Remarks by Ambassador Eleni Tsakopoulos Kounalakis at the Mylan, Inc. Press Conference

Ministry of National Economy, Budapest, July 22, 2010

I am tremendously happy to be here today in support of Mylan’s investment in Hungary.  As a business woman myself, I am proud to be a part of this announcement, which further strengthens the commercial relationship between Hungary and the United States.  Our two countries already share a strong bilateral economic relationship, with 9 billion dollars worth of direct foreign investment since 1990.

We know that a nation’s ability to attract foreign investment is a strong indicator of the overall business climate.  And Hungary is on the short list of almost any company looking to make an investment in Central Europe.  Investors like what they find in Hungary:  a prime location in Central Europe, excellent infrastructure, and an educated, motivated, and creative workforce.

And Hungary attracted a top U.S. company in Mylan.  They are a leader in the industry, and one of the U.S. generic industry’s early pioneers.  Mylan is known for its state-of-the-art facilities.  And they currently produce the second most-dispensed line of pharmaceuticals in U.S., literally delivering good health.

To Hungary they bring a world-class operation, known for its top-in-class customer service and support.  And without a doubt, this is the beginning of an important contribution Mylan will make to the Hungarian economy through wealth creation and employment.

We have already heard how this sizeable investment will create over 400 direct jobs.  But we also know that for every direct effect that Mylan’s investment makes, there are indirect effects and multiplier effects.  Purchases of goods and services from suppliers in Hungary, lead them in turn to make purchases from their suppliers.  And the income employees spend generates further economic activity in the region and government revenue through taxes.

So I am delighted to welcome Mylan to Hungary, and look forward to working with them as they set-up their facilities in Hungary. I value the deep level of cooperation between our two nations and believe this is further evidence of the special relationship that our two nations share. 

Thank you very much.