Hungary FM: Independent Strategy Instead of Forming Blocs

Hungary is seeing record-breaking levels of investment and employment as a result of the government’s strategy of economic neutrality. This demonstrates why the renewed global push for forming blocs would be a mistake, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said in Geneva on Friday.

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Geneva (Facebook/Peter Szijjarto)

Peter Szijjarto addressed the International Labour Organization (ILO) conference, where he stressed that the global economy is currently facing serious challenges, and in times of crisis, jobs are often at risk. He emphasized that in the past 15 years, the financial crisis, the COVID-19 pandemic, and the war in Ukraine have all brought massive uncertainty to the global economy, resulting in lost growth opportunities and endangering hundreds of thousands, even millions, of jobs.

Peter Szijjarto on economic neutrality (Photo: MTI/ Zoltan Balogh)

Peter Szijjarto on economic neutrality

The minister highlighted that the Hungarian government is committed to building a work-based society. It treats unemployment not as an issue to be managed, but as one to be prevented—hence the strong support for investment.

The success of this approach is demonstrated by the fact that more Hungarians  were in jobs after the pandemic than before.

he highlighted. At the same time, he warned that after overcoming several international crises in recent years, the world now faces a new challenge: the liberal mainstream is attempting to divide global politics into ideological blocs once again.

He criticized this approach, arguing that ideological and political interpretations of purely economic and trade issues are harmful, stressing that Hungary firmly rejects such a stance.

He pointed out that dividing the world into blocs again runs counter to Hungary’s national interests, as it would further reduce potential opportunities for growth. Instead, international cooperation based on connectivity and mutual respect was needed. He reiterated that the government believes the over-politicization of economic and trade issues is misguided and that a rational, pragmatic approach is more effective.

This approach is the foundation of Hungary’s economic strategy, which has led to record-high employment levels. Thanks to this policy of economic neutrality, Hungary has become a meeting point for both Eastern and Western companies and investments,

he said.

Instead of restricting East–West economic cooperation, we encourage it. We have never discriminated between companies or employers based on nationality. We have always rejected attempts to impose artificial, geography-based limits on business cooperation,

he added, noting that as a result of the economic neutrality strategy, Hungary is seeing record-breaking levels of investment, and the country has now become an important meeting point for major German and Chinese companies. 

This is how we achieved our main strategic goal—that anyone who wants to work in Hungary can find a job. In other words, we have achieved full employment. If we hadn’t resisted the pressure, if we hadn’t repelled the attacks, we wouldn’t have reached these investment records or full employment in the country,

–he concluded.

Cover photo: Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Geneva (Facebook/Peter Szijjarto)