news letter Our mobile application

Weekly newsletter

Coronavirus: Govt to Provide HUF 61 Bn in Business Development Subsidies

MTI-Hungary Today 2020.11.28.

The government will provide a further 61 billion forints (EUR 168.6m) in subsidies to businesses committing to carrying out developments while retaining their workforce, Minister of Foreign Affairs and Trade Péter Szijjártó said on Saturday.

Speaking to MTI after attending a meeting on economic strategy at the Prime Minister’s Office in the Buda castle district, Szijjártó said the government’s key allies in this “struggle” were the companies that undertake investments in spite of the difficult circumstances.

The current developments are a guarantee to protect existing jobs so the government will provide support to companies that undertake not to lay off their workers, he said.

“The vitality of the Hungarian economy is clearly demonstrated by the fact that 363 companies applied for this support in a quarter of an hour,” the minister said, adding that 285 of these companies are Hungarian-owned while the remaining ones are local but foreign-owned businesses employing Hungarians.

Employment Down by 0.8% in August-October
Employment Down by 0.8% in August-October

The three-month rolling employment figure in August-October was down 0.8 percent at 4,482,000 from the same period a year earlier, the Central Statistical Office (KSH) said on Friday. In the 15-64 age group, 4,402,000 were considered employed, an employment rate of 70.2 percent. In October, the average monthly number of employees was 4,451,000, 31,000 less […]Continue reading

The 363 companies have committed to investments of around 199 billion forints, which will protect about 49,000 jobs, Szijjártó said. He noted that government grants cover about one-third of the investment costs.

featured image illustration via Szijjártó- Facebook