The large number of foreign investments made in recent years shows that Hungary is an extremely attractive destination, though many are still unaware of the results which the Hungarian economy has achieved since 2010, Minister for Innovation and Technology László Palkovics said in Brussels, speaking to Hungarian journalists during the break of the European business summit on Tuesday.

The Minister underlined that it clearly indicates the Hungarian economy’s success that last year 98 large foreign companies decided to establish plants and research institutes or to engage in business activities of one kind or another in Hungary.

This is the case despite the fact that some economic players are not aware of the Hungarian economy’s 5 per cent growth rate last year, or of the fact that unemployment which stood above 10 per cent only nine years ago was down to just 3.6 per cent last year, he said.

He mentioned at the same time that the productivity of Hungarian-owned businesses and Hungarian workers must improve. Hungarian research and innovation activities are ranked 22nd in the European Union; we must improve this ranking, inter alia, by revamping the research system, through cooperation with universities, and by supporting products developed and manufactured by Hungarian small and medium-sized businesses, he underlined.

The Minister also said the success of the Hungarian economy lies in that some measures which may initially appear to be politically unfavourable eventually bear fruit in the longer term. He mentioned as an example the shortage of work force which, according to his information, the Hungarian government intends to remedy not with workers imported from abroad, but by creating opportunities for channelling job-seekers to the labour market or reintegrating those who dropped out earlier.

“Hungary shares the view that the Hungarian people are capable of working well, and it is the duty of the state to help them to do so,” he said.

He highlighted that more than one half of those who originally participated in the public works schemes are now working on the primary labour market and are receiving normal pay for their work. Hungarian society is a workfare society, and its foundations of innovation are being reinforced by the Hungarian government which intensively supports research and development, Mr Palkovics added.

(MTI)