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Hungarian SME Strategy is the best in Europe

The Hungarian SME Strategy, prepared in cooperation with the OECD, is the best in Europe, said the president of JEUNE, the largest European association of young entrepreneurs.

The Macronome Institute organized an international hybrid conference entitled Small Business, Big Deal, with the participation of the OECD’s Business at OECD and the National Association of Entrepreneurs and Employers (VOSZ). 

Yoshiki Takeuchi, Deputy Secretary General of the OECD, praised the successful cooperation between the government of Hungary and the OECD in the development of the Hungarian SME Strategy. He said that small and medium-sized enterprises are the cornerstone of our economies and it is important to continue to give priority support to SMEs in three focus areas: investment promotion, digitalization and sustainability. The OECD is working closely with Hungary to develop the SME sector. 

László György, State Secretary for Economic Strategy and Regulation, presented the government’s crisis response measures and achievements, saying that 

Hungary’s first SME strategy was launched in 2019. Businesses were listened to and a business development scheme was set up to provide them with quick access to funding, and at zero percent interest, saving HUF 25 million on repayments on a loan of HUF 100 million, he said. In the past two years, they have reached three times as many firms, some 18,000 businesses, as in the previous six years, he pointed out. 

György said that winning applicants would have to grow at one and a half to two to three times the rate of GDP, and if they failed to do so, their support would be converted into interest-free loans. Preference will be given to companies that make cutting-edge technology and greening investments. 

Hungarian businesses can access personalized support opportunities on vali.hu in a globally unique way, he said, adding that entrepreneurs will receive HUF 200,000 to 250,000 per month for a student working for them, in return for which they will have to give students HUF 140,000, 60 percent of the minimum wage. The HUF 70 billion will allow businesses to train their employees and receive up to half a million forints a year, György stressed.

The event was attended by experts from nearly 20 countries, including the leaders of the region’s largest economic interest groups, the European Federation of Young Entrepreneurs, the JEUNE Presidency, EuCham’s international partners, and international representatives from Amazon and Viber.

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