BUDAPEST: Hungary accepts and adapts to the changing economic climate brought about largely by the “more patriotic economic approach” pursued by the US, Foreign Minister Péter Szijjártó said at an event hosted by the American Chamber of Commerce in Hungary (AmCham) on Friday.
In a move to turn Hungary into an ideal site for research and development, the government will give preference to foreign investment projects representing a higher level of technology, Szijjártó told the business forum “Cooperation for a Competitive Hungary 2017”. Further steps to promote competitiveness will include measures to boost the mobility of employees and improve corporate access to the internet.
To promote competitiveness, the government has lowered corporate income tax as AmCham has suggested, Szijjártó noted. He said that an early approval of the state budget would create predictability. AmCham said it had presented a 17-point package of proposals to the minister concerning issues such as an investor-friendly environment, a competitive labour market, research and development, innovation and digitalisation. AmCham currently has nearly 370 members making up 35.3 percent of Hungarian export and employing a total workforce of 220,000.
