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Hungary is shifting away from its previously announced unilateral economic policy of opening up to the East, Finance Minister Mihály Varga stated after meeting with Baghdad Amreyev, President of the Turkic Investment Fund.
Minister Varga emphasized that Hungary’s economic neutrality contributes to its impressive export performance, high investment rate, and competitive tax system. He noted, “our membership in the Organization of Turkic States, which became definitive in July this year, has taken our economic relations to a new level.”
Over the past 15 years, trade between Hungary and Turkic states has surged by 162%, exceeding USD 5B last year.
The politician outlined that the primary goal of the current cooperation is to further enhance relationships in key sectors such as energy, water management, agriculture, and education. He pointed out that the Istanbul-based Turkic Investment Fund aims to boost intra-regional trade, which will not only help supply chains but also emphasize joint development efforts.
Mihály Varga expressed optimism about Hungary’s economic prospects, stating, “all forecasts predict that the Hungarian economy could be among the European Union’s leaders in the coming years.” He affirmed that the valuable relations established through the Eastern Opening policy will be crucial for sustainable growth.
Via MTI; Featured Image: Pixabay