Economy minister unveils plan to boost industry
Budapest, March 2 (MTI) – Economy Minister Mihály Varga on Wednesday unveiled a plan to boost the Hungarian economy over the long term.
Presenting the “Irinyi plan” for industrial strategy at a press conference, Varga said the government intends to boost the proportion of industrial production relative to economic output to 30 percent by 2020 from the current 24 percent.
He said the main developmental thrust of the new industrial strategy is to strengthen national industry, build up innovation, aid job-creation and support the competitiveness and export potential of domestic companies. This will all strengthen the Hungarian economy’s resistance to crisis, he added.
The Irinyi plan will contribute to modernising the structure of industrial production and increased value-added, Varga said.
Currently industrial production makes up 17 percent of GDP in the European Union and the EU wants to increase this to 20 percent. In Hungary, industrial production increased by 7.5 percent last year, which shows that Hungary’s industry is capable of sustainable and well-balanced growth, Varga said. Industry is a “pulling sector” in the economy, he added.
He said vehicle production and the manufacturing of specialised machinery are areas with special importance that need to be further developed. He highlighted 3D printing, electronics and nanotechnology, and added that developments should also focus on the health-care industry and tourism, food industry, the green economy and infocommunications.
Developments are also needed in the defence industry in order to reduce Hungary’s dependence, he said. The sector could be recovered only if developments are built on earlier existing defence capacities, he added.
In the current EU development period, the government will spend 60 percent of resources on economic development, which forms a good basis for the development of industry. All tenders of the current budget period will be invited by July 1, 2017, Varga said.
Photo: MTI
Source: http://mtva.hu/hu/hungary-matters
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