AmCham Business Forum: HIPA Dedicated to Boost the Number of High-Value Added Investments

AmCham Business Forum: HIPA Dedicated to Boost the Number of High-Value Added Investments

2024. 05. 13.

American companies form the fourth largest investor community in our country, and economic relations stand the test of time. Hungary does everything to ensure that US businesses would continue to bring FDI here, stressed HIPA CEO Mr. István Joó at AmCham Hungary’s Business Forum. He also underscored that the Hungarian investment promotion strategy is deeply driven by placing the focus on incentivizing R&D and other knowledge-intensive activities.

AmCham and HIPA go way back. In fact, the two organizations are celebrating 10 years of close cooperation this year which means that collaboration started right upon the establishment of the Agency. The annual Business Meets Government gathering is the absolute highlight of this remarkable working relationship as a result of which a series of proposals have been implemented to boost the country’s competitiveness.

AmCham has recently released its latest recommendation package on the cooperation for a more competitive and sustainable Hungary. “We welcome the Chamber’s strategic insights. We will do everything in our power to ensure that the highest possible number of those recommendations actually get implemented, with special regard to those that are meant to further improve the business climate,” Mr. Joó praised the document.

HIPA’s CEO also acknowledged the immense contribution of US investors to the development of the Hungarian economy.

During its 10-year existence HIPA closed over 2,000 deals in value of EUR 49 billion to create 150,000 new jobs. For further success, though, as Mr. Joó pointed out, infrastructure upgrades, an attractive incentive and tax environment, productivity enhancement, a skilled workforce are all must-haves.

Out of those productivity is probably of the highest priority which can be boosted by R&D tremendously. And HIPA is dedicated to support companies in that endeavor as related investments enjoy more benefits than ever.

“We want to create a supportive environment in our country so that the factories here will take it for granted to launch massive R&D efforts. It is very important that our support can convince the corporate managements that such projects can be carried out in Hungary under the most optimal circumstances. We have also adapted our higher education and vocational training systems to ensure that we have the right workforce to meet the needs of research and development,” Mr. Joó concluded.