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Szijjártó unveils more details of tech investment incentives

Minister of Foreign Affairs and Trade Péter Szijjártó revealed further details of a new investment incentive system Hungary is rolling out to attract more technology-oriented investments at a conference in Budapest on Tuesday.

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Hungaryʼs government will offer foreign investors cash subsidies up to 50% of project value in 12 counties, while cutting the ratio to 25% in three counties and 15% in another three counties, Szijjártó said at the Inspiring Hungary conference organized by the Hungarian Investment Promotion Agency (HIPA), state news wire MTI reported.

Szijjártó reiterated that the new system, launched from October 1, will not make job creation a condition of support. The goal is no longer to create workplaces, but to strengthen technological development and R&D, he explained.

Szijjártó noted that 98 investments with a combined value of EUR 4.3 billion were undertaken in Hungary last year, creating 17,000 jobs. So far this year, investments worth EUR 2.4 bln have been made in the country, with the biggest spenders coming from South Korea, he added.