The knowledge possessed by domestic companies is competitive even from a global perspective, Minister for National Economy Mihály Varga said at the presentation of the Awards for Successful Enterprises. As the Minister added, there was one common feature in the leaders of successful companies: bravery, knowledge and agility that led to achievement.
Hungary is facing a new era when Hungary’s economic growth is set to outpace that of our potential peers. Competitiveness driven by low wages, however, cannot be maintained for long, he stated. The Hungarian economy must be placed on a path where efficiency and technology transfer are fuelling competitiveness and productivity, not cheap labour.
The rate of Hungary’s economic growth was above the EU average also in 2016, and employment has also improved, Mihály Varga noted. The Ministry prognosticates that in 2018 the economy is set to growth by more than 4 percent, a figure unprecedented in the past 13-14 years. Expansion must be based on rising productivity, developing technologies and increasing capacities, he stressed. And it is only possible provided Government objectives are in harmony with the plans and potentials of the private sector. The Government is prepared to accelerate this process through targeted programmes, regulation and funding, he pointed out.
The “Investor of the Month” awards went to machinery manufacturer FRIMO Hungary Ltd. and medical equipment and appliance manufacturer 77 Elektronika Ltd.
Pécsi Orgonaépítő Manufaktúra Ltd, the maker of organs, and BHE Bonn Hungary Ltd, the producer of RF and microwave components, were awarded the “SME of the Month” title.
The representatives of Vengit Ltd, developer of SBrick , and AbsoRice Hungary Ltd, maker and exporter of glutene-free and lactose-free products, received the “Startup of the Month” awards.
(Ministry for National Economy)
