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Economic and Security Cooperation with the U.S. a “Real Success Story”

MTI-Hungary Today 2024.03.08.

Last year, trade between the United States and Hungary exceeded nine billion dollars, breaking the record again, while U.S. investments continue to flow into Hungary, Foreign Minister Péter Szijjártó said in Washington on Thursday.

Minister Szijjártó said that last year, bilateral trade exceeded a record breaking nine billion dollars, and the United States is now Hungary’s most important export market outside of the European Union. “Meanwhile, U.S. investment in Hungary is growing. Since 2014 (…) we have provided financial support to 111 major U.S. investments. It is no wonder that there are now 1,700 American companies operating in Hungary, providing jobs for more than 100,000 Hungarians,” he said.

Minister Szijjártó added that he would later meet with the President of the U.S-Hungary Business Council and the heads of its member companies, whom he would inform that the Hungarian economy has now overcome the difficulties caused by the war inflation last year, and that they have managed to reduce the rate of price increases, so that they can focus on growth again this year.

The Hungarian politician added that there has been significant U.S. investment in the automotive, electronics, and services sectors, as well as at the top level in research and development, such as pharmaceuticals and information technology.

He said that

U.S. companies are already the second largest investor community in Hungary.

Minister Szijjártó also pointed out that Hungarian-American security policy cooperation is also a success, with Hungary playing an active role in the coalition against the Islamic State, and is one of the few NATO member states that meet the two percent of GDP target for defense spending.

Another important point he stressed, is that nuclear energy plays a major role in both countries. “Of course, we also know that nuclear energy is based on a great deal of international cooperation, because if it were not, it would not have happened that last year, Russia was the number one supplier of uranium to the United States,” he noted.

The Minister concluded by emphasizing that all of this demonstrates how the U.S.-Hungarian relationship is a real success story outside the political sphere.

If you only look at the surface of communication, this statement may come as a complete surprise, as we can see that in the political field, Hungarian-American cooperation is currently far below the level we have become accustomed to under Donald Trump’s presidency,”

he said.

He added: “We can see how the U.S. Democratic administration and certain U.S. organizations are trying to gain influence in Hungarian domestic politics, or how we see the often completely unfounded and hurtful criticisms, but despite all this, outside of political cooperation, Hungarian-American cooperation is a real success story.”

U.S. Company's Investment Boosts Success of Automotive Sector
U.S. Company's Investment Boosts Success of Automotive Sector

The project will create 80 new jobs in Székesfehérvár.Continue reading

Via MTI, Featured image: Facebook/Szijjártó Péter

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