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Despite the current international environment, Hungarian-American economic and investment cooperation is a huge success, said Péter Szijjártó, Minister of Foreign Affairs and Trade, on Wednesday in Budapest in an announcement concerning Emerson Automation Technology Solutions investment.
The American industrial company is expanding its center of excellence in Székesfehérvár (central Hungary) as part of a HUF 2.5 billion (EUR 6.2 million) program and is also launching a research and development project in Debrecen. The Minister said that the state will provide half a billion HUF (EUR 1.3 million) in support for this, helping to create 56 highly qualified new jobs.
In his speech, he also mentioned that the government has now signed a strategic cooperation agreement with Emerson, the fifteenth American company in this category, meaning that only German companies are ahead of the U.S. ones, with sixteen such agreements signed so far.
Photo: Emerson Facebook
He went on to emphasize that Hungarian-American relations have experienced ups and downs in recent years, but this year, the inauguration of President Donald Trump marked the beginning of a new era in the relationship, which can now best be described as “friendship,” as the two sides share a similar view of the most important dilemmas facing the world, whether it be sovereignty, immigration, family support, or traditional values.
Péter Szijjártó welcomed the fact that the new era is also evident in bilateral economic cooperation, and emphasized that American companies constitute the third largest investor community in Hungary, with more than 1,500 companies employing roughly 100,000 people, and trade turnover records having been broken in each of the past three years.
Economic cooperation, based on investments by American companies in Hungary, is an important cornerstone of the new golden age of American-Hungarian relations.”
“In recent months, we have announced several major American corporate investments here in Hungary, which confirms (…) that the talent and diligence of Hungarian workers are one of the most important attractions for American investors,” he said.
“It is clear that Brussels is making mistake after mistake in its economic policy. It has failed to reach a good agreement on customs cooperation, even though it was perfectly clear what needed to be done. The European Union should have reduced its customs duties on the United States at the beginning of this year. Unfortunately, this did not happen, and so we lost a very important basis for the possibility of good customs cooperation,” he said.
Via MTI; Featured image: Miniszterelnöki Sajtóiroda/Fischer Zoltán