Nagy: SMEs Backbone of Hungarian Economy

Analysis

The weight of domestic small and medium-sized enterprises (SMEs) is significant in the Hungarian economy, they are the backbone of the Hungarian economy, emphasized Minister of Economic Development Márton Nagy at the presentation of the national round of the European Entrepreneurship Development Award in Budapest yesterday, according to hrportal.hu.

He emphasized that Hungarian SMEs make up 99% of domestic enterprises, employ 72% of the employed, and thus provide livelihoods for millions of Hungarian families.

Last year, 60% of net sales and added value were generated, which shows a significant increase compared to previous years. He stated that there is room for the development of Hungarian SMEs, Hungary's competitiveness can only improve if businesses become more competitive.

He added that for this, energy efficiency must be increased, the digitization revolution must be carried out, and the proportion of research and development expenditures must be increased.

It is necessary to achieve that Hungarian enterprises are integrated at the highest possible level into the supply chain of multinational companies operating in Hungary.

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