US ambassador stresses importance of regulatory transparency, predictability

Budapest (MTI) – International investors most prize transparent regulations and predictability, the US ambassador in Budapest said on Wednesday.

Colleen Bell told a business forum of the American Chamber of Commerce that any company investing abroad wants to be sure that regulations cannot be arbitrarily changed overnight. When a company picks the location for an investment, it generally chooses a country where regulations are most transparent, she noted.

Speaking about the TTIP free trade agreement under negotiation by the European Union and the US, Bell said it was a “misunderstanding” that such a deal would work only to the advantage of the US. She added that the biggest misunderstanding in the Hungarian press was that the agreement would require Hungary to amend the clause in its constitution that keeps local farms GMO-free. The US honours Hungary’s stand and the constitution on this matter, she explained.

She said economic ties between Hungary and the US are “very significant”, adding that strengthening these ties was a joint goal.