Orbán: “We must transform Hungary into a production center”

Int’l Relations

Hungary should pursue its policy of re-industrialization to ensure that Hungary-based industry generates the highest ratio to GDP in the European Union within a year to 18 months, Prime Minister Viktor Orbán said on Monday.

Hungary currently stands at third or fourth place on this list, Orbán said after talks with Henri Malosse, President of the European Economic and Social Committee.

[Note: As of 2010, the United Nations Economic Commission calculated Hungary's share of industry within GDP at 27.3%, eighth highest in the world and among EU member states trailing only the Czech Republic and Romania. --Ed.] 

Malosse said the purpose of his visit in Budapest was to personally study the steps that Hungary had taken to recover from the recent financial crisis. He expressed his appreciation for Hungary’s crisis-management measures.

Orbán said his government decided already two or three years ago that the plans to transform Hungary into a regional financial hub should be given up. “We must transform Hungary into a production center,” which requires re-industrialization, he said. This is what will create jobs and economic growth, and will boost foreign investments and competitiveness, the PM explained.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

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.