Weekly newsletter

Gov’t: Over 500 Companies Apply for Subsidy to Promote Competitiveness

MTI-Hungary Today 2020.05.18.

So far, 526 companies have applied for a government subsidy aimed at increasing the competitiveness of businesses, Péter Szijjártó, the minister of foreign affairs and trade, said on Monday.

Szijjártó added that the applicants have agreed to complete investments of a combined 254 billion forints (EUR 717m).

Szijjártó said that the government had increased the budget for the scheme from 50 billion forints to 100 billion, adding that the funds could be further increased if there is sufficient demand. With regard to the significance of employment, companies participating in the programme could be granted up to half of the total worth of their project, he said.

The minister addressed a ceremony at which three companies were awarded participation in the programme.

Bálind Kft has received a grant of 287 million forints to buy new technologies at a total cost of 574 million forints.

Dana Hungary Gyártó has been awarded 214 million forints to a project worth 428 million forints to buy new assembly lines, while Valeo Siemens eAutomotive Hungary will benefit from a grant of 287 million forints to increase its electric car making capacities costing 597 million forints.