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Briefing notesEconomy & Policy

HUF 25 billion allocated for the national export protection program

Eight companies that helped Hungary reach record exports last year have joined the program.

A national export protection program with a budget of HUF 25 billion will be launched within the framework of the economic protection action plan to support Hungarian companies looking to grow, expand and acquire new markets.

Eight companies have joined the Preferred Exporter Partnership Program (Kepp). These companies together achieved sales revenue of HUF 204 billion last year, two-thirds of which came from exports of about HUF 137 billion.

Minister of Foreign Affairs and Trade Péter Szijjártó explained that the program consists of two parts. HUF 2 billion will be allocated specifically to small enterprises, which can receive support for the expansion of their export markets, up to a maximum of HUF 50 million per enterprise.

HUF 23 billion will be available to large companies pursuing investments and capacity expansions anywhere in the world so that they can sell their products in places far from Hungary. Conquering foreign markets and being able to export products there often requires local investments in assembly, packaging or other activities, the minister explained.

Szijjártó also mentioned that the HUF 25 billion export support program was launched last Friday, which supports Hungarian companies making cross-border investments to preserve and develop their competitiveness. Hungarian companies can apply for this support by investing in six neighboring countries, aside from Austria. The maximum amount of support available for one company is EUR 800,000, which can cover 60 percent of the total costs of a given investment. 

With these two new government programs, a budget of HUF 50 billion is available to finance Hungarian export companies, the minister emphasized.

Alpha-Vet Állatgyógyászati ​​Kft., Bábolna Tetra Kft., Hell Energy Magyarország Kft., HungaroControl Zrt., Ilcsi Szépítő Füvek Biokozmetikai Kft., Meditop Gyógyszeripari Kft., Silveria Elektronikai Kft. and Tungsram Operations Kft. all joined the Preferred Exporter Partnership Program (Kepp). 

FM Szijjártó said that these eight companies contributed to Hungary’s export record in 2019.

Source
Kormany.hu
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