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Ministry launches development program for mid-sized firms

Initiatives

The Ministry for National Economy is launching a development program from European Union funding worth HUF 1.7 billion to support medium-sized companies showing high growth with grants, István Lepsényi, secretary of state for economic development and regulation, said on Wednesday.   

Lepsényi said SMEs generate 50% of Hungaryʼs total economic output, employing two-thirds of all the employed. 

More than 400 of the top 500 medium-sized companies are Hungarian-owned, he added.

The aim of the development program targeting medium-sized companies is to ensure that manufacturing companies use up-to-date technologies, automate production, be more innovative, take part in R&D programs, use modern corporate governance methods, and familiarize themselves with foreign markets. 

The program will run until May 2019.

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