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USHBC on second annual mission to Budapest

The U.S.-Hungary Business Council (USHBC) brought its second annual business mission to Budapest on Tuesday, state news agency MTI reported. The USHBC was established early last year by American businesses operating in Hungary to facilitate dialogue between U.S. business leaders and the Hungarian government.

Hungary aims to strengthen its economic ties with the United States, said Levente Magyar, minister of state for economic diplomacy, after meeting with the USHBC mission.   

“In the interests of developing bilateral economic relations, Hungary will be further expanding its economic diplomacy presence in the United States and will be representing the interests and performance of the economy in Texas, Florida and Boston,” Magyar said. “The Business Council enables large American corporations that already have significant investments here, or are seriously interested in trade and investment opportunities, to exchange their experiences with relation to Hungary,” he added.

USHBC Chairman Eric Stewart noted that the U.S. is the second biggest foreign investor in Hungary after Germany, adding that American companies want to take the top position.   

Representatives of the ten big companies in the mission want to expand bilateral ties and count on increased investments, Stewart said. They also want to create jobs here, he stressed, adding that government officials have welcomed the USHBCʼs ideas.      

U.S. companies have invested EUR 15.2 billion in Hungary, experts at the Ministry of Foreign Affairs and Trade told MTI. Investments by German companies add up to EUR 21.5 bln.