Central Europe is a promising investment target for India says Prime Minister Viktor Orbán

Thursday, October 17, 2013

Hungary is asking India to “put Central Europe on its map” said Prime Minister Victor Orbán in his presentation titled Hungary and Europe in a changing world held at Sapru House, India’s foreign policy institute. Central Europe including Hungary offers promising opportunities with Europe's largest growth potential because the region has already recovered from the economic crisis.

A global transformation has been taking place in the world to an unprecedented degree; new power centers are emerging in the world economy and India is a leading power in this change thanks to its spectacular economic growth.

The Hungarian Prime Minister outlined his government's economic policies, including the “unorthodox” measures introduced by the cabinet right after winning the national election in 2010.

The budget deficit is below 3 percent of GDP, public debt is declining, personal income tax has been reduced to 16 percent and the size of parliament will be halved as of 2014.

In response to a question regarding the relationship between the EU and its member states, the prime minister remarked that many member states agree that too many issues are being decided at the community level rather than at national level.

Viktor Orbán was greeted in New Delhi with military honors by Indian Prime Minister Manmohan Singh. The two heads of government laid a wreath at Mahatma Gandhi memorial. The Hungarian Prime Minister then paid a visit to India's President Pranab Mukherjee accompanied by Minister for National Economy Mihály Varga, Minister of Human Resources Zoltán Balog and State Secretary for Foreign Affairs and External Economic Relations Péter Szijjártó. The official program continued with a Hungarian-Indian business forum, where the Prime Minister informed the Indian business community that over 85 percent of Hungarian exports go to the European Union.

However, Hungarian export to non-European countries had increased from 8 percent three years ago to 12 percent today, and should reach 33 percent by 2018. Strong Hungarian-Indian economic ties are indispensable for reaching this target. The construction industry, the energy sector, water and waste management, IT and biotechnology among the possible fields of Hungarian-Indian economic cooperation concluded his speech PM Viktor Orbán.

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