Hungarian-Italian business forum were held in Milan

Despite the various factors that have caused a deterioration in Europe’s competitiveness, central Europe has managed to progress in the opposite direction thanks to its economic and security polices based on common sense, with Hungary’s government making every effort to ensure the security of people and businesses, Foreign Minister Péter Szijjártó said on Thursday. 

The Hungarian model has proven that it is possible to pursue economic growth simultaneously with fiscal discipline, Szijjarto said at the opening of a Hungarian-Italian business forum in Milan.

Hungary has based its economic policy on two principles: “work is the basis of success and merit” and “the state will not offer money for nothing”.

State benefits are offered in the form of tax allowances and people who expect help from the Hungarian state can get it through the remuneration they get for their work, Szijjártó said.

This policy has helped Hungary “become part of the solution instead of the problem in Europe”, he said.

He said

Hungary participates in a “fierce global fight for investors”.

Among the economic considerations in support of Hungary he cited the lowest corporate tax rate in Europe and said that having one of the continent’s lowest personal income tax rates also contributed to the competitiveness of Hungary’s economy.