OREANDA-NEWS. If we want to further improve economic competitiveness it is essential to increase wages, retain skilled labour and boost efficiency, Minister for National Economy Mih?ly Varga said at the ceremony for presenting the Awards for Successful Enterprises.

Summing up the results of the past six years, the Minister pointed out that the quantity-focused attitude must be replaced by the quality-first principle.

The Hungarian economy needs companies which keep up with the global competition fuelled by the ever-intensifying fourth industrial revolution, Mih?ly Varga said. As crisis management is now over, the main objectives are the facilitating of an innovation-led economy and the supporting of industrial production based on knowledge and R&D. Some instruments of state debt management must also be modified, he added. In November, after the expected credit rating decision is to be announced, the Ministry for National Economy will propose some changes to residency bonds.

The Minister honoured six enterprises with the awards.

The winners of the “Investor of the Month” award were the Hajdu Group and Bourns Hungary. Hajdu Group has been a major household appliances manufacturer and one of the largest Hungarian car industry suppliers. Bourns, a producer of car industry sensors, has invested HUF 1.8bn into the development of its existing facility in Ajka. Thus, they aim to increase revenues by 10 percent and add 50 new jobs.