Hungarian Foreign minister: state investment-promotion system to change from next year

The web portal of the Hungarian Chamber of Commerce and Industry wrote: “From January 1, Hungary’s state investment-promotion system will be overhauled so that budget support for investments is funneled to companies not only on the basis of how many jobs they create but also taking into account their technological standards and value-added, the foreign minister said.”

Hungarian Foreign minister, Péter Szijjártó told a news conference that central funding would be available to companies that bring new types of technology to Hungary as well as those that maintain existing workforce levels. Further, the support system for training will also be transformed so as to ensure that part-time workers also gain access, he said. Also, related red tape will be cut, Szijjártó added, speaking at the unveiling of a 6.4 billion forint (EUR 20.6m) investment in Nagykőrös, central Hungary, by Japan’s SIIX Corporation, which is creating 300 jobs. The government will provide a 1.3 billion forint non-refundable grant for the project.

Szijjártó added that the government’s economic policy priorities harnessing the flow of capital from east to west in Hungary, which already receives the highest capital investment among central European countries from East Asia. Fully 151 Japanese companies have operations in Hungary—including 46 with production capacities—employing around 30,000 people and using cutting-edge technologies.

Source: Hungary Matters  (Hungarian news agency MTI’s twice-daily newsletter)

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