Weekly newsletter

Govt to Launch HUF 2 Billion SME Support Scheme

MTI-Hungary Today 2020.07.18.

Hungary’s government is launching a new 2 billion forint (EUR 5.7m) scheme to support small and medium-sized businesses, Péter Szijjártó, the foreign affairs and trade minister, said on Facebook on Saturday.

Starting on August 3rd, SMEs looking to build their brand abroad, prepare smaller investment projects or set up online distribution channels will be invited to bid for a maximum of 50 million forints in government support, the minister said.

The new era of the global economy set to emerge from the novel coronavirus pandemic presents both challenges and opportunities to countries like Hungary that rely heavily on exports, Szijjártó added.

This is why the government has decided to launch a new support scheme for Hungarian SMEs that can take advantage of the new era and be successful on foreign markets, he said.

Exports will continue to play a key role when it comes to Hungary’s economic performance in the future as well, Szijjártó said, adding that this was why it was important to “gain an advantage at a time when others might not have such an opportunity”.

featured photo: illustration (Mátyás Borsos/MTI/KKM)