Government Support for R&D Investments to Increase

The maximum value of aid for research and development (R&D) investments will be increased from EUR 15 million to EUR 25 million, and companies will be able to receive up to 50 percent of the maximum aid intensity instead of the current 25 percent, the Minister of Foreign Affairs and Trade announced on his Facebook page on Sunday.

According to Minister Szijjártó’s post, the maximum amount of aid that can be granted for training projects will also be increased from EUR 2 to 3 million, given the priority importance of such projects. The minister added that

this year, the amount of capital flowing into Hungary through the Hungarian Investment Promotion Agency (HIPA) will be EUR 13 billion, double the previous annual record.

Szijjártó noted that the government’s goal is to ensure that Hungary has the most competitive investment system in Europe, which is why it is constantly monitoring its competitors and taking the necessary steps, such as the ones taken now.

As more and more production capacity is attracted, research and development projects are accounting for an increasing share of domestic investment.

These describe a kind of circular movement, as production capacities give us the confidence to carry out R&D, which in turn enables us to participate in the production of the products developed,” the Minister said.

Another very important segment, the minister wrote, is the group of business service centers operating in Hungary, as they “play a huge role in retaining and attracting talented young people to Hungary.” In order to boost the attraction and establishment of these centers, the 50 new high value-added job creation commitments will be reduced to 25. Service centers offer excellent wages and career opportunities for young people with higher education, and it is therefore considered necessary to support their investment by all means, especially in rural towns, Szijjártó concluded his post.

Via MTI, Featured image: Pixabay