Over the past period, Central and Eastern European countries – among them Hungary – introduced measures which made the economy more resistant to future crises, Minister of State Zoltán Cséfalvay said at the press conference held during the International Business Forum in Budapest.

The Confederation of Hungarian Employers and Industrialists organized the forum on the development cornerstones of the future on the occasion that Hungary holds the presidency of the Central European Initiative (CEI).
Zoltán Cséfalvay said that these countries created open economies and financial stability required for economic growth, and they also implemented reforms aimed at facilitating competitiveness.

In the opinion of the Minister of State, the main challenge is how these countries will shift towards production of higher added value -- which requires a larger emphasis on research and development – during the integration process into the global and European markets.

After Central and Eastern Europe, along with Hungary, have been turned into Europe’s industrial hub, from the aspect of further development it is important to bring production of high added value in the region, and the CEI may play a key role in that, Zoltán Cséfalvay emphasised.

The European Union also aims to boost the share of industrial production from 16 percent to 20 percent of GDP; this indicator in Hungary is 26 percent. A key conclusion of the crisis is that production makes an economy crisis-proof; therefore this EU objective is a step in the right direction, Zoltán Cséfalvay stressed.

The 18-member CEI was established after the regime change in the Central and Eastern European region with the aim of promoting dialogue between the member countries and creating a partnership and coordination framework for political, economic and cultural issues.

(Ministry for National Economy)