Gov't earmarks HUF 10 bln for business expansions abroad

Government

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Hungary's government has decided to allocate HUF 10 billion of grants to support local companies' expansions abroad, Minister of Foreign Affairs and Trade Péter Szijjártó said in a message posted on Facebook on Sunday, according to a report by state news wire MTI.

The grant money may cover up to half of the cost of setting up a foreign subsidiary or building a factory, but will be capped at HUF 4 bln per applicant, Szijjártó said. The funding is conditional on revenue increases resulting from the expansions abroad matching the scale of the grants awarded, he added.

The measure was proposed by the operative corps for coordinating the economic recovery which Szijjártó heads.

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