The majority of large enterprises have given a vote of confidence for Hungarian reform measures and they acknowledge the efforts of the Government, Minister for National Economy Mihály Varga said at the TOP 200 gala event, organized by business weekly Figyelő.

Last year, foreign and Hungarian enterprises implemented investment projects of HUF 5216bn in Hungary, up by 14 percent compared to the previous year, the Minister pointed out. Balanced economic growth requires a strong, competitive and modern industrial sector. Therefore, the Government pays special attention to industrial development and to promoting investment in production. According to schedules, the Government is to publish all calls for interest in EU funding by the middle of 2017, he added.

In order to accelerate economic growth, the Government is to speed up the disbursement of funding and lending activity, create a more flexible labour market and stimulate investment – especially in the field of the building and renovation of residential properties.

As Mihály Varga stressed, economic growth also requires SMEs to join the supplier chains of large enterprises in an increasingly competitive manner and gain ground on new markets internationally. In addition to boosting investment and production, another key objective is to shift towards high added value activities through the support of innovative industrial sectors, research centres and R&D activities. The Minister said the Government has defined and added instruments to these goals; several EU support programmes will also help their realization in the period 2014-2020: 60 percent of the total amount of HUF 12 000bn is to be disbursed for economic development.

At the event, Mihály Varga presented the “Enterprise of the Year” award to Delphi Connection Systems Hungary Ltd.

(Ministry for National Economy)