New brands needed to boost Hungary’s competitiveness

Hungary needs to build new brands in order to enhance its competitiveness.

“Competitiveness does not start abroad; we must first build ourselves up so that we can enter external export markets with competitive products,” said Finance Minister Mihály Varga.

“We must put an end to the notion that competitiveness based on cheap labour can be long-term; we are reaching the end of this era more and more. We must move in a direction where Hungary is able to join increasingly the manufacture of sophisticated small- and medium-scale products,” he added.

“The task is to reach the same efficiency as in Germany, and to this end, we must move in the direction of robotisation,” the minister said.

“Additionally, it is well worth concentrating on competitiveness in areas where there are new technologies, and where others do not yet have a significant competitive advantage,” he continued, mentioning as an example autonomous electric vehicles, but also opportunities in the green economy, solar and wind energy, geothermal energy and the silver economy as well.