The Demján Sándor Capital Programme, an element of the Demján Sándor Programme for scaling up local SMEs, will launch with an allocation of HUF 100bn in February, the state secretary for SMEs announced on Wednesday.
The programme will make capital financing available to SMEs for expanding their range of business partners and joining new supply chains, Richárd Szabados said. The 8+1 point Demján Sándor Programme is a part of the government’s New Economic Policy Action Plan. Szabados said the Demján Sándor Capital Programme was drafted with the participation of National Capital Holding and would be implemented with the support of the Hungarian Chamber of Commerce and Industry (MKIK).
The details of three more elements of the Demján Sándor Programme will be announced in the coming two weeks, he added.
National Capital Holding CEO Bence Katona said companies could apply for HUF 100m-200m in the framework of the Demján Sándor Capital Programme. The Hungarian Development Bank (MFB) will subscribe the investment fund units in the scheme and MKIKwill be in charge of managing the investment fund, he added.
The scheme will not focus on any particular branch of industry, but areas designated in the government’s policy action plan, such as green economy, digitalisation, healthcare, education and sustainable industry, will enjoy an advantage, he said. Purchases of real estate will be excluded from the scheme, but the capital may be used to upgrade or expand property already in use, he added.
The deadline for completing investment projects included in the scheme will be one year, with an option for a six-month extension if justified by the circumstances, he said. He added that the capital could be used for the self-financing requirement for other credit, paving the way for companies to access up to several hundred million forints.
The rate on the state-subsidised capital financing is 5pc. To comply with legal requirements, companies will exchange a token, 1pc equity stake for the financing that carries no right of control and may be repurchased at any time.
Companies with average annual revenue of at least HUF 300m and with at least two people on payroll may apply for the financing.
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Hungarian Development Bank launchesEUR 84 million EU-funded credit scheme for SME digitalisation
New Chamber of Industry and Commerce head promises new support schemes for SME sector
Elek Nagy, who was elected the new head of the Hungarian Chamber of Industry and Commerce (MKIK) on Wednesday, has announced a programme to support businesses’ competitiveness, MKIK said on Thursday.
The chamber will continue its cooperation with the government and make professional recommendations, MKIK said.
Nagy said he believed in cooperation, collective thinking and knowledge-based decisions, in addition to preserving results achieved so far.
MKIK’sboard acknowledged the work of outgoing president László Parragh, who has held the post for 24 years.
Photo: FB/Magyar Mérnöki Kamara
Business chamber launches programme to boost digitalisation among SMEs
The Hungarian Chamber of Commerce and Industry (MKIK) on Thursday announced the launch of a HUF 2bn, European Union-funded programme to support digitalisation at SMEs without a homepage or a presence on social media.
The programme targets over 10,000 SMEs of which 5,000 could draft digital development plans, the chamber said. A similar programme launched during the last EU funding cycle supported digital developments at over 25,000 businesses, it added.
Mate Kocsis, the ruling party’s group leader, said on Monday that Fidesz proposes holding a “National Consultation” public survey on “trade neutrality, support for small and medium-sized enterprises, wage increases, employee loans, as well as housing and family support.”
Given the economic upheavals following the pandemic and the war, new economic solutions were needed to put the country back on the right track, he said during a break of the two-day Fidesz-Christian Democrat group meeting in Esztergom, in northern Hungary.
Hungary’s economic outlook “is good”, he said, adding that the proposed new measures would further strengthen the economy and people’s prosperity.
At the same time, “the European leadership is waging a trade cold war,” isolating itself from the East’s economies, he said, adding that “Hungarian neutrality” was best served by openness towards both East and West and that it should break off trade ties neither with the West nor the East.
Kocsis said Fidesz believed in the government’s policy outlook, but it always sought the public’s views on sensitive issues.
Kocsis said the public must have a say on whether they concur with “the economic isolation represented by the Brussels leadership” or whether they want to maintain “free-flowing Eastern and Western commercial and economic pathways.”
They should also be asked about support for small and medium-sized enterprises (SMEs), the government’s key aim of helping SMEs gain access to capital and new financial instruments.
Also, one of the questions concerns a wage rise, which requires a new deal with employers. He also proposed raising the minimum wage to 400,000 forints (EUR 1,000) and the average wage to 1 million forints “within the foreseeable future”—which he called a “realistic goal.”
Meanwhile, the questionnaire will canvass views on whether young people taking up a job should receive an interest-free loan for whatever purpose they see fit.
The government wants create affordable new places of residence such as dormitories and to help young people buy their first home using state-subsidised loans with very low interest rates. This will also be contained in the survey, he said.
Further, a question about family support will be included, Kocsis said, adding that not only did the Hungarian right and left disagree on this, but the government and the European Commission were also at loggerheads over the issue.
The government wants to double the family tax allowance and other types of family support “may also be discussed”.
Kocsis said the government could consider the party group’s proposal at its meeting this week.
He said the proposed measures were unlikely to be met with “a roar of applause” in Brussels, so it was necessary to get solid backing for them from Hungarian citizens.
European Union credit guarantees in the framework of the InvestEU programme will pave the way for outlays of close to EUR 1.49bn for SMEs, Máté Loga, the state secretary for economic strategy at the National Economy Ministry, said at a press conference on Monday.
Loga said the InvestEU guarantees would reduce financing risks for local SMEs and raise the scale of SME lending stock over 20pc of GDP by 2030.
István Attila Szabó, the head of Garantiqa, said the guarantor could use the InvestEU guarantees for surety of EUR 1bn. The guarantee products will be available from CIB Bank, MBH Bank and Oberbank initially, but at more lenders later on, he added.
The guarantees will back credit for investments in the digital and green transitions, regional and rural development, the farm and food industry, supply chain developments, efficiency improvements and R+D, he said.
Garantiqa’s surety stock was close to HUF 690bn at the end of August and could exceed HUF 1,000bn (EUR 2,49bn) by year-end, he added.
National Economy Minister Márton Nagy addressed Tuesday’s Portfolio Finance 2024 conference in Budapest and said the government needed to encourage businesses to use AI (artificial intelligence) to boost local SMEs’ competitiveness.
Nagy said the rapid pace at which AI was advancing would impact businesses’ everyday operations. He added that AI could boost productivity by 26 percent and lift GDP by 15 percent while contributing to the creation of 1 million high-value-added jobs.
Outlining the future impact of AI on the Hungarian economy, Nagy told the conference that the IMF had estimated that 40 percent of workplaces globally would be transformed by the developing technology, while other research suggested AI could add USD 15.7 trillion to the global economy, lifting GDP by 26 percent. Broad adoption of AI could also boost labour productivity, he added.
AI could change the way production chains work, boosting productivity in the food sector through data generated by the Internet of Things, and allowing more effective inventory management in the retail sector, he said.
He added that using AI in the financial sector could increase security, reduce costs, improve customer experience, and automatically flag suspicious transactions.
He acknowledged the risk AI presented to the labour market, mainly to office jobs and positions requiring a high level of qualification, adding that one European survey suggested AI would put 24pc of jobs at risk due to automatisation. Those risks need to be managed in time, he said.
He said Europe is lagging behind in AI in terms of R+D and hardware, while China is catching up to the United States. China is the leader in optical communication, machine learning, and data analysis, he added, noting the risk of monopolies developing in some technological areas.
He raised the possibility of AI becoming central to the conflict between the US and China.
Nagy said his ministry was in charge of representing Hungary on the European AI Board, which was established to smooth the implementation of the EU’s AI Act. The new act, he added, is a focus of Hungary’s presidency of the Council of the EU, which aims to boost EU competitiveness. Read details HERE: Hungary chairs European AI Board
While big companies in Hungary are only a little behind the EU average in corporate digitalisation, local SMEs have catching up to do and need to be encouraged to use AI, he said.
He pointed to a number of local success stories driven by the adoption of AI, such as haulier Waberer’s use of AI in warehousing, Hell Energy’s use of AI in soft drink production, and applications at the ZalaZONE vehicle test track.
read also: AI Summit Budapest 2024: innovations in artificial intelligence draw record crowds – report on the event
Foreign Direct Investment (FDI) has been a significant driver of economic growth across many countries, and Hungary is no exception. FDI’s influence on Small and Medium Enterprises (SMEs) in Hungary is a topic of considerable interest, especially as these enterprises form the backbone of the country’s economy. This article delves into how foreign capital investment impacts Hungarian SMEs, examining the economic influence, opportunities, and challenges they face in a globally interconnected market.
Understanding Foreign Direct Investment and Its Role in Hungary
Foreign Direct Investment (FDI) refers to the investment made by a foreign entity into a business or production in another country. In Hungary, FDI has played a pivotal role in transforming the economy, particularly by fostering growth in various sectors, including manufacturing, services, and technology. The impact on SMEs, however, is multifaceted.
The Hungarian SME sector is diverse, comprising a significant portion of the national economy. These businesses are often seen as vital for economic diversification, job creation, and innovation. However, the influx of foreign capital brings both opportunities and challenges for these enterprises.
Opportunities for SMEs Through FDI
Access to Capital and Resources
One of the most significant benefits of FDI for Hungarian SMEs is the access to foreign capital. This investment in small enterprises allows SMEs to expand their operations, invest in new technologies, and improve their product offerings. With the global economic integration that FDI facilitates, Hungarian SMEs can also access international markets more easily.
Knowledge Transfer and Innovation
FDI often comes with the transfer of knowledge and technology from foreign firms to local businesses. This knowledge transfer is crucial for enhancing the competitiveness of SMEs in Hungary. It leads to better business practices, higher productivity, and innovation, which are essential for growth in a competitive global market.
Increased Market Access
By attracting foreign investors into the country, Hungarian SMEs can gain better access to international markets. This market expansion allows these enterprises to scale their operations, reach a broader customer base, and ultimately increase their revenues.
Challenges Faced by SMEs Due to FDI
Increased Competition
While FDI brings numerous benefits, it also introduces challenges, particularly in the form of increased competition. Foreign firms entering the Hungarian market often have significant resources, which can put pressure on local SMEs. These small businesses may struggle to compete with larger, well-established multinational corporations, leading to potential market share losses.
Regulatory and Compliance Issues
FDI is closely tied to regulatory environments and economic policies. Hungarian SMEs may face difficulties in navigating the complex legal frameworks that govern foreign investments. Compliance with these regulations can be costly and time-consuming, posing a significant challenge for smaller enterprises with limited resources.
Dependency on Foreign Markets
As Hungarian SMEs become more integrated with international markets through FDI, they may also become more dependent on these markets. This dependency can make them vulnerable to global economic fluctuations, trade restrictions, and changes in foreign market conditions.
Case Studies: FDI and Hungarian SMEs
To better understand the impact of FDI on Hungarian SMEs, let’s look at a few case studies:
Sector
Impact of FDI
Manufacturing
Significant capital investment leading to expansion and increased production capacity.
Technology
Access to advanced technology and expertise from foreign partners, resulting in innovation and market expansion.
Services
Increased competition from foreign firms, leading to the need for strategic partnerships and adaptation.
These case studies highlight the diverse effects of FDI on different sectors within Hungary’s SME landscape.
Strategies for Maximizing the Benefits of FDI
To fully harness the potential of FDI, Hungarian SMEs need to adopt strategic approaches. Here are some recommendations:
Enhancing Competitiveness
Hungarian SMEs should focus on enhancing their competitiveness by investing in innovation, workforce development, and technology. By doing so, they can better compete with foreign firms and capitalize on the opportunities presented by FDI.
Leveraging Government Support
The Hungarian government offers various incentives to attract FDI and support SMEs. These include tax incentives, grants, and assistance with regulatory compliance. SMEs should actively seek out and leverage these resources to improve their business resilience and growth potential.
Building Strategic Partnerships
Forming strategic partnerships with foreign firms can be a valuable way for SMEs to gain access to new markets, technologies, and expertise. These partnerships can help mitigate some of the challenges posed by FDI, such as increased competition and regulatory complexities.
Conclusion
The impact of Foreign Direct Investment on Hungary’s Small and Medium Enterprises is a complex and multifaceted issue. While FDI offers significant opportunities for growth, innovation, and market expansion, it also presents challenges in the form of increased competition and regulatory hurdles. Hungarian SMEs must adopt strategic approaches to maximize the benefits of FDI while mitigating its potential downsides.
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By focusing on enhancing competitiveness, leveraging government support, and building strategic partnerships, Hungarian SMEs can position themselves to thrive in an increasingly globalized economy. The careful balance of embracing foreign investment while safeguarding local interests will be key to the continued success of Hungary’s vibrant SME sector.
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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.
The latest market research conducted by System32 Ltd. examines the “AI readiness” of SMEs. The online, supplementary, non-representative survey was prepared by the company in April 2024 in collaboration with BellResearch.
Responses were collected from nearly 100 small and medium-sized enterprises. 46% of the respondents represent the service sector and 24% the commercial sector. The majority of them are organizations with a long history, 44% of them have been operating for at least 20 years, and another 27% have been operating for at least 10 years. The respondents typically have a higher education, and the majority considers itself to be adequately prepared in matters related to IT and digitalization.
The research covers cases of successful business uses and also assesses the greatest risks. The key findings from the results contribute to the charting and further development of the domestic market of AI.
Andrea Polereczki, managing director of Securityssimo. Photo: System 32 IT Ltd.
One can hardly talk about an established corporate AI culture
AI is transforming our daily lives and has brought about a paradigm shift in business and academic life as well. It is not only a technological revolution, but also one of the tools of data-driven company management in business life. The survey by System 32 IT Ltd. revealed that most of the responding companies do not have an AI strategy, despite this, several are starting developments using artificial intelligence solutions.
The answers also pointed out that developments typically lack the appropriate strategic and technical background, the training of future users is mostly not resolved, and the knowledge and resources essential for the introduction of AI are not available.
Based on the feedback from the decision-makers of the companies using AI, 10% currently have a dedicated AI employee or manager, despite the fact that 2/3 of the respondents believe that AI simplifies and expedites work processes.
Except for 1-2 of the sampled organizations using AI, none of them have an allocated budget for AI, internal regulations or ethical guidelines.
According to Péter Szlezák, the founding managing director of System 32 IT Ltd., this is extremely risky, since a well-thought-out, pre-planned AI strategy is crucial in the process of digital transformation. Business risk can be mitigated this way, and one can proceed more intentionally with realizing one’s business goals, utilizing the opportunities offered by artificial intelligence. This claim is supported by the AI readiness index established for the research, according to which 63% of the companies included in the sample exhibit an extremely low degree of AI awareness, while 17% have a low, 19% have a medium and only 2% have a high level AI awareness.
System 32 – AI readiness indexFactors examined when assessing the AI Readiness index.
A demand for education and support
31% of decision-makers participating in the research actively use opportunities presented by AI, while 19% of them plan to introduce AI-based solutions into the company’s operations within the next 2 years. 12% of company managers are uncertain about the areas and tasks in which artificial intelligence can be used in their company. Only 44% have an idea of how to use AI effectively to achieve their business goals. Almost half of the decision-makers considering the introduction of AI find it necessary to involve an external partner in order to do so. There is a significant need for education and external expert support. Currently, 38% of the surveyed organizations have the opportunity to participate in some form of AI-related training and education.
TOP 4 list of AI applications
83% of AI users have a positive experience with the use of artificial intelligence. 72% of artificial intelligence users use AI to perform general office tasks. 50% of AI applications are used to support marketing activities, and with a similar proportion they are used for administration, decision support and compiling reports (44%).
Top 4 use cases of AI.
The application of AI: a noticeable generational difference in leadership?
In the research, the decision makers of the responding companies mostly represent the generation X (born between 1965 and 1980) and the Baby Boomer generation (born between 1946 and 1964).
Men and women are almost equally represented among the respondents. 13% are under 40 years old, 28% are between 40-49 years old, 22% are between 50-59 years old, and 13% are 60 years of age or older. Would we have gotten different results if we had asked the young leaders representing Generation Y and Z?
Distribution of respondents by age group.
According to generational researcher Krisztián Steigervald: “We would have obtained significantly different results from the research if the respondents had been dominated by generations Y and Z. The (true) understanding of artificial intelligence can be a serious challenge for elder people from a neurological standpoint, claims László Mérő, among others. It is a practical experience that today’s high school/university students use AI on a rudimentary level, even for the simplest tasks.
The use does not even raise a question, because it is almost a daily routine. Think of taking pictures, making presentations, translation, collecting materials, secondary research, writing studies, not necessarily just writing thesises. This routine-like, bolder use is still missing (may still be missing) among elder people, where the speed of learning and the courage to apply the knowledge is (may be) different, increasing the digital gap between generations.”
AI increases the competitiveness of companies
64% of decision-making respondents agree that AI increases the company’s competitiveness. At the same time, only 46% believe that the company’s employees would be open to the use of AI within the company. According to Péter Szlezák: “My experience is that the vast majority of employees already use some kind of AI-based tool, without ever having received any training on the risks and proper use of it. Leading by example is essential now, as in all major revolutionary and technical changes.”
Péter Szlezák, founding managing director of System32 IT Ltd.
Do robots birth the FOMO Sapiens?
The existential threat posed by super-intelligent systems has cultivated the fear of technological dependence and job loss. Another important effect is FOMO, i.e. “fear of missing out”, the feeling that anyone who does not use AI will be left behind. “It’s not artificial intelligence that will take the jobs, it’s the people who are able to use it.” – explained László Mérő in his lecture series on artificial intelligence.
Concerns about digital and technological lag is apparent from this research as well. Among respondents who consider AI to be risky, 68% are concerned about whether the AI’s responses to each prompt come from a credible source. 67% of respondents agreed that AI simplifies life, 75% believed it made it faster, and 31% thought it threatened people’s work. Most of the respondents have already used some kind of AI solution in their work, 78% of them believe that those who do not deal with AI will be left behind. 31% of enterprises have “officially” introduced artificial intelligence into their company operations.
According to Péter Szlezák, the founding managing director of System 32 IT Ltd., education is an important tool for dispersing risks and fears, and for company managers to understand exactly how the currently available AI tools can strengthen the profitability of their own business. IT security is a key issue that we must not lose sight of. But our fears should not prevent us from progressing, because those who miss out will be left behind.
Plans for the use of AI
In a 2023 American research, 69% of managers and specialists handling AI claimed that AI will play a key role in the life of their company in the next 3 years. (Zeitgeist: 2023 AI Readiness Report). In this year’s System 32 research, only 27% of managers answered with yes to the same question.
AI will play a pivotal role in my company within the next 3 years
Could the AI strategy be the key to growth?
One of the biggest benefits of AI in organizational operations and company management is that it supports the processing and interpretation of the amount of data that engulfs us thanks from the explosion of information. In addition, it is an important tool of prediction in business planning. Although the majority of the companies examined in the research agree with the findings regarding the usefulness of AI, only a few have integrated it into the operation of their organization along the lines of a developed strategy after proper education.
“System 32’s latest program helps companies assess which stage they are in their preparation and how ready they are for the digital transition. Based on the results, the team of System 32 prepares a customized strategy, recommends tools that meet the company’s needs, and provides adequate training for management and employees.” – said Péter Szlezák.
As long as business plans are still developed on checkered paper and our fears override progressive thinking, we inhibit our own development, and the enormous potential inherent in AI remains untapped.
“With technology, we can obtain anything we want. However, the limitlessness of possibilities is only an illusion, as our physical abilities limit us.” – says Andrew Przybylski, a British psychologist.
To summarize the conclusions of System 32’s market research in a nutshell, there is still a lot to be done in the Hungarian economy in terms of education about the benefits and importance of AI among small and medium-sized enterprises and its introduction and use in everyday business.
Over the past six months, more than 90 Hungarian SMEs have had the opportunity to showcase their healthcare innovations on the international stage. The innovation competition, organised by EIT Health and iLex powered by Budapest Chamber of Commerce and Industry, has opened doors for these companies to find European partners to validate and market their projects. Among numerous outstanding projects, nine were awarded first place in six categories by an international jury. These projects range from a smart pen for post-stroke rehabilitation to a needle-free medication delivery system.
The competition concluded in early June with an awards ceremony at the Budapest Chamber of Commerce and Industry (BKIK) headquarters. EIT Health InnoStars, part of the European Institute of Innovation and Technology (EIT), a body of the European Union and the iLex Group, a legal-innovation development and AI research start-up group, invited applications from innovative SMEs whose projects promise significant impacts in the healthcare industry.
Participating teams showcased their innovations to a European audience through EIT Health’s extensive network, gaining insights and feedback from international experts, and learning about European best practices in health innovation. The entries were judged by a nine-member jury of Hungarian and international experts, chaired by Hans Hofstraat, former Vice President of Innovation at Philips Research. Other notable jury members included Dr. Ferenc Dietz, President of Dennis Gabor University; Bertalan Jászkuti, CEO of Syreon Research Institute; Ákos Csókay, Secretary General of BKIK; and Dr. Tamás Bábel, a biotechnology expert.
Distinguished guests at the award ceremony included László Bódis, Deputy State Secretary of the Ministry of Culture and Innovation, who spoke about SME innovation activities and state programmes aimed at strengthening SMEs. Ádám Rottenbacher, Chief Operating Officer of the European Institute of Innovation and Technology (EIT) was also a key speaker of the event, highlighting the contribution the EIT makes to support innovative SMEs. Honoured guests at the ceremony included László Korányi, Deputy Director General of the National Innovation Agency; and Ákos Karsay, Head of Department at the National Health Insurance Fund Management.
The EIT emphasizes collaboration between education, research, and industry, the so-called knowledge triangle. To underline this commitment, representatives from several higher education institutions attended the ceremony, including the University of Óbuda, University of Debrecen, Hungarian University of Physical Education and Sport Sciences, and Dennis Gabor University. Investors and accelerators, such as the White Unicorn incubator and venture capitalists from Óbuda University, including Imre Hild from Széchenyi Capital Fund and Ákos Dervalics from GreenBrother, were also present.
“No one can innovate alone; collaboration and networking are essential—and this competition has significantly facilitated that. We are proud to provide a platform where talented entrepreneurs can showcase and validate their developments, finding new partners to enter the European market. Hungarian entrepreneurs can collaborate with organizations like SYNLAB Italia, one of Europe’s largest diagnostics groups. Networking proves effective, as recently demonstrated by a French research institute developing and marketing a test for diagnosing bipolar disorder with SYNLAB Italia. We hope to soon assist Hungarian innovators in finding the partners they need to advance,” said Dr. Ferenc Pongrácz, Deputy CEO of EIT Health InnoStars and one of the jury members.
“The power of innovation lies in our ability to transform bold ideas into reality and make a tangible difference in the world. For iLex Group, it is crucial to support companies that aim to enhance healthcare with their solutions. This competition provided an excellent opportunity to showcase the significant results that Hungarian SMEs can achieve. We are proud to have been part of this journey and are excited to see how these innovative ideas will shape the future,” said Dr. Marianna Ritter, CEO of iLex Group and one of the jury members.
“The words ‘innovation’ and ‘inventor’ carry positive connotations, but in Hungary, the word ‘entrepreneur’ often does not. I am delighted that we encountered so many brave and talented entrepreneurs at the competition and awards ceremony. As the largest regional chamber in the country, our aim is to provide meaningful and effective support to our thousands of voluntary members and the 300,000 registered businesses in Budapest. Budapest is full of talented entrepreneurs who demonstrate their creativity and perseverance every day. I believe that with the right support and, most importantly, partnerships, we can help them reach the next level. I congratulate all the participants and wish for Hungarian innovations to continue gaining worldwide recognition,” said Dr. Ádám Balog, Vice President of BKIK.
The winners – Hungarian innovations for a healthier Europe
The jury awarded 9 companies 1st prize in 6 categories.
Healthcare Software: Fitpuli Ltd. and Kreativo Ltd. for the Fitpuli Surgery mobile application, aiding in elective surgery preparation and rehabilitation.
Medical Device: Krisztina Katalin Puskás and her team for GraphoPen, a tool for stroke patient rehabilitation through neural stimulation and measurement.
HealthcareService Innovation: Pálvölgyi-Digital Ltd. for developing needle-free treatment centres for painless, safe, and environmentally friendly drug administration.
EnvironmentalSustainability: LenoPack Ltd. for a recycling project to reduce plastic use in healthcare institutions.
Healthy Food: Hello Good Food Ltd. for developing allergen-free, low-carbohydrate, high-fibre pizza and bread.
Facilities Management Solutions for Healthcare Institutions (joint 1st place for three teams):
GWR NANO Ltd. for the durable, energy-efficient and fast-applying nanoceramic thermal insulation material of the same name,
OrthoGraph Ltd. for its RFID-based solution for hospital cleanliness monitoring and management of hospital beds through 3D building information services,
and NanoCleanWorld for developing two cost-effective and environmentally friendly (hydrogel and GB Universal) water purification technologies.
In addition to the winners in each category and special prizes, certificates of completion of the Syreon Research Institute eHTA training were awarded at the ceremony. Early Health Technology Assessment (EHTA) is a methodology for assessing early-stage health technologies.
A lifetime achievement award was presented to Prof. Dr. Károly Bretz, a 93-year-old honoris causa professor of kinesiology at the Hungarian University of Physical Education and Sports Sciences, who continues to innovate with numerous patents during his career and is still active today (his project for the instrumental examination and rehabilitation of patients with osteoporosis won 2nd place in the medical device category).
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New Hungarian AI software may transform the global hospitality industry, details HERE
The opposition Democratic Coalition is calling for utility fee subsidies to be made available to all small and medium-sized enterprises regardless of which sector they operate in, party lawmaker and shadow economy minister Ferenc Dávid said on Saturday.
He told an online press conference that utility subsidies for SMEs should be offered for six months instead of the current three. In total, the measures would represent 400 billion forints (EUR 950m) in support to SMEs instead of the current 75-80 billion forints, he said. He called for restrictions on utility fee hikes, adding that nobody should be expected to pay more than three times the previous utility fees. Electricity and gas suppliers must be prohibited from modifying service contracts unilaterally, he added. He also called for supporting SMEs in the transition to renewable energy.
Ruling Fidesz said in reaction that the “pro-sanctions left” would introduce “brutal utility bill hikes” and bring about “mass unemployment”. The party said in a statement that families and businesses in other European countries were forced to pay energy prices several times those in Hungary due to the “sanctions supported by the left”.
Thanks to the government’s scheme to cap utility bills, gas prices are the lowest and electricity prices the second lowest in Hungary, Fidesz said, adding that a utility bill support scheme has been launched to help businesses preserve jobs.
The left, however, “would bring about brutal utility price increases and mass unemployment” in the country because they support “Brussels’s sanctions that are bleeding Europe dry”, the party said. They urged the public to fill out the National Consultation survey on sanctions.
The government has decided to extend the Széchenyi Card programme, a state scheme that provides cheap credit to businesses, and streamline and consolidate its credit products, Economic Development Minister Márton Nagy said on Monday.
The new Széchenyi Card loans, carrying a fixed rate of 3.5 percent or lower, will be available from July 2022 until the end of this year, the minister said in a statement.
“Hungary’s government is committed to supporting Hungarian families and businesses in spite of the economic difficulties caused by the war. SMEs form the economic backbone of the country and provide livelihood for hundreds of thousands of families so it is key to support them with credit. Providing adequate and well-structured lending to businesses is a key pillar of growth.
The government can promote this economic policy goal by improving the conditions of SME financing through providing interest subsidies and credit guarantee,” the statement said.
The Széchenyi Card programme, launched in 2022, has helped Hungarian SMEs obtain preferential credit of more than 4,600 billion forints (EUR 11.5bn) in 390,000 transactions. Szechenyi Card loans now account for 13 percent of the sector’s total loan portfolio, with state-owned guarantor Garantiqa backing 39 percent of its loans, the minister said.
