“The Government will be developing an action plan in the interests of making Hungary an even more attractive destination for foreign investment, for which there is intense competition at global level”, Minister of Foreign Affairs and Trade Péter Szijjártó told the participants of the American Chamber of Commerce (AmCham) business forum on Friday in Budapest.
“The Government will be developing an action plan in the interests of making Hungary an even more attractive destination for foreign investment, for which there is intense competition at global level”, Minister of Foreign Affairs and Trade Péter Szijjártó told the participants of the American Chamber of Commerce (AmCham) business forum on Friday in Budapest.
As has previously been the case, the Government is happy to accept proposals from the members of the Chamber concerning the development of these plans, he noted.
The Minister of Foreign Affairs and Trade will be meeting with Minister for Innovation and Technology László Palkovics in late June, with whom he will be finalising the plan based on the collected proposals and forwarding them to the Cabinet.
With relation to the proposed EU budget for the upcoming multiannual financial period, the Minister stressed the Hungary is firmly against the standardisation of tax rates within the European Union and the Government “will fight against the idea”, which in its view rewards irresponsible economic policy.
Tax cuts are based on political and economic performance, “they do not come free”, the Minister emphasised. Not every country in the European Union has done its homework with relation to putting its fiscal policy in order, and accordingly many cannot afford to reduce taxes, he explained. However, Mr. Szijjártó said that in his view the fact that certain Brussels institutions see the prevention of tax cuts by other countries as a possible solution to this is a mistaken course of action.
The European Union is facing major political, economic, commercial and security risks, which also affect Hungary, the Minister explained.
Mr. Szijjártó also spoke about the fact that the economic part of trans-Atlantic economic, political and security cooperation is becoming weaker, and relations between the EU, the United States and China are becoming tense because of trade disputes. “In Hungary’s opinion, it would be best to avoid these”, he said, referring to the fact that 90 percent of the country’s GDP is derived from exports, with 75 percent of imports destined for the EU and Hungary’s second and third most important trade partners are the United States and China.
“It is in Hungary’s interests for trade to be as free as possible and assure equal conditions for everyone”, he underlined, adding that he hopes the parties will succeed in finding a peaceful solution to the emerged disputes as soon as possible.
In summary, the Minister said that in the current global environment, which is facing major challenges, Hungary must double its efforts in the interests of improving competitiveness. Further tax cuts and measures aimed at facilitating the transition to the next global economic era serve precisely this goal, he said.
“There are also tasks to be performed at European level”, he warned, referring to the fact that we must not concede the Schengen acquis: the protection of external borders and free movement within those borders.
(MTI)
