FinMin: Hungary ‘gateway’ between Europe, Asia

Hungary has become a gateway between East and West, as shown by the growing volume of eastern investments, the finance minister said in his speech at the Budapest Eurasia Forum on Thursday.

The change is thanks to government measures, which prioritises Hungarian interests in economic policy and so promotes wide-ranging cooperation rather than creating blocks in the world, Mihály Varga said.

The work-based economic policy has improved the investment environment for companies, as mirrorred in the reports of rating agencies, he said.

Economic performance is now 5.3 percent over pre-pandemic levels, as opposed to the EU average of 3.5 percent, he said. The investment rate, at 27 percent, is one of the highest in the EU, he added.

State debt has fallen from over 80 percent in 2010 to 65 percent in 2019. It rose somewhat since but is still below the EU average by 10 percentage points, he said.

Hungary is actively boosting cooperation between Europe and Asia through its Eastern Opening programme, introduced after 2010, and actively supports the Belt and Road Initiative, he said.