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Jul 14, 2017

Hungary aims to become a competitive country that can perform successfully in a new global economic age

Hungary has the lowest corporate and personal income tax rates in Europe. The government has also launched several investment support and financing schemes and would continue to reduce payroll taxes

Hungary's foreign minister has said the government's strategic goal is to make Hungary a competitive country that can perform successfully in a new global economic age.

Péter Szijjártó, minister of Foreign Affairs and Trade, made the remarks during a founding ceremony for the country’s first-ever Centre of Higher Education and Industry Cooperation at the Széchenyi István University in Győr.

The minister said that the government has entered the global economic competition “with strong cards", and listed the many incentives Hungary has to offer for investors.

Hungary has the lowest corporate and personal income tax rates in Europe. The government has also launched several investment support and financing schemes and would continue to reduce payroll taxes.

Minister Szijjártó also noted the government’s objective to increase spending on research and development to 1.8 percent of GDP by 2020 and to 3 percent by 2030.