The United States is the largest non-EU investor in Hungary and its most important export partner outside Europe, Finance Minister Mihály Varga said at a business forum held by the American Chamber of Commerce in Budapest.
About 1,700 American companies employ about 106,000 Hungarian citizens, and 14 of the Hungarian government’s 81 strategic partners are owned by Americans. Bilateral trade is expanding, increasing by 2.3 percent to reach $5.8 billion in 2019. – said the politician. The United States’ share in total Hungarian foreign trade was 2.4 percent, with a weight of 2.8 percent, and it ranked 12th in exports and first among countries outside the European Union, while it ranked 14th in imports with a share of 2.1 percent. – explained Mihaly Varga.
He also reported that a week and a half ago, at the US-Hungarian Business Council meeting, they received information about a number of promising projects that American companies plan to implement in Hungary, and negotiations are continuing.
According to data from the Hungarian National Bank (MNB), the investment portfolio from the United States amounted to 11.6 billion euros in 2018, and this area is performing well, but at the same time there are opportunities for growth, according to the head of the portfolio. .
he added: In 2019, the most investments ever came to Hungary, with the government approving 101 major investments with large foreign and Hungarian companies, amounting to 1,705 billion Hungarian forints. This is an absolute record, reaching 4 percent of GDP last year – Confirm. The government helped realize these investments in the amount of HUF 156 billion. Hungarian-owned companies made ten major investments in 2019, with a total value of 126 billion Hungarian forints.
The Minister of Finance stressed that the government gives priority to promoting development, which is why the Economic Defense Working Tribe discussed at its last meeting accelerating and supporting investments, which allocated new resources from the budget for this purpose.
Hungary still has an excellent investment rate. In the second quarter of this year, the index reached 27.6%, which is considered impressive at the EU and regional levels. This indicates that economic actors still believe in the future, and have the courage and ability to invest – Tell.
After the presentation, Mihály Varga told reporters: During the meeting, he presented a report to foreign investors about the prospects of the Hungarian economy. Consistent economic policy decisions and fiscal steps in the past years have created the opportunity to support investments with fiscal and tax incentives in the current situation. In recent months, in order to improve the country’s competitiveness, more than 300 companies have decided to invest, and these companies are developing despite the crisis.
According to the minister, the message is the most important: a good economic environment and a low level of corporate tax are the most favorable conditions for foreign investors. Along with other government decisions, these decisions will enable the planned investments to be achieved. At the moment, there are no investors who would withdraw from investments, and this must be maintained – concluded Mihaly Varga.
