Hungary drives forward with a knowledge-based economy

The foreign minister said Hungary's production-based economy should become an economy that is based on know-how and innovation

Hungary is driving forward with creating a knowledge-based society alongside a thriving and booming economy.

The foreign minister has said that from the perspective of Hungary’s sustainable development, it is important for the production-based economy established in the country to become an economy that is based on know-how and innovation.

Péter Szijjártó, minister of Foreign Affairs and Trade, made the remarks during a session of the Hungarian Parliament’s Sustainable Development Committee in Budapest on Monday.

“If we are not successful in this, the country could lose the competitive advantage it has achieved in recent years," Minister Szijjártó said.

He stressed that in the interest of a successful transition, Hungary wants to become one of Europe’s leading countries with relation to the digital transformation and applying the innovation of the Internet of Things (IoT).

According to the minister, the transition of the automotive industry is key to the country’s economic growth. He also stressed that the application of innovative technologies determines the success of a national economy, and for this reason it is important for Hungary to be at the forefront of digital development thanks to the Irinyi Plan and the Digital Prosperity Programme.

He explained that the government is striving to assure that Hungary plays a leading role in the development of 5G technology within the region, adding that the development of this technology also determines the direction of development of self-driven vehicles.

The minister told the committee that Hungary will be reporting on its results relating to the realisation of UN sustainable development goals for the first time in New York next week in the form of a voluntary national review.The minister added that water and migration will also be priority topics at the event.

The minister also spoke about the country’s energy situation, highlighting the fact that nuclear energy is a cheap, clean and safe source of energy, which currently provides 40 percent of the country’s energy requirements, and that this ratio will increase significantly following the expansion of the Paks Nuclear Power plant.

Finally, Minister Szijjártó explained that 60-65 million people worldwide are affected by migration, and a significant majority of these people are forced to leave their homes because of problems relating to water scarcity. The minister said this number is set to increase and Hungary could help solve the situation through its wide-ranging experience within the field of water management.