News & Analysis

Hungary reveals new SME strategy

Small and medium sized enterprises (SMEs) have to change their current paradigm if they want to stay competitive both in the domestic and the international economic sphere, László György, Hungary’s state secretary for economic strategy and regulation has said after introducing the Hungarian government’s new strategy on SMEs for 2030, the Hungarian press has reported.

Speaking at the strategy’s announcement, Mr György said that Hungarian enterprises have to be environmentally sustainable, undergo a technological change and stay in Hungarian ownership.

According to the state secretary, the 2030 strategy is based on seven pillars: creating an SME-friendly business environment, developing e-governance solutions, strengthening innovation, providing proper funding facilities, supporting internationalisation, arming entrepreneurs with knowledge and securing the generational change the vast majority of Hungarian SMEs will soon need to undergo.

Mr György stressed that the aim of the Hungarian government was to push the country to the top of the World Bank’s Doing Business ranking by 2030, which will be supported by reducing administrative burdens and creating more enterprise-friendly online platforms.

The state secretary added that Hungarian SMEs would also be encouraged to look for and enter foreign markets.