Hungarian small- and medium-sized companies have started to receive grants from the Research and Innovation Fund, National Development Minister Tamás Fellegi said. Some HUF 2 billion is expected to be transferred to SMEs this month.
During a due diligence procedure of the area, innovation funds proved to be ineffective and were used in a non-followable way, the ministry said in a press release.
The ministry aims to allocate such sources under unified legislation which would also be in harmony with the EU strategy. One of the areas of high importance is eliminating corruption from the system.
Significant changes are expected in allocation and utilization of the innovation funds, the ministry said. The regulation system of innovation contributions will likely to be restructured this year yet, and the government wants to raise the amount spent on development and innovation to 1.8%-of-GDP from the current less than 1%-of-GDP by 2020.
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