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New trade house to open

D&T
July 21, 2015

As a demonstration of further expansion into the American market, Hungary opened a trade house in New York in the early days of May. It will serve as a new gateway for Hungarian companies in the United States. Officials consider more offices to set up elsewhere in the country.

The new office in New York will help Hungarian SME’s to access the U.S. market by means of market representation, partner search assistance and market research primarily. Eleven Hungarian companies were represented at the inauguration, of which a ticket selling company Interticket, the pálinka manufacturer Hagyó Distilling and an interior designer and customized furniture manufacturer firm Müüska were given a special chance to present their business plans.

„It is our strategic goal that Hungarian SME’s could appear in North America in significant number since companies that could have a successful presence in the strongest market in the world would certainly succeed elsewhere as well.” - director of Hungraian National Trade House, István Szalai emphasized.

Hungarian companies show great interest in the American market. Companies in IT, agriculture and food industry, fashion-design, and in sectors such as construction and medical instruments are also looking for business opportunities.Via the Trade House, the sale of Hungarian medical mud began in the United States in March of this year.

After the opening of the Hungarian Trading House in New York, the 27th such trading house in the world, similar representative offices are to be opened in Canada and, depending on the results, probably in other regions of the United States, the Ministry of Foreign Affairs and Trade confirmed.

Trade partners
The United States of America is Hungary’s most significant trade partner outside Europe and export indicators rose by 8.1% last year. New York is one of the most important economic and commercial hubs in the world, giving home to flagship global corporations in the fields of IT, advanced industrial technologies and the health industry and being the number one market of many Hungarian companies representing advanced technologies. High quality Hungarian agricultural and processed food products, wines and health-rated products also have a prominent role there.
Today there are some 1,700 companies with American interests operating in Hungary, providing a living to over 80 thousand Hungarian people. These companies’ investments in Hungary have exceeded USD 9 billion, which qualifies as a significant contribution to the performance of Hungary’s national economy. Since 2012, the Hungarian government has signed a strategic partnership agreement with ten of these companies.

D&T

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