A nearly three-billion forint automotive supplier development programme is set to begin, aiming to increase the proportion of domestic suppliers. The pilot programme is already underway, Magyar Nemzet reported.
Due to targeted and effective government measures, inflation has decreased to a single digit by October, and the economic recovery commenced in the third quarter of 2023. All of this provides a solid foundation for dynamic GDP growth of 4 per cent or more in 2024, as emphasized in a statement by the Ministry of Economic Development regarding the government’s goal to achieve 90 per cent of EU development by 2030.
On the basis of the ten-point proposal developed by the Ministry of Economic Development the government, in collaboration with the Hungarian Chamber of Commerce and Industry and with the participation of IFKA Nonprofit Ltd,
is launching a 2.9 billion forint Automotive Supplier Development Programme to enhance the role of Hungarian businesses
as suppliers of multinationals in Hungary.
A pilot programme will start this year, and the full funding for the support programme will open in 2024.
Gergely Fábián, State Secretary for Industrial Policy and Technology, highlighted that the overall goal of the programme is to increase the proportion represented by Hungarian suppliers in both the automotive and battery industries. As part of the programme, large companies operating in Hungary, as customers, will create a common development plan with their existing or potential suppliers. Based on this plan, suppliers can participate in manufacturing with a higher value-added product or a new product. Máté Lóga, State Secretary for Economic Development and National Financial Services, noted that the programme will be available for companies with over 250 employees, typically close to becoming suppliers due to their size. The details of the programme will soon be available on the IFKA website.
IFKA Public Benefit Nonprofit Ltd has been an integral member of the economic, development, research, and innovation community in the country since 1990. Established by the Ministry of Industry and Trade and the Bank for Industrial Development, IFKA’s operations align with both domestic and EU goals. Its activities encompass three main categories: management, key processes, and support processes.
Sources: Hungarian Conservative/Magyar Nemzet