Finance minister calls for building up new Hungarian brands

Finance Minister Mihaly Varga has called for establishing new Hungarian brands. Addressing a panel discussion on competitiveness at the "Tusvanyos" Summer University in Baile Tusnad (Tusnadfurdo), in central Romania, on Thursday, Varga said that once these brands were built up, suppliers would be able to allocate competitive Hungarian technologies to them. "Competitiveness doesn't start abroad," the minister said. "First we have to establish ourselves at home so that we are competitive when we enter foreign markets." Varga urged letting go of the idea that competitiveness based on cheap labour can be lasting. "We're gradually on our way out of this era." Hungary must now transition to the small and medium-series production of quality goods, he said, arguing that "this has a future from the point of view of the Carpathian Basin."