The most dynamic market in America awaits Hungarian companies

By: Trademagazin Date: 2023. 05. 05. 11:25

Security of capital, knowledge of the local market and appropriate relationships: this is necessary to start a successful business in one of the most competitive markets in the world – it was revealed at this year’s most significant public American-Hungarian business event. At the invitation of the Budapest Chamber of Commerce and Industry (BKIK) and the American-Hungarian Chamber of Commerce (AmHunCham), a high-ranking business delegation from the state of New Jersey arrived in Budapest to present the American capital investment and company start-up opportunities to Hungarian economic organizations and Hungarian businesses.

The SelectUSA Summit program, which has been presented by BKIK at several events over the past year, provides an excellent opportunity for domestic companies and working capital investors aspiring to enter the American market. A business delegation from the state of New Jersey arrived in Hungary as part of a series of events supporting entry into the foreign market, and they presented the American market opportunities to the participating companies. At the event held on April 27, the Democratic Senator of the State of New Jersey, Gordon M. Johnson, held a round table discussion with the heads of Hungarian foreign trade institutions in the presence of domestic businesses interested in American opportunities. At the event, representatives of the New Jersey Chamber of Commerce and Industry (CIANJ) gave a presentation on the trade relations between the two countries.

It became clear from the conversations and presentations: it is easy to start a new company in the United States, but at the same time, it must be seen that the competition is orders of magnitude stronger than in Hungary, so growth is not easy. Effectiveness requires relationship capital, which similar business meetings provide a good opportunity to create, and CIANJ and AmHunCham also help businesses in this. Anthony Russo, president of CIANJ, emphasized that, in addition, financial support is available in the form of state support, and they can provide personalized service packages, training, and incentives for regional businesses in the United States.

“In order for a business to successfully establish a foothold in a frequented, vibrant market like the New Jersey region, it is essential to have adequate knowledge of the local economy, know the legal environment, understand the specifics of the local market and have the right connections. This is also why we strive for close cooperation with AmHunCham, since with their help, companies that are mature enough to expand abroad can acquire the appropriate knowledge and capital of contacts.”

– said Elek Nagy, the president of BKIK.