news letterOur mobile application

Weekly newsletter

Trade Minister: Job Creation No Longer Condition for Gov’t Support

MTI-Hungary Today 2019.10.01.

An open global trade is in Hungary’s interest, Péter Szijjártó, the minister of foreign affairs and trade, told a conference in Budapest on Tuesday.

Speaking at the conference entitled Inspiring Hungary, Szijjártó revealed further details of a new investment incentive system Hungary is rolling out to attract more technology-oriented investments.

Hungary’s government will offer foreign investors cash subsidies up to 50 percent of project value in twelve counties, while cutting the ratio to 25 percent in three counties and 15 percent in another three counties, Szijjártó said.

He reiterated that the new system, launched on October 1, will not make job creation a condition of support to investment projects if they introduced new technologies.

The goal is no longer to create workplaces but to strengthen technological development and R+D, he said.

Finance Ministry: Record High Employment Rate Registered in Hungary

Szijjártó noted that 98 investments with a combined value of 4.3 billion euros had been undertaken in Hungary last year, creating 17,000 jobs. So far this year, investments worth 2.4 billion euros have been made in the country, with the biggest spenders coming from South Korea, he added.

Featured photo by Zsolt Szigetváry/MTI