Hungary's Economy Minister Varga Outlines New Economic Policy
- 3 Jun 2014 9:00 AM
The economic model based on combining cheap labour with imported technology and know-how is becoming outdated, as neighbouring countries now also have skilled labour, which was Hungary’s advantage earlier, Economy Minister Mihály Varga told Napi Gazdaság in an interview.
In addition, Hungarian wages are rising, he observed, so some investors have opted for Asia.
Varga underlined that the government now supports industries that are able to produce higher value-added goods.
Priority is given to vehicle manufacturing and the related electronic industry, as well as to logistics, health care, tourism and the food industry, he added.
Source: Hungary Around the Clock
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