Hungary FM: Hungary–U.S. Economic Ties Strong Despite Brussels's Mistakes

Despite the volatility of the international environment and a series of mistakes by Brussels, Hungary–U.S. economic cooperation is performing exceptionally well, leading to a growing American corporate presence in the country, Foreign Affairs and Trade Minister Peter Szijjarto stated in Budapest on Thursday, according to the ministry’s briefing.

Peter Szijjarto, Hungary's Foreign Affairs and Trade Minister (Source: Facebook/Peter Szijjarto)

He explained that this is a particularly innovative project in which the company builds platforms enabling various industries to digitally develop their production activities without requiring fundamental software development knowledge or qualifications.

“The expansion of Tulip’s presence in Hungary provides a tremendous opportunity for Hungarian development engineers. Moreover, groundbreaking technological developments are taking place here in Budapest that immediately place the work of Hungarian engineers among the global frontrunners in the field,” he said.

Szijjarto pointed out that relations with the United States hold a prominent place and role in every country’s foreign policy strategy, and in Hungary’s case, these relations have experienced both highs and lows in recent years.

He welcomed that with the inauguration of President Donald Trump earlier this year, “bilateral cooperation has entered a completely new dimension defined by political friendship,” in which both sides see the world’s current major dilemmas similarly, whether it concerns border protection, migration, families, or the issue of peace and war.

"And this new golden era in Hungarian–U.S. relations is underpinned by our stable economic cooperation,”

he emphasized.

Szijjarto highlighted that in recent months, American corporate investments in Hungary have significantly expanded, which is a major achievement considering the current international environment is neither particularly calm nor predictable.

The minister noted that the series of blunders made by Brussels has cast a dark shadow over U.S.–European economic cooperation. There is still no customs agreement bridging both sides of the Atlantic due to these missteps.

“But despite these mistakes by Brussels, the special Hungarian–US economic cooperation is functioning exceptionally well. Since the start of this year, a series of US corporate investments based on research and development, engaging in highly innovative activities, harnessing domestic engineering and research capacities, and significantly contributing to the dimensional shift of the Hungarian economy, have been arriving in Hungary,” he said.

To support this, he emphasized that over 1,500 American companies are now operating in Hungary, employing more than 100,000 Hungarians, thus contributing significantly to full employment.

“The figures of American corporate presence are also reflected in trade data, as we are now approaching USD 10 billion in trade turnover with the United States. Over the past ten years, the government has supported the Hungarian investments of 145 major US companies, resulting in the creation of around 20,000 jobs.”

Finally, the foreign minister noted that in recent months, the government has made significant changes to its program supporting research and development investments, making conditions much more flexible with the goal of encouraging international companies to bring their most revolutionary innovations to Hungary and register their patents here.

Cover photo: Peter Szijjarto, Hungary's Foreign Affairs and Trade Minister (Source: Facebook/Peter Szijjarto)