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BKIK Calls for EU Support for Budapest Firms

D&T
May 8, 2020

Based on the feedback from the Budapest companies, Elek Nagy, the President of the Budapest Chamber of Commerce and Industry, sent a letter asking the government to make the GINOP - 1.2.8-20 EU fund application currently under social negotiation available to Budapest companies within the framework of the Competitive Central Hungary Operational Program (VEKOP).

The call aims to offset the economic impact of the coronavirus epidemic and support micro, small and medium-sized enterprises in adapting to modern business and production challenges.

Due to the support rules of the European Union, companies in Budapest have been able to apply for and win much less EU funding in the recent period than their competitors operating in other parts of the country. The Competitive Central Hungary Operational Program (VEKOP), supplemented with domestic budget resources, seeks to mitigate this disadvantage. Now, the epidemic caused by the coronavirus affects businesses in Budapest much more severely than rural ones, so it is especially important to compensate them as much as possible from the subsidy disparities arising from EU rules during domestic economic crisis.

The primary goal of the call by the Budapest Chamber of Commerce and Industry is to mitigate the economic effects of the coronavirus by retaining as many employees as possible in domestic enterprises (especially micro-enterprises). The tender also supports developments through support available in line with each SME classification and number of employees. In a letter sent to the government, Elek Nagy pointed out that the objective of the tender could not be achieved if Budapest companies were left out of the crisis management measures, as they make up 40% of the nationally registered companies.

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