Companies must leave their comfort zone if they want to avoid their business collapse, Prime Minister Viktor Orbán said at a conference organised by the Hungarian Chamber of Commerce and Industry today to launch the 2020 business year. Focussing on short and long term affects of the Coronavirus epidemic, he said the government and the Central Bank will help those in trouble.
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This is the first practice-oriented, quality-assured programme on startups, market environment and the operation of innovative businesses that provides the same high level of training in every part of the country.

In 2019, the Expert Panel on Startups of the National Research, Development and Innovation (NRDI) Office published a package of proposals for the startup ecosystem, including a proposal on the Hungarian Startup University Programme. The first e-learning course is going to be available in many universities across the country in September 2020, with the policy support of the Ministry for Innovation and Technology (ITM).

There is a significant untapped potential in the heads of university students, and the market is always open to good ideas. However, there seems to be a long way to go before knowledge on innovation becomes widely available and before a good idea can reach the prototype and startup stage. The Hungarian Startup University Programme aims to speed up this process by introducing young people to the world of innovation and providing them a practical guide to starting a business.

Startup skills are in demand nearly everywhere

Students will develop an entrepreneurial mindset and solution-oriented thinking in the programme. The aim is not to produce thousands of startups but to spark interest in this world. However, if they feel like starting a business later on, we will give all the support they need – said Krisztián Kölkedi, senior adviser on youth strategy and startups of the NRDI Office.

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Source: https://nkfih.gov.hu

In recent years, Hungary has achieved strong economic growth. However, according to the latest statistics, there is a significant downturn in the production of several sectors, most prominently including the automotive industry. Given the huge weight of this area in Hungary’s economy, how the negative global trends affect the country’s performance is an important question.

Hungary is one of the most exposed economies to the automotive industry. The sector has become a critical engine of industrial production in Hungary since 2011, and in the last nearly two decades, companies in the industry have managed to increase their output significantly almost every year, mainly due to lasting export demand. If the export market were to fall behind, it would hugely impact the economy and drastically degrade its performance.

In their 2018 industry report, the Central Statistical Office (KSH) revealed that the automotive industry’s share of the manufacturing output was over 28% in 2018, although their output increased only slightly, by 1.5% in 2017 and then practically stagnated in 2018.

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Source: https://hungarytoday.hu/

The monthly disbursement of EU funds in Hungary was nearly HUF 290 bn in January, a two-year high, Portfolio's latest monthly analysis reveals. This puts the total amount disbursed above the HUF 7,000 bn mark. Meanwhile, Hungarian authorities have cancelled a large number of contracts in economic development tenders, which means that the number of grants awarded has decreased in January. Transfers by the EU only amounted to HUF 45 bn last month as domestic allocations picked up, which means that the budget had to finance a larger amount of programmes.

The monthly amount of EU funds disbursed was HUF 287 bn in January according to Portfolio calculations, substantially more than in recent months and higher than any time during the past two years. The biggest increase was in the Economic Development and Innovation Operational Programme (EDIOP/GINOP) and the Integrated Transport Development Operational Programme (ITDOP/IKOP).

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Source: https://www.portfolio.hu/en