Danish biotech firm to set up HUF 2 bln R&D center
Danish biotechnology company Foss will set up a HUF 2 billion research and development center in Pécs (SW Hungary). The government is supporting the investment, which will create 88 jobs for highly qualified professionals, with a HUF 773 mln grant.
Innovation, not increasing manufacturing capacities, represents competitiveness today, Minister of Foreign Affairs and Trade Péter Szijjártó said on announcing the investment Monday, as cited by online business news portal vg.hu. He added that this is why the government is supporting Foss, as a leading company in the development of food security.
Niels Degn, senior vice president for R&D at Foss, said the company picked Hungary for the center because of the professional competences of the local labor force and the positive attitude of the government and the University of Pécs. Family-owned Foss plans for the long term, he added.
The 2,000 square-meter R&D center is being established through Soft Flow, a Pécs-based biotech company that Foss acquired two years earlier.
Established in 1956, Foss has research and production facilities in Denmark and China, as well as in Hungary. About 80% of the worldʼs grain and 85% of global milk output is analyzed using methods developed by Foss, noted state news wire MTI.
Szijjártó recalled that in the first 11 months of 2017, Hungarian exports to Denmark increased by 19% compared to the previous year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.