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Bell stresses importance of transparency

The transparency and predictability of regulations are the most important factors for foreign investors, U.S. ambassador to Hungary Colleen Bell said yesterday at a forum organized by the American Chamber of Commerce (AmCham).

Bell said that a foreign company that invests in Hungary wants to be certain that a given rule would not be arbitrarily changed from one day to another, and emphasized that in global competition, companies tend to choose the location of an investment based on the transparency of regulations in a given country.

Bell believes that it is a “misunderstanding” that the TTIP, which is currently under negotiation by the European Union and the United States, would only be beneficial for the United States. Bell said that the biggest misunderstanding in the Hungarian press was that the agreement would require Hungary to amend the clause in its constitution that keeps local farms GMO-free, and ensured that the States honors Hungary's stand and the constitution on this matter, she explained.

Bell praised the economic ties of Hungary and the United States, calling them “very significant” and emphasized the importance of further strengthening ties.

Réka Szemerkényi, Hungary’s ambassador to the United States, said that Hungarian-U.S. relations are “opening a new chapter” and noted that dialogue between the two countries is “more important than ever”. She added that Hungary is “determined” to strengthen cooperation between the two countries.

Also speaking at the forum, Hungary's new ambassador to the United States said there is a good opportunity "to open a new chapter" in Hungarian-US relations at the start of this year, and that this could benefit both countries.