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Briefing notes

US investments can accelerate the restart of the economy

With tax cuts and investment support, we will continue to restart the economy and improve the business environment, Minister of Finance Mihály Varga said.

Minister of Finance Miháy Varga emphasized at the meeting of the American-Hungarian Business Council (USHBC) that confidence in the Hungarian economy remains unbroken, based on the feedback received from American companies, reported MTI.

Through the American-Hungarian Business Council established in New York in 2016, large American companies that already have significant investments in Hungary or are interested in trade and investment opportunities will present their experiences in Hungary, the Ministry of Finance wrote in its statement.

The top executives of the most renowned American companies, organized by USHBC, visited Budapest for the sixth time to meet with a delegation of 10 large American companies and discuss the protection of jobs. Varga emphasized that the Hungarian economy, which is expected to expand at a rate of more than 7 percent this year, offers serious opportunities for investors.

The United States is Hungary’s largest investor outside of Europe, with about 1,700 American-owned companies employing roughly 106,000 people in the country. Of the 50 largest US companies, 40 are present in Hungary, and trade turnover between the two countries reached USD 5.8 billion in 2020. Despite the epidemic, US investments created about 2,500 jobs in Hungary in 2020, accounting for a quarter of all jobs created by foreign investors last year and making the US the top investor in this respect, the minister said.

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