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SMEs receive support from Hungarian government

Strengthening SMEs is a strategic goal both at home and on a European Union level.

At the recent Competitiveness Council meeting in Brussels, László György, State Secretary for Economic Strategy and Regulation at the Ministry of Innovation and Technology (ITM), called for support for SMEs and for strengthening the external competitiveness of the European Union. 

In November, the Hungarian government adopted its 2030 strategy to strengthen Hungarian micro, small and medium-sized enterprises. Developed by the ITM-led strategy, its importance will be to simultaneously build an internationally successful, dynamic entrepreneurial circle and to strengthen a broad range of SMEs that ensure the livelihoods of many living in Hungary.

The state secretary emphasized that “the planned measures cover areas such as support for technology change and digitization, reduction of administrative burden and red tape, and support for generational change,” adding that “the pledge of the future for both Hungary and the EU is the spread of green and high-tech solutions.”

“Therefore, when developing EU and nation-state policies to strengthen the SME sector, increased attention should be paid to adapting green solutions and supporting innovation capacities,” he added.

During the debate on the EU’s external competitiveness, György called for more effective action to protect EU-based businesses against unfair competition-distorting practices in third countries. 

“The EU must also strike the right balance between emission reduction measures and competitiveness. The measures should contribute as much as possible to reduce carbon dioxide emissions, but also ensure that European companies are not disadvantaged on the international market by unjustifiably stringent regulation,” he said.

According to a statement by ITM, the Competitiveness Council also discussed a draft directive on disclosure of corporate tax information. György said that “Hungary agrees with increasing publicity and transparency in the area of corporate taxation, but does not support the means proposed to achieve the goals.” He said the reason for this is that the EU-proposed regulation could lead to unjustified administrative burdens for companies, thereby placing them at a competitive disadvantage vis-à-vis companies operating in countries with lighter regulation.

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