A total of HUF 450 billion (EUR 1.15 billion) will be available for innovation and research in the coming years, of which HUF 340 billion (EUR 0.87 billion) will be allocated to the corporate sector, said the Minister of Culture and Innovation at a press conference held after Monday’s meeting of the Entrepreneurial Innovation Council in Budapest.
Balázs Hankó emphasized that the seven tender schemes are expected to reach 3,000 Hungarian companies. The programs support product development in large companies, business process innovations in smaller companies, the market launch of new technologies, innovative life science developments, and a venture capital program will also be launched. The Ministry of Culture and Innovation (KIM), in cooperation with the Hungarian Chamber of Commerce and Industry (MKIK) and other supporting institutions, will launch a national innovation roadshow in November and December to draw the attention of businesses to the available opportunities, the minister said. Balázs Hankó recalled that
the goal is for Hungary to be among the ten most innovative countries in Europe by 2030.
The minister said that the Entrepreneurial Innovation Council (Vállalkozói Innovációs Tanács) is jointly led by the MKIK, and in recent times, a number of steps have been taken to support the innovation activities of Hungarian small and medium-sized enterprises (SMEs). The importance of innovation is demonstrated by the fact that an innovative company operates 58 percent more efficiently, pays 31 percent higher wages, employs 2.5 times more people, and exports 90 percent more, he explained. Balázs Hankó emphasized that
they want to achieve a situation where every second Hungarian SME is innovating by 2030.
Elek Nagy, president of the MKIK, said that the tenders can have a significant impact on the economy, and the chamber will provide businesses with the information they need to implement them. Speaking about the upcoming roadshow, he emphasized that they are specifically seeking out businesses that may be affected in a given region. Elek Nagy recalled that six months ago, the government signed a very detailed five-year agreement with the chamber, one chapter of which is on the knowledge-based economy. Hungary has reached a crossroads, the labor-intensive phase is over; in recent decades, only those countries that have invested in knowledge have been successful, the chamber president pointed out. He added that this is the path they want to take.
Via MTI; Featured photo: Pexels
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