“Another funding program is being launched for exporting Hungarian enterprises”, Minister of Foreign Affairs and Trade Péter Szijjártó announced on his Facebook page on Tuesday.

“As a result of the global pandemic, a new global economic system and competition is coming about that bears major opportunities for countries like Hungary whose economic performance is fundamentally determined by exports”, Mr. Szijjártó highlighted. “Hungarian enterprises are acquiring an increasing share of Hungarian exports”, he stated, adding: “If this were not the case then Hungary would not be providing the 34th highest export performance in the world while being ranked in only 92nd place according to population”.

According to the Minister, in recent years many Hungarian enterprises have achieved an export performance, primarily on the markets of far-away countries, from which it is only possible to move forward if they establish some kind of presence on the market of the given country. “They are constructing factories and performing at least a simple phase of their production in the given country”, Mr. Szijjártó said. “Accordingly, on Tuesday we are launching another funding program for Hungarian enterprises in the interests of enabling them to also establish a physical presence, meaning to establish a production activity or perform part of their production activity on the market of the given country in the interests of further increasing their export performance”, he stated.

Mr. Szijjártó said the government has earmarked a budget of 23 billion forints (EUR 65.2 million) for this program. “Applications may be submitted from 24 August, but companies will already be able to register beginning today. The maximum funding that maybe acquired by a company is 3 billion forints (EUR 8.5 million)”, he explained. “The question may arise: why are we funding the realisation of investment projects by these enterprises abroad? The answer is: because these investment projects will be increasing the export performance of these enterprises, and as a result they will also be creating more workplaces in Hungary”, he explained. “Successes on foreign markets also improve the performance of enterprises in Hungary”, the Minister said.

(Ministry of Foreign Affairs and Trade / MTI)