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Jul 17, 2018

Hungary is determined to maintain strong bilateral relations with the USA

Bilateral trade between the two countries exceeded 5.4 billion USD in 2018

Hungary is determined to maintain strong bilateral relations with the USA, the finance minister said. 

Mihály Varga, minister of Finance, revealed that in 2018 the volume of bilateral trade between the two countries exceeded 5.4 billion USD. 

Minister Varga made the revelation as he visited the Amazon headquarters and met with Vice Presidents Susan Pointer and Dave Bozeman in Seattle.

The minister noted that in 2017 Hungary had a positive trade balance of one billion USD with the USA and this demonstrates the importance of the relationship between the two countries.

According to kormany.hu, the volume of Hungary’s mail order and internet retailing, which accounts for 4 percent of the total volume of retailing, grew by 28 percent year-on-year in 2017. 

The minister said that based on steady economic growth and double-digit wage growth, the retail sector is expected to see long-term growth.

Minister Varga also visited the headquarters of Boeing Group during his official visit. 

The minister revealed that the Hungarian government has provided a large grant for the building of an engineering centre by Germany-based aircraft component manufacturer and Boeing supplier Diehl in Debrecen. 

Hungary has also been committed to supporting joint R&D and other initiatives, the minister concluded.