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Dec 10, 2019

FM: Hungary’s economy is undergoing a "dimensional shift"

The foreign minister has highlighted how Hungary’s economy is undergoing a "dimensional shift" from production to higher value-added jobs, services and R & D.

The foreign minister has highlighted how Hungary’s economy is undergoing a "dimensional shift" from production to higher value-added jobs, services and R & D.

“It’s important that the ‘Made in Hungary’ economy should shift to the ‘Invented in Hungary’ era,” Péter Szijjártó said at a roundtable discussion on health innovation held in Hungary’s European Union representation in Brussels.

According to MTI, the minister said the government’s decision-making has shifted the emphasis from job numbers to the level of tech in the workplace.

The minister added that the government has taken a number of steps to create an “innovative ecosystem” that will improve the country’s level of competitiveness, noting increased subsidies offered to companies that bring new technologies to Hungary.

Minister Szijjártó said Hungary provides considerable support for technology-intensive investment projects and to firms investing in R & D. Hungary intends to become an ideal R & D hotspot, offering the most attractive and favorable investment environment in Europe, he added.

The minister noted that Hungary’s 9 percent corporate tax rate was the lowest in Europe, with the 15 percent personal income tax rate also among the lowest on the continent.

Photo credit: Infostart