HEBC for sustainable and inclusive growth

The Hungarian European Business Council, incorporating the most important international companies present in Hungary, has published its 16th annual report, calling on the Hungarian government to create "sustainable and inclusive growth" in its economic policy as well as provide a clear country strategy.

The 2014 HEBC report points out that Hungary faces continuous and increasingly intense competition in the world.

In the opinion of HEBC, the key to success lies in the creation of a vision, a country strategy tracing the directions and goals the country wishes to reach in the next 10–15 years. "There have been indications over the past four years that the Hungarian Government has a vision and a strategy, however it was only the individual measures that became publicly known. If the Government were to sum up and publish its ideas for the future of Hungary in a country strategy it would receive a unanimous welcome from the business world," the organization says.

It would be important for Hungary to have the widest possible scope of business opportunities. The importance of production industry is unquestionable but a flourishing service industry is also needed for development, growth and job creation. The question arises of how far the state has an economic role to play in a healthy economy.

It would be worth treating the answer to this question as part of a country strategy as well. The principal economic role of Government is to shape economic policy and regulations in such a way that, following the rules of the market economy, they ensure a level playing field and result in the most efficient and sustainable economy, HEBC says.