During the 2022-2026 cycle, the government's focus is on the economy, Hungary's prime minister said at the opening of the Hungarian Chamber of Commerce and Industry's annual conference in Budapest on Wednesday.

Looking at the structure of the government, the portfolios and the people who have been invited to take the helm at each, it is clear that this is an economy-focused cabinet, Prime Minister Orban said.

Although governments are usually not reshuffled during any given term, the government structure had to be changed rather soon after it was formed in May 2022. This was necessary because it was clear that the sanctions introduced by Brussels had raised the energy prices very quickly, and the energy issue had become key for the country’s economic success and even its ability to finance itself, Mr Orban said.

Under these circumstances, an independent energy ministry was needed, he said, adding that the improvement in the quality of government decisions since then clearly shows that Minister Csaba Lantos has not only taken charge of the ministry, but is also managing it well.

The government does not intend to change its strong commitment to market and private capital, PM Orban said.

Without market financing, Hungary will not be able to achieve its targets, he emphasized.

The government will intervene only until market funding is fully restored and will try to make up for the shortfall in funding and the available interest rates through state intervention, Mr Orban said, stressing that this is crisis management, not a change of direction by the government.

The jobs belong to Hungarians first and foremost, and the Hungarian economy must provide jobs for Hungarians first, „only then can everyone else come in,”

PM Orban said.

In his speech, the premier stressed that Hungary will need 500,000 new employees in the next 1-2 years, and in this respect the emphasis should be on mobilising internal reserves.

There is a geographical reserve, and it is no coincidence that the focus for major industrial development investments is on Eastern Hungary, he pointed out. On the other hand, by taking advantage of the EU’s current political climate of cooperation, which favours regional cooperation and helps to build links with Hungarian communities beyond the borders, the labour reserves there can also be mobilised, he added.

Foreigners must not be given an advantage over Hungarians, and guest workers can only come to contention when all these reserves have been depleted, PM Orban emphasized.

Speaking about higher education, Mr Orban said that linking universities with actual economic activity remains a key issue, regardless of how the European Union „messes around” with the Erasmus or the Horizon programmes, for example.

The EU is now taking away the competitive advantage not from the government, but from Hungarian universities, because the universities, which are run in a restructured manner, are directly involved in the government’s decision-making via the state secretaries and ministers, he said.

„This is important for the universities and not for the government or for the individuals who sitting on their boards. This kind of direct connection is the biggest competitive edge we had compared to the West,” the Hungarian premier emphasized, adding that the decision harms the competitiveness of Hungary’s economy and that of Hungarian universities, which is something we cannot concede to.

He noted that the boards had to be changed, but the advantage that Hungarian universities are an integral part of economic development must not be given up.

He stressed that he is confident that they can reach an agreement, but in case of failure, these educational programmes will be financed from the Hungarian budget as an ultimate solution.

Hungary’s prime minister highlighted that

the coordination of Hungary’s economic policy, which was a key element of the successes achieved so far, will remain prevalent in the coming period.

If the government’s policy to curb inflation is successful – and February figures already show the first signs of this – and inflation will fall in the coming months due to the government’s measures, then it will be easier to coordinate the central bank’s instruments designed to manage inflation with the instruments at the government’s disposal, Hungary’s PM pointed out.

It must be accepted that debates on economic policy offer a platform „that is seen by otherwise colourful personalities with a strong intellect as an opportunity for appearance,” he said. „I am no exception,” he remarked, adding that „we are all like this as we are human beings and move in the world of politics”.

Viktor Orban also emphasized that

the policy of the next two years, steered by Energy Minister Csaba Lantos, will focus on creating energy capacities.

Hungary has an industrial policy that puts the emphasis on investments and industrial projects, and these are energy-intensive fields, Viktor Orban pointed out.

We will build gas power plants to serve large industrial centres,

the Hungarian premier noted, adding that decisions have already been made, and the EU has no ban on them, as gas is not considered an „enemy” in the current situation.

Speaking about the war in Ukraine, Mr Orban stressed that

Hungary will stay out of the Russia-Ukraine war and will continue to successfully veto sanctions that harm the country’s interests.

„There will be a lot of pressure, they will squeeze us, but we are strong enough – since we are not a coalition government – to stay out of the war,” Viktor Orban said.

Hungary’s prime minister pledged to maintain Russian energy supplies, to finance reduced household utility prices, and to protect 4.7 million jobs and even increase employment.

He added that the government will be able to support small and medium-sized businesses with special programmes even if the Central Bank’s base interest rate remains high, and it will stimulate investments and have the necessary energy capacities built.

The government will maintain export-oriented growth and crush inflation at the same time, he said.