Economy ministry to prepare action plans to boost SMEs, tourism

Small and medium-sized enterprises are a mayor pillar of Hungary’s economy accounting for 99 percent of all domestic businesses and employing 72 percent of all domestic employees, the ministry cited Nagy as saying. Those companies ensure the living of millions of Hungarian families, he said. Nagy said those companies were key for Hungary’s competitiveness, and strengthening their effectiveness, productivity and performance was imperative. The ministry’s action plan for SMEs includes proposals on financing programs and incentives to support investments and provide cheap loans, in addition to reducing administrative burdens, which will support and accelerate their green and digital transition.

The other action plan is to boost Hungary’s strategic tourism sector which provides more than 10 percent of the country’s GDP and gives jobs directly or indirectly to some 400,000 people, said Nagy. It’s central component is a significant development of Budapest’s recently re-purchased international airport by the state, the minister said, adding that the goal was to increase the airport’s capacity to handle 20 million passengers. Boosting tourism in the countryside is also an important objective, Nagy said.

He noted that the government aimed to raise the number of guest nights spent at tourism accommodations in Hungary to 50 million by 2030, while boosting the sector’s contribution to GDP from 10 percent to 16 percent.