The government is supporting the investment with a HUF 1.64 bln grant, Szijjártó said, adding that the new plant will provide jobs to highly qualified workers and bring innovative technology to Hungary. Ceva-Phylaxia exports almost 95% of its output, he added.

“Veterinary health is a sector of national economic importance in view of the fact that export bans resulting from livestock diseases cause a significant reduction in revenues,” the minister was cited as saying by official government website kormany.hu.

Szijjártó stressed that the pharmaceutical industry is a traditionally strong sector of the Hungarian economy, and the ratio of pharmaceutical industry research and development is the highest in Hungary from among the countries of the Visegrád Group; last year, the production value of the sector, which employs 30,000 people, exceeded HUF 810 bln, he added. 

Thierry Le Flohic, chairman of Ceva-Phylaxiaʼs board of directors, recalled that the company has made investments of more than EUR 100 million over the past ten years and has expanded production capacity by almost 20% annually. 

(Note: this item was corrected from an earlier version which stated the value of the investment at HUF 10 bln.)