The Hungarian economy is “practically on the brink of full employment”, therefore “knowledge-intensive” investment projects based on research and development will be in its focus in the future, the Minister of Foreign Affairs and Trade said on Wednesday.
Péter Szijjártó spoke at a business forum organised by the American Chamber of Commerce (AmCham) and said that further economic growth “should be based on the current labour force”, an estimated five million people, therefore innovation, research and development will be promoted in future.
GlovEye: Hungarian Invention Could Make Reading Possible for the Blind and Visually Impaired
Hungary received some 4.2 billion euros in foreign direct investment last year, utilised across 98 projects.
Szijjártó said the US followed Germany as Hungary’s second largest investor. He said bilateral business ties with the US have been good and “if political relations also catch up” it would further improve economic cooperation.
Innovation Minister: ‘R&D of Self-Driving Vehicle Systems in Hungary on Par with US’
Hungary’s exports totalled 105 billion euros last year, the minister said.
Szijjártó noted the growing economic weight of the central European region within the EU and said it was “offensive to assume that the region merely draws benefits from the EU’s economy without contributing to Europe’s growth”.
He also said that Germany’s trade volume with the Visegrad countries was around 70 percent higher than its trade volume with France.
featured photo by Zoltán Balogh/MTI