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Audi to set up R&D institution in Hungary, bring further investments

Audi chairman Martin Winterkorn meets Gyurcsány to sign the deed of foundation of the Audi Research & Development Institution.

Martin Winterkorn, Chairman of Germany's premium carmaker Audi, is to visit Hungary on Friday to meet Prime Minister Ferenc Gyurcsány and to sign the deed of foundation of the Audi Research & Development Institution at the Budapest University of Technology and Economics. The R&D unit would receive orders worth some €350,000 a year from Audi AG's units in Ingolstadt, Germany and Gyõr (northwest Hungary), business daily Világgazdaság has reported on Friday. The news comes two days after the government approved an amendment to the “solidarity tax", giving a break to companies, including Audi, that have sizeable R&D spending. Previously, Audi - Hungary's largest exporter - announced on 20 October that it would suspend investments in the country, some €250 million annually, until it strikes a deal with the government on the new tax and other issues. (portfolio.hu)