“The government is providing funding to enable forty-six Hungarian small- and medium-sized enterprises to appear on foreign markets, thanks to the 2-billion-forint (EUR 5.5 million) tender launched within the framework of the 25-billion-forint (EUR 69.5 million) National Export Protection Program, of which the first to receive funding is LogSol Limited, which operates in Szabadbattya, Fejér County”, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Monday at the company’s plant.
After officially presenting the company with its funding certificate, Mr. Szijjártó emphasised: “Even in the midst of the global pandemic, the goal is to protect the achievements of the Hungarian economy, one of the most important guarantors of which is the maintaining of our export performance and the acquisition of new markets”. “Our goal is not just to survive, but to become stronger than we were before the epidemic””, the Minister explained, adding: “In the interests of this, it is vital to sell competitive Hungarian products on foreign markets, and this is why this funding program was devised”. “We are providing a budget of 2 billion forints (EUR 5.5 million) in funding to enable enterprises to appear on foreign markets, of which LogSol is receiving 18.5 million forints (EUR 51.5 thousand) to facilitate its success on the Turkish market”, the Minister stated.
According to Mr. Szijjártó, if the coronavirus epidemic had occurred in 2008, “it would most certainly have knocked the Hungarian economy off its feet”. “However, the efforts of the past ten years have resulted in a vigorous economy, which thanks to the government’s economic policy that supports work, and the diligence and creativity of the Hungarian people, produced the highest rate of economic growth in the European Union last year”, he stated. The Minister pointed out that Hungary’s export performance successfully exceeded 100 billion euros in 2017, and has been continuing to grow ever since, producing the highest export performance of all time last year, some 109 billon euros. He indicated that the economy’s export to GDP ratio is 85 percent, which is the sixth highest value within the European Union, while Hungary also boasts the thirty-fourth highest export performance worldwide, despite only being ranked 92nd with relation to its population.
The region’s Member of Parliament Tamás Vargha (Fidesz) expressed his joy with relation to the fact that the government is supporting exporters who have found themselves in a difficult position because of the pandemic, and which “would like to occupy new bridgeheads”.
CEO of LogSol Ltd. Tamás Kovács told reporters that the volume of the company’s foreign market project is 30.89 million forints (EUR 85.9 thousand) towards which the government is providing 18.5 million forints (EUR 51.5 thousand) in state funding. “The company, which was founded in 2001, operates within the alternative electrical energy services market, manufacturing and distributing mobile aggregators on both the domestic and foreign markets. The company began working in cooperation with Turkey’s third largest aggregator plant within the framework of the Turkish-Hungarian inter-government agreement concluded in 2017, and with the help of the funding would like to introduce the Hungarian Aggregator (MAAG) products it designs and manufactures onto the Turkish market”, he explained.
According to publicly available company data, LogSol Limited realised 732.7 million forints (EUR 2.0 million) in net turnover in 2019, with after-tax profits of 53.3 million forints (EUR 148.8 thousand), following 558.9 million forints (EUR 1.55 million) in net turnover and 65.4 million forints (EUR 181.9 thousand) in profits in the previous year.