French-owned veterinary company Ceva-Phylaxia Oltóanyagtermelő will spend 8.2 billion forints (EUR 25.3m) to build a vaccine plant and a research and development base in Monor, on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó said on Tuesday.
The government is supporting the investment with a 1.63 billion forint grant, Szijjártó said.
The plant will create jobs for highly trained professionals in a field of strategic national importance, Szijjártó said, noting the loss of revenue that animal diseases have caused Hungary.
Hungarian pharmaceutics is a traditionally strong sector, Szijjártó said, noting that 95 percent of Ceva-Phylaxia’s production is exported.