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.