Relations between Hungary and the United States are improving also in the areas of the economy and finances, Finance Minister Mihály Varga pointed out after he received US Ambassador to Budapest David B. Cornstein in his office.

Regarding the opportunities of Hungarian businesses in the United States, the Finance Minister said Hungarian companies can join a number of programmes which help them to gain access to US markets.

The negotiating parties agreed that Hungarian-US economic cooperation is successful as the United States is our number one export partner outside Europe, and US companies represent the most significant investor community outside the EU in Hungary. The increasing number of US investors indicates that American businesses are satisfied with the Hungarian business environment and political stability, Mr Varga added, mentioning that the United States is the third most important investor as regards direct foreign capital investments.

DownloadPhoto: Ministry of Finance

The goal of the Hungarian government is to create one of the most competitive investment environments in Europe, Mr Varga stressed. He highlighted that, to this end, in addition to gradually reducing the taxes on live work force and the corporation tax to 9 per cent, we also wish to help businesses through the reinforcement of vocational training.

DownloadPhoto: Ministry of Finance

Mr Varga said more and more Hungarian companies are present on the US market, mostly in the fields of infocommunications technologies, life sciences and biotechnology. The recently inaugurated Business, Promotion & Development Campus in Washington will provide further support for innovative Hungarian businesses intending to access US markets. Additionally, David Cornstein himself plays a major role in the development of corporate relations between the two countries: he attended the SelectUSA investment summit held in June as the official US head of the Hungarian business delegation. It is an important result that, according to plans, from the autumn of 2019, the first Hungarian start-ups travelling to the US will be received in the United States within the framework of a model programme.

Mr Varga described the tax information exchange agreement signed last autumn as an important milestone from the respect of financial relations between the two countries.

(Ministry of Finance/MTI)