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October 17-19Hungarian Investment and Trade Roadshow in Texas– Minister Veres, Ambassador Somogyi Visit President Bush Sr."Hungary – America’s Business Hub to the EU"
Hungarian
Business Development Mission in Texas
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Minister of Finance János Veres addressing the Greater Houston Partnership |
The Business
Development Mission, co-led by United States Ambassador to Hungary April H.
Foley and Hungary’s recently appointed Ambassador to the United States
Ferenc Somogyi, was highlighted by the presence of Hungary’s Minister of
Finance János Veres, Deputy Minister for the Ministry of Economy & Transport
Ábel Garamhegyi, CEO for Hungary’s Investment and Trade Development Agency (ITDH)
György Rétfalvi, U.S. Embassy’s Commercial Counselor Patricia Gonzalez, and
AmCham Hungary’s CEO Peter Fáth. Rob Mosbacher, President of the Overseas
Private Investment Corporation, was the special guest in the Houston
program.
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President George H. W. Bush with Ambassador Ferenc Somogyi, Deputy Minister of Economy Ábel Garamhegyi and Minister of Finance János Veres |
The purpose of this bi-lateral delegation was to present the business case
for U.S. companies to consider Hungary as their commercial hub in the EU.
Hungary has attracted more than US$71.5 billion total in FDI since 1989,
with the U.S. accounting for nearly US$10 billion. EU membership increased
infrastructure development, improved highways, telecommunications, the
electricity grid, and waste management, are only a few of the advancements
that have strengthened the business environment. Hungary enjoys a
well-developed financial sector and sound legal systems that contributed to
its 4 percent GDP growth in each of the past three years. Hungary is slated
to receive EUR 23 billion in EU funds over the next 7 years, offering
outstanding opportunities for U.S. companies, either via their EU
subsidiaries or through partnerships with Hungarian companies.
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President George H. W. Bush and Ambassador Ferenc Somogyi |
The first stop of the Road-show was in Houston, Texas where the delegation
jointly with the Greater Houston Partnership hosted a successful event.
After welcoming remarks, U.S. companies already present in Hungary shared
first-hand information about their business experiences in Hungary. Trade
between Hungary and Houston totaled more than $327 million in 2006.
Following the discussions the delegation paid a courtesy visit to President
George H. W. Bush in his Houston office.
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CEO of AmCham Hungary Péter Fáth, Deputy Minister of Economy Ábel Garamhegyi, Minister of Finance János Veres, U.S. Ambassador to Budapest April Foley, President George H. W. Bush, Ambassador Ferenc Somogyi, Honorary Consul Phillip Aronoff, CEO of ITDH György Rétfalvi |
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Honorary Consul Phillip Aronoff, CEO of ITDH György RétfalviDeputy Minister of Economy Ábel Garamhegyi and Ambassador Ferenc Somogyi |
The second stop in Texas was in the capital city, Austin, where the next
series of presentations took place at the Hyatt Regency Austin with the
generous help of The University of Texas at Austin IC² Institute - Global
Commercialization Programs and the Austin Chamber of Commerce. Following
the panel discussion the delegation met with Lieutenant Governor David
Dewhurst at the Capital Building.
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U.S. Ambassador to Hungary April Foley addressing the Austin business community with the U.S. Embassy's Senior Commercial Officer Patricia Gonzalez, Ambassador Somogyi and Minister Veres at the speakers' table |
The Road-show’s last location was in Dallas, where the Greater Dallas Chamber provided location was filled with local businessmen. The discussion covered different aspects of why Hungary is a logical choice to invest. In the afternoon the delegation had a chance to visit Dallas County judge Mr. Jim Foster.
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Ambassador Ferenc Somogyi addressing the Greater Dallas Chamber at the last stop of the road show |
There were numerous business meetings during the round trip. The members of the delegation and the program participants have identified huge opportunities to further widen and deepen the business relationships between Hungary and the State of Texas.