Hungary is a highly export-oriented country, with the 92nd highest export performance in the world in terms of population.
As MTI reported at its annual general meeting in Budapest of the Berne Union (BU), Magyar said that the epidemic has caused extraordinary difficulties in the economy. Nevertheless, the Hungarian government did not introduce restrictive measures but instead provided subsidies and new resources to businesses, including through EXIM, Hungary’s official export credit agency operating for 27 years. In the intensifying world economic competition, the government has mobilized a significant amount to protect and expand the position of Hungarian exporting SMEs, Magyar added.
Established in 1934, the Berne Union has 84 member institutions from 73 countries who together provide coverage for the associated financial risks of 13 percent of global trade flows.
Gergely Jákli, President and CEO of EXIM, emphasized at the meeting that only through cooperation can they implement innovative priority projects for social, healthcare and infrastructural development that put sustainability at the forefront.
BU President Michael Ron said climate policy has become a primary and defining component of export credit insurers’ strategy. Organizations are seeing long-term shipments return to pre-epidemic levels because short-term merchandise trade has already surpassed these and global foreign direct investment is finally showing signs of recovery. Unsurprisingly, demand for export credit insurance increased in the second quarter of 2021.