Global coal demand has increased due to the energy crisis, sanctions, wars, and economic slowdown.Continue reading
Minister for National Economy Márton Nagy held talks with Martin Kocher, Federal Minister of Labor and Economy of Austria, in Brussels on Thursday in preparation for the Hungarian Presidency.
At the meeting, the parties discussed the challenges in the green transition and the electric car industry. On the cooperation between the two countries, Márton Nagy underlined that Austria and Hungary have had close economic ties for centuries:
In recent years, Austria has become Hungary’s second to third largest trading partner, with Austrian companies forming the second largest investor community.”
The Hungarian Minister stressed that it was essential to develop competitiveness and industry within the European Union, and that all possible means should be used to this end, focusing on new industries such as electric cars and artificial intelligence.
Martin Kocher, Federal Minister of Labor and Economy of Austria. Photo: Wikipedia
In 2023, 14 million electric cars were sold globally, with 58 percent of them in China, while the U.S. electric vehicle market is also growing rapidly. However, with China and the U.S. gaining ground, the European Union will be left behind, according to a statement by the Ministry for National Economy.
Nagy stressed that action is therefore needed to boost and strengthen the European electric car industry. “An EU-wide electric vehicle purchase incentive program is needed to keep pace with the U.S. and China, who are devoting significant budgetary resources to support their industries.
Instead of a general and essentially ideological approach of supporting the green and digital transition, there is a need for dedicated support for electric cars.”
It is in the common interest for Europe to be the leading power on the electric car manufacturing side, to remain competitive against the U.S. and Chinese conquest. Nagy asked his Austrian counterpart to support the acceleration of the green transition instead of slowing it down, as it is important for competitiveness that Europe makes the transition as fast as possible, reads the statement.
Via MTI, Featured image: MTI/Bruzák Noémi