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Jun 25, 2019

Government expands export partnership program

The Hungarian government has expanded its program aimed at promoting Hungarian exports, including another ten companies as key partners.

The Hungarian government has expanded its program aimed at promoting Hungarian exports, including another ten companies as key partners.

At a ceremony in which cooperation agreements were signed with the new partners, Péter Szijjártó, Minister of Foregin Affairs and Trade, said that the 19 participants in the program, including new entrants, had exported goods worth a combined 213 billion HUF (657m EUR) last year, up by 8 percent from 2017.

According to MTI, the program’s new participants include Agrofeed, Control-X Medical, FF Fémfeldolgozó, Gemtech, Jász-Plasztik, Kerox, Pick Szeged, Sanametal, Vajda Papír, and Wellis.

Minister Szijjártó said that Hungary’s economic output had increased by 5.3 percent in the first quarter of this year compared to the same period in 2018, supported by a 6.4 percent export growth. Hungary is the world’s 92nd country in terms of its population, and the 34th largest exporter, he added.

The Minister noted the government’s adopting a national export strategy in April, aimed at increasing Hungarian companies’ share in national exports and helping Hungarian brands to international markets. He added that Eximbank had a crucial role in those efforts; the bank has 1,604 clients and has granted loans totaling an annual 300 billion HUF for five years in a row.

Minister Szijjártó said the government has also adopted a strategy to help Hungarian companies make investments in other countries so that their profits made abroad could be used for funding development projects at home. He added that the government has set aside 10 billion HUF for the first phase of the program, and will soon put out the first bid.

The Minister noted that the Hungarian government had signed its first tied aid loan agreement in Africa, with Cape Verde, worth 50 million USD. Similar agreements have been concluded in 10 other countries, facilitating Hungarian investments worth a combined 356 billion HUF.

Photo credit: Infostart