Published: November 16 2023
The Hungarian government has launched a nearly HUF 3 billion (EUR 8 million) program to boost the share of domestic automotive suppliers. This pilot initiative aims to increase the participation of Hungarian suppliers in the automotive and battery industries.
Objectives of the Program
The program, initiated by the Government in cooperation with the Hungarian Chamber of Commerce and Industry and IFKA Public Nonprofit Ltd., aims to increase the share of Hungarian suppliers in the automotive and battery industries. The goal is to strengthen the domestic automotive sector and improve its contribution to GDP.
Eligibility and Details
Domestic companies with over 250 employees, which are typically closer to becoming suppliers due to their size, are eligible to participate in the program. The Ministry of Economic Development will provide more details about the project soon on the IFKA website.
About IFKA Public Nonprofit Ltd.
IFKA Public Nonprofit Ltd. has been a key player in Hungary's economic, development, research, and innovation community since 1990. The organization, founded by the Ministry of Industry and Trade and the Bank for Industrial Development, aligns its activities with domestic and EU objectives. IFKA has a successful track record of attracting significant resources for its public benefit purposes.
Conclusion
The launch of the HUF 3 billion program demonstrates the Hungarian government's commitment to developing domestic automotive suppliers. By increasing the share of Hungarian suppliers in the automotive and battery industries, the program aims to enhance the overall contribution of the automotive sector to the country's GDP. Further details about the program will be available on the IFKA website.
Questions & Answers
What is the purpose of the automotive supplier development program in Hungary? The purpose of the nearly HUF 3 billion program is to increase the share of domestic suppliers in the automotive and battery industries.
Who is involved in launching the automotive supplier development program in Hungary? The Government of Hungary is launching the program in cooperation with the Hungarian Chamber of Commerce and Industry and with the participation of IFKA Public Nonprofit Ltd.
Which companies are eligible to participate in the automotive supplier development program in Hungary? The program is open to domestic companies with more than 250 employees, as they are typically closer to becoming suppliers due to their size.
What is IFKA Public Benefit Nonprofit Ltd and its role in the program? IFKA Public Benefit Nonprofit Ltd has been a part of Hungary's economic, development, research, and innovation community since 1990. It was founded by the Ministry of Industry and Trade and the Bank for Industrial Development. It is involved in the program to support its objectives and activities.
Where can I find more details about the automotive supplier development program in Hungary? Details of the project will be available soon on the IFKA website.
What is the government's goal for GDP growth in Hungary by 2030? The government aims to reach 90 percent of EU GDP growth by 2030.
What economic indicators are showing positive signs for Hungary's recovery? Thanks to targeted and effective government measures, inflation has already fallen to single digits in October, and the recovery of economic growth started in the third quarter of 2023. This provides a good basis for GDP to return to dynamic growth of 4 percent or more in 2024.
When will the pilot initiative of the automotive supplier development program start? The pilot initiative of the program will start as early as this year.
What is the total budget allocated for the automotive supplier development program in Hungary? The program has a budget of nearly HUF 3 billion (EUR 8 million).
