Hungary Advocates Broader Definition for SMEs - Ministry
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National Economy Minister Marton Nagy and Hungarian Chamber of Commerce and Industry (MKIK) head László Parragh agreed at a meeting on Monday that updating the European Union's definition of small and medium-sized enterprises could boost competitiveness, the ministry said in a statement, according to news agency MTI.
Maximum headcount for SMEs in the definition, which has been in force since 2005, could rise from 250 to 500, while the annual revenue threshold could increase from EUR 50 million to EUR 100 mln, the ministry said.
Improving competitiveness will be among the priorities of Hungary's presidency of the Council of the European Union in the second half of the year, the ministry noted.
Modifying the definition could expand the range of Hungarian businesses eligible for support, it added.
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