Economy & Policy

Hungarian economic development program in Vojvodina continues

The Hungarian government is determined to continue the economic development program in Vojvodina.

Levente Magyar, parliamentary state secretary of the Ministry of Foreign Affairs and Trade, opened hotels in Novi Sad and Subotica, which were supported by the Hungarian government under the economic development program for Vojvodina.

Magyar said that the economic crisis was affecting everyone, including the state budget, but that subsidies would not be stopped. 

On the handover of the two hotels, he said that while large-scale investments in the tourism sector had not been a feature of recent times, Hungarian operators had now taken a big step towards playing a dominant role in the tourism market. 

The secretary of state assessed the economic development program in Vojvodina as a success, adding that there were now tens of thousands of families who had been positively affected by this series of investments.

He also pointed out that the program had an impact on Serbian-Hungarian relations. 

Budapest initially earmarked HUF 50 billion for the first phase of the economic development program in Vojvodina in 2016-2018, but later the budget was increased. 

The main focus of the program was on agriculture, tourism and the development of small and medium-sized enterprises, with the aim of halting and reversing the outward migration of young people. 

The second phase of the economic development program started in 2019.

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