Deputy State Secretary for External Economic Relations Antal Nikoletti outlined the economic policy strategy of the Hungarian Government and its recent achievements at the Austrian-Hungarian Economic Forum held in the building of the Hungarian Embassy in Vienna.

At the event, at which some 60 entrepreneurs participated, Austrian companies which have implemented large-scale investment projects in Hungary presented their experiences and opportunities provided by Hungary for enterprises which are investing or considering to invest in Hungary.

Speaking about the close partnership between the two countries, Antal Nikoletti stressed that foreign trade and investment data confirm that economic relations between Hungary and Austria have been continuously expanding. The Deputy State Secretary also spoke in detail about the favourable business environment in Hungary, emphasising stable financial conditions, the low corporate income tax rate, Government incentives and the highly skilled Hungarian labour force. He also presented the goals and results of the Government’s economic policy, which manifest themselves through most of macroeconomic indicators – decreasing government debt and deficit, inflation and base rate at a historic low, improving employment and GDP – which all boost investor confidence.

In their keynote speeches, Ambassador Vince Szalay-Bobrovniczky and Austrian Federal Economic Chamber President Christoph Leitl have both expressed appreciation with regard to the intensity of bilateral economic relations and the mutual commitment to strengthen these, placing special emphasis within these on the support of SMEs and dual training.

Austria is the second most significant trade partner of Hungary, concerning which Hungary’s trade turnover totalled some EUR 10bn last year. According to data by the Hungarian Central Statistical Office (KSH), imports from and exports to Austria increased by 7.6 percent and 1.9 percent, respectively, in 2012 compared to the previous year. Austria has also been a key partner regarding investment relations, as the country is the 4th on Hungary’s inbound FDI ranking. On the basis of note bank data of 2012, the amount of Austrian capital was EUR 9bn, which constitutes more than one-tenth of total with 11.5 percent.

(Ministry for National Economy)