Finance Minister Mihaly Varga – Photo: Facebook

Finance Minister in Tashkent: Hungary committed to Eastern opening

Fifteen years ago Hungary ditched its one-sided and reclusive economic policy and put Hungarian interests to the fore by opening up to the East, the finance minister said in a panel discussion at the Tashkent International Investment Forum on Friday.

Hungary today is among the world’s most open economies, its export performance is outstanding for its size, and it enjoys a high investment rate and a competitive tax system, Mihaly Varga said at a panel discussion attended by representatives of the United Arab Emirates, Oman, OPEC, and Uzbekistan.

But the crises of the past four years have shown that when the crisis is global, there is no external help to rely on, he said. So the most important strategic goal is to build a resilient economy, he added.

“Regional blocking has always led to conflicts, often resulting in wars, while building contacts and cooperation always yields real results … it is our conviction that rather than falling into isolation what we need is strengthening economic cooperation between Europe and Asia,” Varga said.

Thanks to its strategy of opening to the East, the government has found strategic partners in central Asia too, the minister said.

The results were clear, he said. “Hungary has become a bridgehead in economic cooperation between Europe and Asia, and the country is receiving most of its investments from Asia, Varga added.

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