Gov't Drafting Investment Boosting Scheme

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The government is drafting a scheme to boost investment activity with the purchase of privately-owned companies, the recapitalization of existing capacities, and the establishment of new businesses, Minister of Economic Development Márton Nagy said at an event organized by the German-Hungarian Chamber of Industry and Commerce (DUIHK).

According to portfolio.hu, Nagy noted details of the scheme, dubbed the Gábor Baross Capital Program, would be revealed "within a few weeks." 

He pointed out that the government has already launched the HUF 700 billion Gábor Baross Reindustrialization Credit Program, which gives businesses access to cheap investment and working capital loans. 

He augured tightening competition for foreign direct investment and said the government needs to maintain existing economic support programs while coming up with new ones. The role of case-by-case government decisions on support should be enhanced, and the ability to lend improved, he added. 

He noted that Hungary attracted EUR 10 billion of FDI last year, "even in the face of all kinds of difficulties."

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