It is impossible to sustain the competitiveness of the domestic economy without the success of enterprises, Minister for National Economy Mihály Varga stated at the presentation of the “Awards for Successful Enterprises” for the month of April.
As a result of the Economic Development and Innovation Operative Programme (EDIOP), as winners of tenders published last year, more than one hundred Hungarian enterprises are to receive support payments of some HUF 4bn this year, he added.
The success of domestic enterprises is a precondition for maintaining in the long term the momentum of Hungary’s economic growth achieved in 2014, Mihály Varga stated, adding that the winners of the recently concluded EDIOP tender, which was published last year and aims to expand the production capacity of micro-, small and medium-sized enterprises, have been selected and thus more than one hundred micro-enterprises will receive EU funding of some HUF 4bn. These funds will enable companies to obtain up-to-date equipment and machinery, and to install facilities of developed infrastructure as prerequisites for maintaining competitiveness.
As the Minister pointed out, next year’s budget bill contains several elements that strengthen domestic enterprises, such as the lowering of the personal income tax rate from 16 percent to 15 percent, the reduction of VAT on pork to 5 percent and the increasing of the family tax allowance for those with two children.
In April 2015, the “Investor of the Month” award went to Nolato Hungary Ltd, represented by CEO Dr Norbert Meleg. The manufacturer of hygienic, healthcare products and medical devices has been active in Hungary for eleven years and it has become a major operator within the domestic industrial and services sectors. The company currently employs 530 people, of which 32 are of reduced capabilities; thus, Nolato is one of the largest employers in the Western Transdanubia region.
Székesfehérvár-based Galvanplastik Ltd was awarded the “SME of the Month” title. CEO Dr Károly Palásti said that the company operates the largest galvanizing facility within the Central and Eastern European region and its products are built into several models of Opel, Maserati, Rolls Royce, Mercedes, Audi, Suzuki and BMW. The enterprise employs 130 people and it has generated steady profits for years, posting average annual revenue growth of 25 percent.
In the category of “Startup of the Month” the Minister handed the award to Creabird Plc, a fully Hungarian-owned enterprise. The company assists SMEs, multinational enterprises and public administration bodies in reaching their business objectives in the most efficient way through structural reviews and proposals on marketing, project management and organization development. The company CEO Kinga Kenéz-Hanyecz has recently been voted Young Entrepreneur of the Year by the Young Entrepreneurs Association of Hungary.
The awards, established by Mihály Varga, were first presented in August 2013, and since then one awardee has been selected every month in the categories “Investor of the Month”, “SME of the Month” and “Startup of the Month” by the vote of a three-member independent jury. The distinction aims to highlight, promote and stimulate those enterprises active in Hungary which are contributing to the country’s economic growth and act as role models for becoming a successful company.
(Ministry for National Economy)
