“It is thanks to the application of modern technologies and investments that create high added value that the Hungarian economy has not lost any of its growth momentum despite the international slowdown”, Minister for Innovation and Technology László Palkovics said on Thursday in Budapest at an event organised by the German-Hungarian Chamber of Commerce and Industry, Netzwerk Digital and United Europe.

Mr. Palkovics highlighted that not only is the volume of investment in Hungary high, but so is the added value of the production that investment is creating, and the establishment of research and innovation centres is also increasingly common.

The Minister welcomed the fact that with the approach of Brexit start-up enterprises are also increasingly viewing Hungary as an attractive target.

“The government funding available for research and development will be increasing in both 2021 and 2022, and by 2030 is expected to reach 3 percent of GDP, putting it on a par with that of the most highly developed countries”, the Minister said.

He emphasised that the restructuring of the research network must be fully completed, with relation to which several financing issues must be resolved. He also called for closer cooperation between research institutes universities and enterprises, adding that the state currently needs to significantly supplement the role of employers in adult education.

Mr. Palkovics highlighted the fact that digitalisation is permeating and reorganising every sector of industry, as well as every area of everyday life, and accordingly states that fall behind in this process will be at a disadvantage. “It is in accordance with this challenge that Hungary has developed its strategies and action plans, is organising a network of science parks around new technologies, and is promoting the broad application of digitalisation”, he said, adding that in his opinion the latter requires further funding despite the fact that Hungary’s digital infrastructure and its digital economy is developed in international comparison.

Vice President of the German-Hungarian Chamber of Commerce and Industry Marie-Theres Thiell said the prospects for Central European competitiveness are better than ever before, but added that the region’s governments and private sector businesses must create a supportive environment together for the exploitation of digitalisation. “The technological transformation could bring with it many challenges, but despite this it must be regarded as an opportunity rather than a threat”, she added.

CEO of German energy company E.ON SE Johannes Teyssen said the development of the countries of Central Europe is a huge achievement, adding that in his view in recent decades the region’s states have learnt how to adapt to changes, and accordingly are open to new technological challenges and are prepared to take risks. He added that digital technology is expensive and consumes a lot in view of the fact that a single google search uses up enough energy for one hour of lighting, and the establishment of a digital future also takes time.

Mr. Teyssen said that in his opinion responses can only be found through international cooperation between political decision-makers and representatives of scientific and business life. “Europe will solve the technological challenges, and Hungary will be playing a leading role in this”, he emphasised.

(MTI)