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Gov't to establish trading houses for SME export support

Int’l Relations

Hungary's government has decided to establish trading houses to support SME exports, a government decree published in the official gazette Magyar Közlöny shows.

The decree mandates the national economy minister, the foreign affairs minister and the rural development minister to draw up a detailed plan for trading houses by the end of April and make the necessary legal and fiscal preparations by May 31. The trading house is to start operating by September 1.

The trading house will support the implementation of a foreign trade and investment strategy for 2012-2020 recently approved by the government.

Stakes in the Hungarian Export-Import Bank and the Hungarian Export Credit Insurer held by the Hungarian Development Bank would be transferred to the state under the strategy.

The strategy places emphasis on broadening ties with Asian markets.

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