Government approves strategic plan for industrial development

Automotive

pixabay

The government has approved the Irinyi plan submitted by the National Economy Ministry last Friday that sets out the most important industrial development tasks for the 2016-2020 period, state secretary at the ministry István Lepsényi said today, according to Hungarian news agency MTI.

The plan aims to raise the industrial sectorʼs contribution to annual GDP from the current 23.5% to 30% by 2020.

The goal is to have a balanced economic development. As such the industrial sectorʼs dependence on vehicle manufacturing must be reduced and other segments of the industry must be strengthened, said Lepsényi.

The program will be financed by Hungarian and European Union sources, he added.

The Irinyi plan designates seven areas that will be key for economic development in the future, among them vehicle manufacturing, the pharmaceutical sector, infocommunications and the defense industry.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry