Based on the total volume of exported goods and services, the United States is one of Hungary’s most significant overseas trading partners. 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. The top Hungarian export products: computers and parts, chemicals, automotive and parts. Top US exports to Hungary include circuit boards, pharmaceutical products.
Hungary is a regional center for Central and Eastern Europe with cumulative foreign direct investment totaling about EUR 60 billion since 1989. The US is the 10th largest investor in Hungary. Investments by US companies account for about 9 billion dollars. More than 600 American companies have subsidiaries in Hungary, many of them represented on the Fortune 500 list.
The following U.S.-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. Today US investors are not only present in every sector of the Hungarian economy.
The highest concentration of investment can be 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 and in the process also generated revenue for many of their subcontractors. In the early 1990s, market based privatization was the main incentive for foreign investment. With privatisation virtually complete, Hungary’s main focus in attracting FDI has increasingly shifted to products and services representing high value added.
Our trade representatives play an ever growing role in Hungary's diplomatic missions: investment promotion, introduction of the Hungarian economy and investment environment, braking down trade barriers and maintaining close contacts key US corporate and government decision makers are all significant tasks.
An agreement on the E1/E2 business visa for citizens of Hungary would serve to further improve our relationship. From the US perspective, visibility of the decisions made by the Hungarian Government but also the continuation of the fight against corruption and to further enforce intellectual property rights are the main priorities.