Briefing notesEconomy & Policy

HUF 377 billion to be invested via competitiveness-enhancing subsidies

Close to 150,000 jobs to be protected.

The 806 companies receiving state funding through the government’s competitiveness-enhancing subsidies have committed to invest HUF 377 billion in the coming months.

The investments will protect 143,618 jobs, for which the government will provide HUF 169 billion in support, Péter Szijjártó, Minister of Foreign Affairs and Trade, emphasized.

Szijjártó called these subsidies unique and the result of government efforts over the last ten years. It is no coincidence that the Hungarian economy is one of the fastest growing economies in Europe and the country is the most attractive investment destination in Central Europe.

Among other things, the minister said that the Hungarian economy will be successful in the wake of the COVID-19 crisis because it is not based on international loans, but on the work of the Hungarian people; this will make it a winner in the recovery. 

According to Szijjártó, it is no coincidence that the first document of support was handed over in Székesfehérvár, as the city and Fejér County have experienced good economic development in recent years. After Budapest and Győr-Moson-Sopron counties, the per capita economic performance is the highest in Fejér, with unemployment falling from 11.4 percent to 1.6 percent over 10 years and industrial production increasing by more than 50 percent, he added. 

The FM announced that 49 companies from Fejér County will receive HUF 11 billion in competitiveness-enhancing subsidies for the implementation of a HUF 24.5 billion investment, which will enable the protection of 7,500 jobs. In Székesfehérvár, 29 companies are investing HUF 15 billion with a subsidy of HUF 7 billion, thus saving 3,500 jobs.

The minister also mentioned that Fehér Ablak Kft. is one of the largest Hungarian manufacturers of external doors and windows. It is launching an investment of HUF 455 million with a HUF 227 million grant, which will protect the work of 94 of its employees.

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