Szijjártó unveils more details of tech investment incentives

Int’l Relations

shutterstock

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.

Image: Shutterstock

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.

ADVERTISEMENT

Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.