State Secretary for Foreign Affairs and External Economic Relations Péter Szijjártó announced at an event organised by the Joint Venture Association that Hungarian trade missions will open in Beijing, Moscow and Riyadh in the first half of 2013 to foster partnerships with Hungarian small and medium-sized enterprises.

The State Secretary noted that the first Hungarian trade house of this kind will open next week in Baku, with the contribution of the Széchenyi Bank. In his presentation, he pointed out that Hungary was also affected by the eurozone crisis and that the European Union has not found a solution yet to challenges such as reducing state debt, increasing competitiveness and employment and maintaining social stability. Hungary, on the other hand, is implementing a strict budget policy – in the framework of which, deficit will fall below three percent in 2012 and 2013 – as well as structural and tax reforms to restore its economic position.

In addition, the country’s policy of opening up towards the East is also part of a series of measures that aim at facing the challenges of the crisis. Building a strategic alliance with China, strengthening cooperation in the Caucasus, drawing in Arab capital and strengthening the position of Hungarian investors in the Western Balkans are the pillars of this strategy.

The State Secretary underlined that that some government measures had caused tensions in certain areas, but confirmed that the government's intention is to create a predictable business environment. To give an example, he mentioned the plan to reduce the bureaucratic burdens of companies. There is a clear vision for economic policy that may result in a loss of profit for some companies, but this does not mean that it is unpredictable, he explained.

He said the government wanted to form alliances with companies that invest in the country, exercise good business practices and create jobs. Multinationals can be a great opportunity for underdeveloped regions, and they can also draw local businesses into the global economy, he added. He noted that the government regards these companies as strategic allies, highlighting the six strategic partnership agreements the government has concluded so far.

(MTI, Prime Minister’s Office)