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Government to Double Investment Support Scheme for Large Companies

MTI-Hungary Today 2020.11.19.

The government will raise investment support for large companies in 2020 to 80 billion forints (EUR 221.5m) from 40 billion, Finance Minister Mihály Varga said on Thursday.

Speaking at the online cornerstone-laying ceremony of hygienic paper manufacturer Vajda-Papír’s new plant, Varga said it was the government’s priority that Hungarian companies emerge from the crisis “as winners”. The government will continue to introduce tax cuts, job protection measures and increase investment support, he said.

Hungary will have to be ready to temporarily spend more to leave the economic crisis behind, Varga said, and pledged that the government would not give up its economic goals.

Foreign Investors Virtually Disappear from Real Estate Market
Foreign Investors Virtually Disappear from Real Estate Market

Foreign buyers and investors have virtually disappeared from Hungary’s housing market this year due to the coronavirus pandemic, according to pro-government Magyar Nemzet. Citing ingatlan.com data, foreign participation in Hungary’s real estate market dropped by an annual 80 percent between January and October. Foreign buyers purchased more than half of properties in Budapest, mainly the […]Continue reading

Vajda-Papír’s 16 billion forint investment, which will protect some 600 jobs and create 50 new ones, was supported with a 5.5 billion forint government grant, Varga said.

featured image via Tamás Kovács/MTI