“Hungary is ready to begin negotiations on joining the Eurasian Development Bank (EDB) as a full member”, Minister of Finance Mihály Varga announced at the financial institution’s conference in Moscow. “Joining the development bank, which currently covers six states and a market of 185 million, could mean new markets and resources for Hungarian enterprises and new investment projects for the Hungarian economy”, the Minister highlighted.
“Hungary’s joining means the opening of major opportunities between two of the world’s regions that are developing at an outstanding rate”, Mr. Varga highlighted, pointing out that all this could mean new investment projects and corporate cooperation, as well as the opportunity to enter new markets for the participants of the Hungarian economy.
“If the accession negotiations are successful, Hungary will be able to be a member of a capital-strong financial institution that also has a determined financial profile according to the credit rating agencies, whose operations conform to international expectations, and that contributes to the development of the countries involved via its financed projects”, the Minister stated.
As he explained, these are predominantly linked to development projects involving transport infrastructure, industrial production and renewable energy, which are currently all determining areas of economic development aspirations. The area of operation of the EDB currently encompasses six states: Russia, Kazakhstan, Armenia, Belarus, Kirgizstan and Tajikistan.
Reporting on the Hungarian investment environment, Mr. Varga declared: “Hungary is currently the European Union’s most rapidly developing economy, its sovereign debt to GDP ratio is falling year after year, it is practicing enterprise-friendly tax and funding policies, and is also one of Europe’s safest countries”. “As a result of political stability and calculable economic policy, the investment rate could approach 30 percent this year, following 25 percent last year”, the Minister said.
(Ministry of Finance)
