The trademark was awarded by the newly established Innovation Coalition, an independent professional body with delegates from the NBH, the MKIK, the Culture and Innovation Ministry, the National Economy Ministry and the Hungarian Innovation Association (MISZ).

Culture and Innovation Minister Balazs Hanko said the Innovation Coalition aimed to foster cooperation between the academic and business spheres.

He noted the government's goal to put Hungary among the ten most innovative countries in Europe by 2030 and make it a top-ten innovator at the global level by 2040.

He highlighted closer ties between local knowledge centres and the business sector; the strong performance of Hungarian universities, after undergoing a renewal, with twelve in the global top 5pc; more publications in professional journals; a multiple increase in the number of patent filings; and achievements by Hungarian students at Euroskills.

Hanko said the Forefront Foundation, headed by Nobel Prize-winner Ferenc Krausz, was expected to establish 75 research groups and foster the talent of 15,000 young Hungarians, while producing 4-6 startups.

Central bank governor Mihaly Varga told the conference that Hungary had reached the limits of extensive growth and boosting GDP would require improvements in efficiency and productivity in future. He added that Hungarian labour productivity stood at 75pc of the EU average.

He pointed to the importance of venture capital and closer cooperation between innovators and real economy players in the endeavour to produce market-ready innovation.

MKIK president Elek Nagy warned against falling into the middle-income trap founded on cheap resources and low added value and said Hungary ought to advance adopting an innovation-based model.

MTI Stock Photo - for illustrative purposes only

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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