Minister for National Economy Mihály Varga received in his office European Commissioner for Internal Market, Industry, Entrepreneurship and SMEs Elżbieta Bieńkowska. The politician, who visited Budapest for the first time as Commissioner, discussed with Minister Varga challenges that the European industrial and SME sectors are facing.
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At the introductory meeting, in his overview of outstanding Hungarian economic achievements Mihály Varga highlighted the fact that industrial output growth reached some 10 percent in Hungary and he also briefed the Commissioner on domestic market environment and the latest major macro-economic indicators.
The EU development policy of 2014-2020 must improve employment and competitiveness, the Minister added. Re-industrialization and industrial development are among the official priorities of the Ministry for National Economy. Accordingly, the industrial output-to-GDP ratio is projected to be increased from the current 23 percent to above 30 percent. This indicator averages 16 percent within the European Union, and the Commission is also determined to bring this figure up to 20 percent by 2020. In order to meet this target, the Government plans to allocate 60 percent of avaialable EU funding to the development of the Hungarian economy.
(Ministry for National Economy)
