HUF 25 Bn for the Development of Business Exports

HUF 25 billion will be allocated to the development of business exports, Minister of Economy and Energy István Kapitány wrote in a social media post on Sunday. According to the minister, Hungarian expertise is export-ready, and it is time for Hungarian companies to be as well.

Hungary is an open economy, and its growth depends largely on exports; however, the vast majority of export revenues are currently generated by foreign-owned companies, while only about 5% of domestic small and medium-sized enterprises export, he wrote.

He added that the domestic market is small, so anyone who truly wants to grow must expand beyond the country’s borders; moreover, exporting companies are typically more productive, more innovative, and create more value domestically.

He explained that several of the ministry’s supporting institutions, including HEPA and EXIM Bank, are working together to implement the export development strategy so that the programs can reach businesses effectively and with adequate financial backing.

He noted that, in preparing the strategy, more than 200 Hungarian companies shared their experiences regarding what helps and what hinders growth in foreign markets, what capabilities they need, and where the government can provide real assistance.

“Our value-creation-oriented support therefore focuses on capacity building, establishing distribution channels in foreign markets, and facilitating market entry,” the minister stated. “Our goal is for Hungary to become a knowledge-intensive country that not only assembles but also develops, and exports Hungarian knowledge, products, and services to every corner of the world. We are helping Hungarian businesses achieve this,” István Kapitány wrote in his post.