"Competitiveness must be based on productivity and innovation, not on raising trade barriers," the economy minister warned.Continue reading
Hungary supports the acceleration of the European Investment Bank’s (EIB) resource mobilization and the reduction of bureaucratic obstacles, Finance Minister Mihály Varga said after his meeting with Nadia Calviño, EIB President, who took office in January this year.
The Finance Minister stressed that a greater role for the EIB could be key to restoring the competitiveness of the European Union, which is the main objective of the Hungarian EU Presidency. The EIB has a key role to play in improving competitiveness,
and therefore Hungary will continue to urge the bank to be involved in the EU’s strategic discussions and to participate in solving economic challenges,
Mihály Varga said.
The minister recalled that the EIB is an important financing partner for Hungary, especially in the energy and transport sectors. Mihály Varga noted that “the EIB’s partnership will continue to help us in the future to implement important railway, defense, and energy projects for the Hungarian economy.”
Good meetings with Economy and Finance Ministers Márton Nagy and Mihály Varga, in Budapest.
The @EIB Group works for a safe, prosperous Europe, listening to citizens’ needs and offering opportunities across the EU. pic.twitter.com/TGYd4AZsx6
— Nadia Calviño (@NadiaCalvino) December 4, 2024
Márton Nagy, Minister for National Economy, also received Nadia Calviño in his office on Wednesday. In addition to the international economic situation, the parties reviewed the bank’s lending practices and active operations in Hungary. During the meeting, Nagy underlined that the European Investment Bank is an important partner for Hungary, playing a key role in financing large-scale investments in the country through its preferential loans.
The minister pointed out that
while the United States and China are devoting significant budgetary resources to supporting their economies and competitiveness, the EU is lagging behind, jeopardizing its position in the global economy. Europe therefore needs a competitiveness turnaround,
he stressed.
In a statement, the Ministry for National Economy underlined that the Hungarian government’s goal is to increase EIB activity in Hungary to €1 billion per year. In light of this, Nagy asked Nadia Calviño to further strengthen the presence of the European Investment Bank in the Hungarian economy, so that it could play a more active role in the development of the defense and nuclear industries. The parties also discussed the financing of industrial park and railway infrastructure investments.
Via MTI, Featured image: Faceboook/Varga Mihály