HEBC calls for confidence and credibility in Hungary

The Hungarian European Business Council, incorporating the most important international companies present in Hungary, has published its 15th annual report, calling on the Hungarian government to create "confidence and credibility" in its economic policy as well as provide opportunities for consultation.

According to the 2013 HEBC report, "the country as a whole does not enjoy unanimous confidence on the part of the world. The causes are to be sought, among others, in divisive measures, the lack of coordination, in differing assessments of the country’s future prospects and in the blurring of the borderline between the Government and the governing political party."

The Business Council considers that confidence plays a central role in overcoming the crisis, improving competitiveness and attracting investors, and is also closely related to the country’s image. Over the past year, the international judgment of Hungary has not been uniform.

In the opinion of HEBC, two factors would restore investors’ confidence. One is the creation of a predictable economic environment. The other factor that creates confidence and helps to make changes that are sustainable over the long term is prior consultation. As top managers the members of HEBC themselves often find that the ideas that win confidence and prove to be lasting are those that enjoy the support, cooperation and commitment of all stakeholders.

One of the keys to Hungary’s success could be if it could overcome its own crisis of confidence more quickly than other European countries. An economically rational but fair sharing of the burdens would build up the confidence of foreign investors, international companies and the financial sector, contributing to the further strengthening of the economy.

When HEBC talks of predictability and credibility it is thinking not only of economic policy but also of the fundamental values that influence Hungary’s development and competitiveness.