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United States Secretary of the Treasury Scott Bessent has spoken very positively and with appreciation about the performance of the Hungarian economy in several respects, and has taken note of the Hungarian government’s request for the re-binding of the double taxation agreement, Minister of Foreign Affairs and Trade Péter Szijjártó said in Washington on Wednesday.
Following his talks with the US Secretary of the Treasury, the minister said that Scott Bessent had confirmed that the entire administration, including President Donald Trump, is doing everything possible to bring the war in Ukraine to an end as soon as possible. “This is the best news for Hungary, which has been directly and severely confronted with the resulting difficulties for three years now,” he added.
“It is also good news that the Secretary of the Treasury spoke with very high appreciation and very positively about the performance of the Hungarian economy in two respects, he said.
First, he praised our action against inflation, which unfortunately has been needed in recent years to a greater extent, because the sanction inflation has caused difficulties in Hungary as well. Secondly, he praised the amount of investment we have recently brought into Hungary,”
he detailed.
The minister pointed out that the parties also agreed on the position against the global minimum tax, recalling that the Hungarian government had long blocked its introduction, while it was strongly advocated by the previous US administration under Joe Biden. One of the consequences of this conflict, he said, was the denunciation of the double taxation agreement by the US. The Secretary of the Treasury thanked Hungary for its opposition to the global minimum tax and confirmed that the current US administration is also opposed to it, he said.
Mr. Szijjártó also noted that during the meeting, he touched upon the difficulties arising from the termination of the double taxation treaty, which has posed challenges for US companies investing in Hungary.
The Secretary of the Treasury registered our request to resume negotiations in this regard as soon as possible.”
“The issue of sanctions was also discussed. I specifically pointed out that the placing of Antal Rogán on the sanctions list was clear political revenge of the former US ambassador who left Hungary in frustration. In addition, of course, we also raised the issue of the Biden administration’s sanctions measures, that are detrimental to Hungary’s energy security,” he said.
It is clear that there is agreement between the US and Hungarian governments on a number of economic and tax policy points, which provides a good basis for us to be able to continue economic cooperation in the coming period.”
The minister concluded by noting that the representatives of the companies attending the extraordinary meeting of the US-Hungary Business Council all assured that they are satisfied with their operations in Hungary, and almost without exception plan to expand their capacities there. “Thus, the plans that the representatives of the financial sector, the healthcare industry, the pharmaceutical industry, the energy sector have told me today, indicate that in the next few months, thousands of jobs are expected to be created in the US companies operating in Hungary that will also contribute to giving the Hungarian economy a new boost,” he said.
Via MTI, Featured image: MTI/KKM