U.S. ambassador praises Hungarian business climate

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U.S. ambassador to Hungary David B. Cornstein has praised Hungary’s business environment at a meeting in Budapest.

Hungary has a very low corporate tax rate and a pro-enterprise government, Cornstein said at a meeting of the American Chamber of Commerce in Budapest. He said U.S. companies had over 100,000 employees in Hungary and this number could rise further due to the Hungarian government’s economic policies.

He said Hungary had a very capable and intelligent workforce and encouraged U.S. businessmen to continue investing in Hungary that still had ample further economic potential.


Hungarian ambassador to the U.S. László Szabó (L) and U.S. ambassador to Hungary David B. Cornstein (R).

He also said Hungarian dependence on one single supplier for 80 percent of its energy needs (Russia) was bad, adding that the U.S. was working on providing 40 percent of Hungary’s energy needs. Referring to the issue of the Budapest-based Central European University he said it would be very bad if the institution had to move to Vienna, but added that a solution was near.

At the same meeting, Hungarian ambassador to the U.S. László Szabó said that in U.S.-Hungarian relations changed significantly in the past few years and there have been many positive developments. He also added that in the second quarter of the year Hungarian exports to the U.S. rose by six percent and imports by four percent.

Szabó also announced that an incubator for Hungarian businesses will shortly be opened in Washington and said that when he took office one year ago, his main goal was to facilitate the arrival of liquefied natural gas (LNG) to Hungary. There have been positive developments in that respect and hopefully Hungary could reduce its dependence on Russian natural gas.

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