“The latest loan extended to Pécs-based textile company Rovitex Hungária Ltd. means the total refinanced loan volume provided by Eximbank Zrt, which is supervised by the Ministry of Foreign Affairs and Trade, now exceeds 500 billion forints (EUR 1.6bn)”, the bank’s director announced in the county capital.

CEO of Hungarian Export-Import Bank Plc. (Eximbank) Zoltán Urbán highlighted that the bank’s total loan volume stood at HUF 719.4bn at the end of the first quarter of 2016, an increase of two percent compared to the previous year, and HUF 55bn in new loans were paid out in Q1. Mr. Urbán pointed out that 84 percent of Eximbank’s customers who receive funds directly and in refinancing are micro, small and medium-sized enterprises (SMEs).

On the new direction taken by the bank, he reminded the press tSzabó Lászéóhat Eximbank had expanded its range of partners and since the end of last year had concluded eleven agreements with financial enterprises with a total envelope of 265 million euros. The success of Eximbank was contributed to by the twenty-two financial institutions the bank cooperates with, as well as the several hundred exporting Hungarian small and medium-sized enterprises.

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Minister of State László Szabó from the Ministry of Foreign Affairs and Trade declared that Hungary’s export activities had never been as successful as they were last year, when exports exceeded 90 billion euros and the foreign trade surplus was 8 billion euros. It is important that SMEs which produce competitive products should exploit export opportunities, he said.

Mr. Szabó called the Hungarian Investment Promotion Agency (HIPA) one of Central Europe’s most successful organisations, highlighting the fact that the agency had managed over 1.6 percent of Hungary’s GDP during the past two years. Exports exceeded GDP for the first time ever in 2015 and in this respect Hungary is in first place in Europe, he emphasised. The Minister of State said Rovitex’s target of increasing the level of exports from 50 percent of the company’s total sales volume to 70 percent within the next few years was an example to be followed.

At the event, Managing Director of Hungarian-owned Rovitex Ltd., Norbert Romeisz, told reporters that “the business had begun twenty years ago in a garage in Pécs”, but today was Hungary’s market leading curtain manufacturing and wholesale company with strong positions in neighbouring countries.

The company, which employs 70 people in Pécs and a further 50 via its subsidiaries, began exporting its products in 2004 and now ships to 40 countries worldwide. Their products include inflammable and anti-bacterial curtains, primarily for use in hotels and hospitals. Mr. Romeisz also announced that the company would be expanding its production capacity at its Pécs headquarters later this year.

Rovitex Hungária Ltd. realised a total turnover of HUF 2.2bn (EUR 7.1M) in 2014 with net profits of 70 million forints, increasing to HUF 2.3bn in 2015, HUF 1.2bn (EUR 3.9M) of which was derived from exports (net profit figures for last year are not yet available), Rovitex Business Manager Márk Szabó said in reply to a question from Hungarian news agency MTI.

(Ministry of Foreign Affairs and Trade)