Széchenyi István University inaugurates incubation and lodging building

Hungary’s competitiveness and future are greatly dependent on universities, the minister of foreign affairs and trade said in Zalaegerszeg, in western Hungary, on Monday, arguing that the international race for investments was increasingly decided by countries’ supply of skilled professionals.

Péter Szijjártó attended the inauguration of Széchenyi István University’s incubation and lodging building at the ZalaZone science park next to Europe’s largest vehicle test track, the foreign ministry said in a statement.

Szijjártó emphasised the “fierce” global competition to secure investments amid the ongoing crisis.

Tax rates and political stability can be critical in such a competition, he said, noting that Hungary’s 9 percent corporate tax rate was the lowest in Europe and that Hungary offered a predictable and politically stable environment.

The quality of human resources is becoming the key factor in the race for investments, the minister said.

“It’s not an exaggeration to say that Hungary’s competitiveness and future are greatly dependent on universities and the quality of the work being done there,” he said.

Szijjártó stressed the importance of linking higher education and economic processes, pointing out the cooperation between Széchenyi István University and German engineering giant Bosch as a good example.