Péter Szijjártó, Minister of Foreign Affairs and Trade, said the past 12 years “have made it clear what a competitive edge a country will gain through quick decision-making supported by political stability”.
Speaking at an event of the Hungarian Chamber of Commerce and Industry on Tuesday, Minister Szijjártó said Hungary had come out from the coronavirus crisis as a winner. “It has become clear that two things are needed to succeed economically: attract as much investment as possible and snatch up market opportunities,” the minister said. Minister Szijjártó said the Hungarian economy had grown “by twice as much as the European average each year” since 2013, with government tax cuts playing crucial role, especially the introduction of the single bracket tax.
Citing Eurostat figures, the minister said that Hungary had made the largest cuts in wage taxes in the past ten years, which helped the country break investment records each year since 2014. The government helped 1,380 businesses during the coronavirus crisis, with development projects totalling HUF 900 billion (EUR 2.4bn), Minister Szijjártó said. The government contributed a total HUF 375 billion to those projects, which were instrumental in saving some 290,000 jobs, he said. Concerning the Ukraine war, Minister Szijjártó said it would have a significant economic impact, “ruffling the status quo of the global economy for the second time in two years”. All efforts must be made to create peace but efforts should also ensure that Hungary comes out stronger out of this crisis, too, he said.
Photo credit: MTI