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Jul 16, 2019

Finance Minister: Financial ties between Hungary and the US are on the up

Following talks with David B. Cornstein, the US Ambassador to Hungary, Finance Minister Mihály Varga said there are a number of schemes available to Hungarian firms that can help them break into the US market.

The Finance Minister has said economic and financial ties between Hungary and the United States are on the up and an increasing number of Hungarian companies are entering the American market.

Following talks with David B. Cornstein, the US Ambassador to Hungary, on Monday, Finance Minister Mihály Varga said there are a number of schemes available to Hungarian firms that can help them break into the US market.

Minister Varga and Cornstein agreed that bilateral economic cooperation was successful, noting that the US is Hungary’s top export partner outside Europe and American companies are Hungary’s biggest non-EU investors.

The Minister added that the increase in American investors indicates that they are satisfied with the local business environment and the country’s political stability, noting that the US is Hungary’s third largest investor in terms of FDI.

Minister Varga stressed that the government’s aim is to make Hungary one of the most competitive investment environments in Europe. To this end, the government is working to boost vocational training and continue lowering taxes on labor, having already reduced the corporate tax rate to 9 percent.

More and more Hungarian companies are establishing a presence on the American market mainly in the infocommunication technology and biotechnology sectors, he said. The recently inaugurated Business Promotion and Development Campus in Washington, DC, will provide further support for innovative Hungarian firms looking to enter the US market, he added.

Photo credit: hirtv.hu