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30 billion to help boost competitiveness

Funding will be given to Hungarian companies for investments that increase their productivity and modernize their operations.

Minister of Foreign Affairs and Trade Péter Szijjártó announced that the government will launch another HUF 30 billion support program to increase competitiveness. 

The minister noted that the support is open to any company that invests at least EUR 2 million to increase its productivity and modernize its operations, for example, in battery and pharmaceutical manufacturing, medical device manufacturing, and the food industry. 

Depending on the level of development of the counties in which they’re located, companies can receive support totaling 20 or 33 percent of their investment cost, up to a maximum of EUR 1.8 million in aid, as decided by the European Commission.

Companies that are now applying for support must commit not to lay off anyone and to increase the salaries of their employees, Péter Szijjártó said. Also, those investments using modern technology or where added-value or R&D is increased may possibly be favored, he added. 

Szijjártó pointed out that it can now be stated that the government’s economic strategy and response to the economic consequences of the coronavirus epidemic were correct and successful.

Previously, 1,434 companies decided to increase their capacity or buy new technology under a government program to support investment; these entities also committed to not lay off anyone, meaning 270,000 people were able to keep their jobs, Péter Szijjártó added.

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