Innovation & Technology

HUF 90 billion in support for innovative Hungarian companies

The investments made in the current period are extremely important, as they create jobs and support the recovery of the economy.

Minister of Finance Mihály Varga talked about the importance of recent investments at the contract-signing ceremony for the enterprises who won funding under the Economic Development and Innovation Operational Program (Ginop).

The tender, which has a budget of HUF 128 billion, supports R&D and innovation activities of domestic companies; so far, it has resulted in 359 winning projects and helped finance Hungarian innovations with nearly HUF 90 billion, the minister emphasized. 

When the economy restarts, companies that are able to innovate and adapt to a significantly changed situation will be in a better position. In addition to the large-scale budgetary incentives, the Hungarian Government has also set aside a significant part of unused EU development funds, which will be used for protecting the economy, he added. 

The Economic Development and Innovation Operational Program (Ginop) is the most significant program coordinating the use of EU funds; it has the largest budget of more than HUF 2.7 trillion and focuses on supporting domestic research and development and innovation projects. 

The government intends to help develop the country’s capacity for innovation, strengthen cooperation between companies and higher education institutions, and introduce new technologies.

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