State-owned Hungarian National Trading House Company (MNKH) and its two units will perform various export promotion services under a government decree, and the two units will get HUF 2.75 bln in funding to carry out these tasks under a government resolution, the two documents published in Wednesdayʼs official gazette Magyar Közlöny shows, Hungarian news agency MTI reported.
The MNKH, which was established by the state and the Hungarian Chamber of Commerce and Industry (MKIK) as a minority owner, operates trade houses in some 40 countries around the globe. MNHK opened offices as part of its Central European trade development network in several cities of neighboring countries in 2015 and at the start of this year.
The two 100% MNKH units to which the economy minister is instructed to allocate HUF 2.75 bln under Wednesdayʼs government resolution, are Magyar Kereskedelem-fejlesztési és Promóciós Kft. (Hungarian Trade Development and Promotion), which had HUF 12.2 mln net profit in 2014 and net assets of HUF 15.2 mln at the end of 2014 according to the latest available figures, and MNKH Közép-europai Kereskedelemfejlesztési Hálozat Kft. (MNKH Central-European Trade Promotion Network), which posted HUF 1.6 mln in losses and net assets of HUF 1.3 mln at the end of 2014.
MNKH itself had HUF 2.4 bln in losses in 2014 and ended that year with net assets of HUF 6.8 bln.