Formation of American-Hungarian Business Council opens ‘new dimension’ in ties, says foreign minister in NY

Washington, DC, February 16 (MTI) – The founding of the American-Hungarian Business Council has opened a “new dimension” in Hungary-US economic relations, Foreign Minister Péter Szijjártó said after taking part in the council’s founding session in New York on Tuesday.

The organisation’s aim is to help further develop already existing ties between the Hungarian government and American companies and to encourage new American investments in Hungary, the minister said, adding that Eximbank will open a 550 million dollar credit line to help boost investments.

He said the council was founded by eleven companies, among them major players like Johnson & Johnson, a Coca-Cola, Eli Lilly, Pfizer and Warburg-Pincus.

Szijjártó said the 1,600 American firms doing business in Hungary have invested a total of 9 billion dollars in the country. Forty of the fifty biggest US-based multinational companies are present in Hungary, he said.

Szijjártó also signed agreements with several companies doing business in Hungary on expanding their capacities at their Hungarian premises. Without naming the companies themselves, the minister said the new investments concern the automotive, financial and IT sectors.