The Ministry for Innovation and Technology hosted an exclusive roundtable session for AmCham members with László György, State Secretary for Economic Strategy and Regulation to discuss the government’s economic protection plan on May 6.
After expressing the government’s appreciation for AmCham’s support and input since the outbreak, State Secretary György gave a detailed description of the action plan which has five pillars:
- Job retention subsidy scheme inspired by the German Kurzarbeit program
- Job creation
- Support to the most essential and hardest hit sectors
- Corporate financing program to support and protect Hungarian businesses with government guaranteed loan and equity programs.
- A family and pensioner protection program
State Secretary György said the government’s priority was to create a balanced and proportionate plan to provide tools to protect the economy, preserve jobs and boost our competitiveness.
The plan has entered into its second phase: reopening the country and reigniting the economy.
Maintaining our attractive investment environment and building on our export performance is a pivotal part of this process. György said that Hungarian businesses are productive and when the exports market reopen, we will be in a good position. He added that protecting supply chains is a priority and businesses should establish their supplier base in Hungary.
Furthermore, the government aims to create as many jobs as have been lost because of the pandemic. These temporary projects could help the people and allow an easier return to the private sector.
The COVID-19 situation is continuously monitored and analyzed with experts. Containment rules and restrictions will be reviewed every two weeks by the government, but due to the rapidly changing conditions and the uncertainty of the future, there is no exact date where Budapest can reopen, and everyone may return to work. State Secretary György said the government is prepared for every scenario, even for the management of mass incidences.
AmCham Hungary is dedicated to working with the government to mitigate the fallout of COVID19 and support the restart of the economy.