Varga says Hungary hopes to attract firms fleeing U.K.

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The Hungarian government is considering ways to make the country attractive to companies that are looking to leave the United Kingdom following Thursday’s passage of the Brexit referendum, Hungary’s National Economy Minister Mihály Varga said today.

Varga (pictured) said he can see the Hungarian government offering special incentives to firms that are currently operating in the U.K. and may soon want to relocate to Hungary, in an interview published today in Hungarian daily Világgazdaság. He added that details are under discussion at this time.

Varga noted that approximately 770-780 British companies currently have their operations in Hungary. He told the daily that these companies are satisfied with the country, and they could serve as good references for others considering operating here.

Varga rejects Hunxit speculations

Varga firmly rejected speculations that Hungary would be planning to exit the European Union. Hungary has “no such intentions, plans, scenarios, ideas or concepts”, the minister said. He firmly rejected speculation that the governing Fidesz party, which has frequently been critical of Brussels, would follow the path of the U.K.

The economics minister added that negotiations on the U.K. leaving the EU are expected to take at least two years. Though the U.K. leaving the EU will eventually impact the union’s budget, the funding for Hungary might not be affected in this funding period, he said.

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