The imminent onset of another industrial revolution is requiring that the economy be switched into an innovation-led modus, Minister of State for Economic Development and Regulation István Lepsényi said in an interview to political daily Magyar Hírlap.

International experiences show that economies dominated by the industrial sector are the best able to cope with crises, he added.

The Government’s Industry 4.0 programme is designed to facilitate the sharing of production digitalization know-how by well-capitalized and experienced enterprises with companies that are open to further development. New production facilities are planned to be built in line with the new production guidelines. Besides supporting the development of a competitive motor vehicle sector, priority fields also include the health industry, tourism, the food industry and the info-communication sector, he stressed.

The innovation-focused economy policy blueprint, the Irinyi Plan, has been signed by the Hungarian Academy of Sciences, some 50 enterprises and higher education institutions.

The Industry 4.0 will also help fulfil the Government’s objective of raising the industrial output-to-GDP ratio from the current 22-23 percent to 30 percent by 2020 in Hungary.

(Ministry for National Economy)