Jul 21, 2016

Hungary steps up trade partnership with United States

The new deals will create hundreds of new jobs in Hungary in the automotive, film and agriculture sectors

Hungary has stepped up its partnership with the United States after signing three new trade deals, it has been announced.

Péter Szijjártó, minister of Foreign Affairs and Trade, concluded the new Hungarian-American economic agreements in the United States during his two-day visit to Washington D.C.

The minister confirmed that a new, automotive industry supplier will invest 15 billion HUF in Hungary and the project will create 200 new jobs

The minister hailed the Hungarian-American economic co-operation as a success story and highlighted that there are currently 1,600 American enterprises operating in Hungary employing more than 100,000 people.

Last year, the United States became the second highest investor in Hungary, meaning the USA is now Hungary’s largest foreign investor outside the European Union.

The new deals will supply car manufacturers in Hungary and Central Europe. An agreement was also formed with the world’s largest agricultural machinery manufacturer, which will be making grain silos in Hungary and creating 100 new jobs.

Szijjártó also signed an agreement with one of the United States' largest media corporations concerning the filming and production of shows in Hungary.