The Singapore Manufacturing Federation met Hungarian officials in Singapore to discuss trade opportunities, manufacturing cooperation, and SME financing schemes supporting business expansion into Europe.
The Singapore Manufacturing Federation (SMF) recently held discussions with officials from the Hungarian Ministry of National Economy to explore new opportunities for Singaporean companies looking to expand into Europe.
The session was led by Máté Lóga and Péter Martonosi. Representing SMF were Lennon Tan, Ryan Chioh, Chan Hai Kiang, and Martin Y., who discussed ways to strengthen business ties between Singapore and Hungary.
During the meeting, participants highlighted Hungary’s position as a strategic gateway for Singaporean businesses seeking entry into the European Union market. A whitepaper titled “European Horizons: A Strategic Guide for Singaporean Business Expansion into Europe” was introduced. The guide was developed in collaboration with the Hungarian Investment Promotion Agency (HIPA) and the Rothman & Roman Group.
The whitepaper outlines Hungary’s manufacturing capabilities, investment environment, and access to European markets, positioning the country as a key base for companies expanding into the EU.
A major focus of the discussion was the Széchenyi Card Programme, a government-backed financing initiative launched in 2002 to support small and medium-sized enterprises in Hungary. Coordinated by KAVOSZ and the Hungarian Chamber of Commerce and Industry, the programme offers subsidised loans and overdraft facilities with capped interest rates.
The scheme helps SMEs access affordable financing through commercial banks, allowing them to manage daily liquidity, invest in new projects, and expand operations. Over time, the programme has expanded to include multiple financing options such as working capital loans, investment loans, tourism support, agricultural financing, and microcredit for smaller enterprises.
Officials also discussed the future of manufacturing and the challenge of attracting younger talent to the industry. Both sides exchanged views on how to make manufacturing careers more appealing while addressing labour shortages in the sector.
SMF also noted its ongoing engagement with the Hungarian Chamber of Commerce and Industry to strengthen collaboration between businesses in both countries. The federation said it will continue discussions to facilitate trade partnerships, investment opportunities, and cooperation between Singapore and Hungary.
The meeting reflects growing interest among Singaporean companies in expanding into European markets through strategic partnerships and investment platforms in Hungary.
Source: SMF LinkedIn
