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Jun 27, 2017

Hungary and the OECD throw small and medium businesses a lifeline to encourage growth

The government is taking various measures to speed up the process so that Hungarian SMEs can partner with international companies, primarily through Hungarian supply networks

Hungary and the Organisation for Economic Cooperation and Development (OECD) have thrown a lifeline to small and medium businesses to encourage growth.

During the OECD Global Productivity Forum in Budapest on Monday, policy initiatives that would accelerate the productivity growth of small and medium-sized enterprises were announced.

Mihály Varga, minister for National Economy, said that the government is taking various measures to speed up the process so that Hungarian SMEs can partner with international companies, primarily through Hungarian supply networks which provide a good opportunity for their products to enter international markets as exports. 

According to MTI, Minister Varga also highlighted government schemes to integrate SMEs into the supply chains of international companies.

The minister said that joining international value chains also helps to advance the research and innovation endeavors of large companies, the results of which can then be exploited by small companies.

Meanwhile, Zoltán Balog, minister of Human Resources, held talks with Angel Gurria, general secretary of the OECD, and briefed him on government efforts to reduce regional disparities in accessing services. He said the government counts on professional advice from OECD in this area.

Minister Balog also briefed Gurria on the government’s Roma integration efforts and achievements. The number of Roma students in higher education doubled in the recent period, he said.

Gurria said OECD maintains excellent relations with Hungary and he offered closer ties in the areas of education, healthcare, Roma integration and early intervention. The two officials will meet again for consultations in early November.