Motor vehicle manufacturing is playing a key role within the Hungarian economy, and thanks to the performance of the more than 700 enterprises active in the sector the volume of output soared by more than 17 percent over the past one year, Minister for National Economy Mihály Varga said at a conference organized as part of Automotive Hungary, a car industry exhibition event.
Minister for National Economy Mihály Varga met with Huawei Technologies Hungary Ltd CEO Zheng Weifeng to discuss new cooperation options. One of the most dynamically developing info-communication companies wants to join, among others, the implementation of an automotive test track project near Zalaegerszeg, the Minister said.
In the first eight months of 2016, wages in real terms increased by 7.5 percent year-on-year, according to the flash report of the Hungarian Central Statistical Office (KSH), This shows that an upward wage trend has been in place for the 44th consecutive month. Within the private sector, the number of jobs soared by 65 thousand since August 2015.
A bilateral strategic council was established, concrete business deals were concluded, energy-related issues were discussed and MoUs on tourism, healthcare and employment were signed in Kazakhstan during a three-day official visit of a Hungarian delegation led by Economy Minister Mihály Varga.
Tax and customs authorities of the Visegrad Four may boost fiscal revenues and protect law-abiding enterprises through new measures against VAT fraud, such as threshold prices for Far Eastern products and risk profiling, Deputy Economy Minister and Minister of State for Taxation András Tállai told representatives of the respective authorities of six countries from the region.
Parallel to the 5th session of the Kazakh-Hungarian Intergovernmental Commission on Economic Cooperation, a strategic council was established in order to strengthen bilateral economic relations, Minister for National Economy Mihály Varga said after the first meeting of the group.
The Government aims to keep Hungary’s economic growth at 3-4 percent of GDP, and this objective requires significant measures aimed at improving competitiveness, support SMEs, addressing labour market challenges and increasing wages, Minister for National Economy Mihály Varga said at the “TOP 200” gala evening organized by business weekly Figyelő.
In recent years, Hungary and Kazakhstan have had steady and versatile political, economic and cultural dialogues, Minister for National Economy Mihály Varga said, who participated at the 5th plenary session of the Kazakh-Hungarian Intergovernmental Commission on Economic Cooperation in Astana. In the Kazakh capital, the Minister met with Prime Minister Bakytzhan Sagintayev, Economy Minister Kuandyk Bishymbayev and Energy Minister Kanat Bozumbayev.
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