Marton Nagy - Photo:

National economy minister has professional consultation with AmCham reps

Marton Nagy, the national economy minister, had a professional consultation with AmCham representatives to the European Union on Thursday.

The officials discussed Europe’s attractiveness as an investment destination, its labour market, the single market, and economic developments, according to a ministry statement.

US companies form the third largest investor community in Hungary, with US FDI amounting to almost 9.4 billion dollars in 2021, or 9 percent of the total FDI stock, the statement noted.

Nagy said it was vitally important for the EU to boost its competitiveness and keep pace with the US and China, which back their own industries with consequential support — in contrast to the restrictions of the strict fiscal policy demanded by the Maastricht rules.

The minister briefed AmCham officials about his idea to provide European-level incentives for electric vehicle purchases.

Referring to the goals of Hungary’s upcoming EU presidency, Nagy told them that Hungary wants red tape that stymies economic players and member state authorities and obstacles to the single market to be removed.

Also, he said affordable energy was key to EU industrial competitiveness, and a mix of renewables and nuclear energy would be necessary to attain low prices.

Nagy said his ministry was examining the American Inflation Reduction Act (IRA) and how it affected EU industrial and trade policy.

Also, regarding the Artificial Intelligence Ordinance (AI Act), Nagy said Hungary wanted to ensure that measures in support of European businesses and developments should not end up increasing red tape while allowing EU member states enough freedoms to pursue their own policies.

The officials agreed on the importance of keeping contacts with reliable intermediaries who build bridges between decision-makers and businesses. They said a business environment that underpinned competitiveness and economic performance rather than holding it back was desirable, the statement said.

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