National Economy Ministry prepares action plans to boost SMEs and tourism

In line with a government decision to boost Hungary’s economic growth further, the National Economy Ministry is preparing two action plans by Sept 30 to further support the domestic SME and tourism sectors, Márton Nagy, the minister, said on Monday.

The ministry cited Nagy as saying that small and medium-sized enterprises are a significant pillar of Hungary’s economy, accounting for 99 percent of all domestic businesses and 72 percent of all domestic employees. Those companies ensure the living of millions of Hungarian families, he said. Nagy said those companies were critical to Hungary’s competitiveness, and strengthening their effectiveness, productivity, and performance was imperative. The ministry’s action plan for SMEs includes proposals on financing programs and incentives to support investments and provide cheap loans, in addition to reducing administrative burdens, which will support and accelerate their green and digital transition.

Nagy said that the other action plan is to boost Hungary’s strategic tourism sector, which provides more than 10 percent of the country’s GDP and gives jobs directly or indirectly to some 400,000 people. Its central component is a significant development of Budapest’s recently re-purchased international airport by the state, the minister said, adding that the goal was to increase the airport’s capacity to handle 20 million passengers. Boosting tourism in the countryside is also an important objective, Nagy said.

He noted that the government aimed to raise the number of guest nights spent at tourism accommodations in Hungary to 50 million by 2030 while boosting the sector’s contribution to GDP from 10 percent to 16 percent.

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