Hungary’s economy minister: Economic efficiency and productivity must be increased

After having achieved what we did it is no longer our first objective to attract investment in every possible field, as providing proper work skills and increasing productivity are gaining more and more importance since the country is nearing full employment, Minister for National Economy Mihály Varga said at the gala evening organized to mark the 30th anniversary of the Joint Venture Association.

In order to improve the country’s competitiveness, he added, the existing labour force and available capital must be more efficiently utilized.

The reform of the Hungarian economy has been successful and rewarding, and this fact has recently been confirmed by the European Commission, the OECD and two out of the three largest credit rating institutions. The Government continues to be committed to maintaining fiscal balance and reducing general government debt, as in the long term this is the right path for securing the country’s competitiveness and dynamic economic expansion which are required to narrow the economic gap with highly developed economies, he stated.

To this end, the Government is pursuing a pro-investment and pro-growth economic policy which places special emphasis on promoting innovation- and new technology-based industrial production.

The Joint Venture Association was established in 1986 foremost to represent, protect and exert by all legal means the specific interests of partly or wholly foreign-owned companies registered in Hungary, based on voluntary membership, as a non-political and not-for-profit association.

Photo: kormany.hu

Source: Ministry for National Economy