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Jun 15, 2017

Hungary builds relations with the United States

Mihály Varga, minister for National Economy, met with Indiana Governor Eric J. Holcomb and Indiana Secretary of Commerce Jim Schellinger to discuss economic partnerships and building bilateral relations

Hungary’s economy minister has met with representatives from US state Indiana to discuss economic cooperation options.

Mihály Varga, minister for National Economy, met with Indiana Governor Eric J. Holcomb and Indiana Secretary of Commerce Jim Schellinger to discuss economic partnerships and building bilateral relations.

Last year, the United States ranked 12th on Hungary’s list of trade partners, accounting for 2.8 percent of Hungary’s total trade turnover.

The minister pointed out that Hungary’s foreign trade with the USA has increased dynamically over the past ten years. The volume of exports has risen by 45 percent over the past four years, he revealed.

Minister Varga said that more than 1,700 subsidiaries of US companies were operating in the country, and these employ more than 93,000 people.

During the talks, all parties expressed long-term commitment to cooperation, as a result of which trade activity between Hungary and Indiana is expected to pick up.

Meanwhile, Péter Szijjártó, minister of Foreign Affairs and Trade, signed a memorandum of understanding on the conclusion of an economic cooperation agreement between the ministry of Foreign Affairs and Trade and the Indiana Economic Development Association.

Minister Szijjártó said it was historically significant because Hungary is the first country to conclude an agreement of this nature with the Midwestern U.S. state of Indiana.