Péter Szijjártó held talks with leaders of IBM, General Electric and BorgWarner among other companies, as well as representatives of the US Hungary Business Council (USHBC) and the Business Council for International Understanding (BCIU) on the sidelines of the 72nd session of the United Nations General Assembly.

Speaking to MTI, the minister noted that Hungary has the lowest corporate tax rate in Europe and said American companies cite the Hungarian government’s investment-friendly policies among their main reasons for investing in Hungary. The Hungarian economy is entering a new phase with the focus shifting toward higher value-added R+D-based sectors, he said.

The government’s goal to make these sectors the driving force of the economy coincides with the investment plans of US companies, he added. US businesses no longer view Hungary just as a destination for production facilities but also as one for research and development, Szijjártó said.

This is why over the coming period American companies already present in Hungary with production units will install development and service centres in the country, too, he added. A number of US companies are building these centres in the form of greenfield investments, Szijjarto said.

Over the coming period, US businesses will contribute significantly to the Hungarian economy‘s entry into a new phase based on R+D and linking production and digitalisation, he added. Szijjártó said there are over 1,700 US-based firms doing business in Hungary employing more than 100,000 people, making the United States the second largest investor in Hungary after Germany.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: KKM