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International chambers write to govʼt on COVID-19 economic relief

International business organizations in Hungary have revealed they sent a joint letter to the ahead of the announcement of its economic stimulus plan.

Prime Minister Viktor Orbán announces the second wave of economic support and recovery measures in Budapest on April 6, 2020. Behind him are, from left, Minister of Finance Mihály Varga, Minister Responsible for Managing National Assets Andrea Mager and Minister for Innovation and Technology László Palkovics, the recipients of the chambersʼ letter. Photo by MTI/Prime Ministerʼs Press Office/Zoltán Fischer

The American and British chambers of commerce, the German-Hungarian Chamber of Commerce and Industry (DUIHK), the Hungarian Association of International Companies (NVMT) and the Joint Venture Association (JVSZ) sent the letter to Minister of Finance Mihály Varga, Minister Responsible for Managing National Assets Andrea Mager and Minister for Innovation and Technology László Palkovics.

In it, the business organizations called for the equal assertion of interests of SMEs and large companies. The co-signers say they are committed to the fight against COVID-19, together with the government.

The impact of the international chambers of commerce can be seen through “several concrete proposals to alleviate the fallout”, some of which have already been implemented in relief measures, they say.

They also back the position of the Hungarian Chamber of Commerce and Industry from March 30 about conquering the crisis being a shared responsibility of the government, the business sector and the workforce.

However, the chambers add that they “consider it important that all economic players participate in the relief efforts in a balanced manner without forcing one segment to bear disproportionate burdens in the process.”

Crisis Affects All

The letter says that the crisis affects all the small, medium-sized and large businesses in the Hungarian economy, therefore the government’s economic rescue action plan should support all of them equally.

Multinational corporations, according to the co-signers, should receive internationally competitive solutions in order to “safeguard the long-term commitment and future of existing investors.”

The chambers also insisted that the additional taxes put on the large corporations may affect economic growth, job retention and creation, together with the image of Hungary as an appealing destination for investment.

In their opinion, economic relief actions should not endanger the operation and development of strategically important businesses.

The full text of the letter, in both English and Hungarian, is available on the AmCham website (amcham.hu).

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We are also appealing to companies and chambers to let us know what they are doing to help the fight against COVID-19. Email us with your details at news@bbj.hu