Hungary Competitiveness Council holds first meeting

Budapest, March 23 (MTI) – Hungary’s National Competitiveness Council held its first meeting on Thursday, and discussed proposals which could improve the competitiveness of the country’s economy in the short term, the economy minister told the press after the session.

Participants in the meeting agreed that fast improvement could be achieved in the areas of registering new businesses and reviewing construction permits, in energy supplies, tax administration, protection for smallholders and bankruptcy procedures, Mihály Varga said.

Short-term fixes for boosting Hungary’s competitiveness will focus on areas such as tax administration, a review of building permits and protecting small property owners, Varga, the economy minister, told after the inaugural meeting of the National Competitiveness Council.

Other areas the council has identified for legislation within the next six months include company registration as well as energy supply guarantees, he said.

Fiscal and monetary policy has undergone drastic changes over the past few years, the minister said. Whereas the economy has started to grow and there is greater fiscal stability, competitiveness has failed to keep pace, Varga said, adding that Hungary is a regional laggard in the latter respect.