Economy & Policy

FM: Hungary will spend 3 percent of its GDP on research and development by 2030

It is important to help small and medium-sized enterprises enter foreign markets.

Minister of Foreign Affairs and Trade Péter Szijjártó said at the World Intellectual Property Organization (WIPO) meeting in Geneva that the Hungarian government supports research and development (R&D) activities with a number of measures. The main goal of which is to spend 3 percent of its GDP on research and development by 2030, he added. 

According to the MTI statement, the foreign minister also reported that the coronavirus epidemic has provided several valuable lessons.

Szijjártó noted that vaccines are the only solution to the crisis, so the international community must be able to vaccinate the entire global population. A successful defense is now primarily a matter of capacity. Hungary is therefore building its own vaccine factory, and other countries are  hopefully doing the same, he added. 

The minister also thanked the research and medical community for being able to develop vaccines in such a short time.

Szijjártó stressed that vaccines should not be politicized. Authorities should solely follow a professional, fact-based process when authorizing them, he added. 

The minister also spoke about the need to stimulate investments and support job creation, especially after 140 million people became unemployed around the world last year. 

“It is important to support small and medium-sized enterprises in their ability to enter foreign markets. It is especially important in Hungary, which is one of the most open economies in the world, so the government will continue to do its best to help develop R&D capacities,” he said.

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