaling approximately $60 billion since 1989, the United States is one of Hungary's most important economic parners. The US is the 10th largest investor in Hungary and investments by US companies account for over 9 billion dollars.
Economic Relations: an overview
The United States is one of Hungary’s most significant overseas trading partners, both in terms of trade volume and real Gross Domestic Product (GDP). Of Hungary's non-European partners, total trade volume with the US ranks second only to China. Partly as a result of the global economic crisis in 2008, Hungary's trade surplus with the United States has decreased in size. Top Hungarian export industries include: computers electronics, heavy machinery and automotives. Top US exports to Hungary include circuit boards and pharmaceutical products.
Hungary is a regional financial hub for Central and Eastern Europe with cumulative foreign direct investment totaling approximately EUR 60 billion since 1989. The US is the 10th largest investor in Hungary and investments by US companies account for about 9 billion dollars. More than 600 American companies have subsidiaries in Hungary, many of them Fortune 500 listed.
The following US-based companies have made major direct investments in Hungary: GE, Alcoa, AES, Coca-Cola, O-l (Owens Illinois), General Motors, Guardian Industries, IBM, Lear Corporation, Pepsi Co, Sara Lee, Procter & Gamble, Visteon, Ford, Citibank, Emmis International, Emerson, Zoltek, PACCAR, Celanese, Exxon Mobil, EDS, Sykes, Jabil Circuit, McDonald’s, Burger King, National Instruments, HP, Cisco, Microsoft, Oracle, Johnson & Johnson, Pfizer, Lilly, Monsanto, Dow Chemical, to name a few.
The highest concentration of investment is found in the telecommunication, IT and automotive industries as well as in regional service centers. As a result, major international suppliers have also entered the Hungarian market generating jobs and revenue for many of their subcontractors. In the early 1990s, market based privatization was the main incentive for foreign investment. However, with privatisation virtually complete Hungary’s main focus in attracting FDI has increasingly shifted towards the service sector and the export of higher value-added products.
Our trade representatives play an ever growing role in Hungary's diplomatic missions: investment promotion, the cultivation of a suitable investment environment, and the maintenance of close contacts with key US corporate stakeholders and government decision makers are all significant tasks.
Currently Hungary seeks an expansion of E1/E2 business visas for citizens of Hungary looking to work and invest in the US while the Hungarian government also continues to work with the US to address their major bilateral economic priorities. These include the fight against corruption and greater enforcement of intellectual property rights.
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A Washingtoni Nagykövetség, a New York-i főkonzulátus és a Los Angeles-i konzulátus kereteiben működő külgazdasági attasé hálózat, illetve külgazdasági irodák feladata a magyar export fejlesztésével, a Magyarországra irányuló külföldi befektetésekkel és a Magyarországon bejegyzett vállalatok tőkekihelyezésével összefüggő állami feladatok ellátása, valamint gazdaságdiplomáciai tevékenység végzése az Egyesült Államokban.