The Government aims to stimulate market participants to create new jobs where they are needed most, Minister for National Economy Mihály Varga said at the opening of a capacity expansion project by Fémalk Fémöntészeti és Alkatrészgyártó Zrt in Erdőhorváti, Northern Hungary.
As the Minister added, this goal has been underpinned by Government measures: tax cuts, amendments to labour law and other regulatory incentives. Hungary can close the economic gap with highly developed countries only if our enterprises are sound and capable of progress, therefore
the Government is assisting companies’ advancement through, among others, an industrial development programme and EU funds.
One of these schemes is the Large Enterprises Investment Support Programme, through which the Government assists domestic enterprises of real market potential to preserve and bolster their marker position, Mihály Varga pointed out.
Speaking of economic achievements in recent years, the Minister said that private sector job growth registered in the first half of the year had been unprecedented in more than one-and-a-half decades: payroll numbers increased by some 60 thousand year-on-year at enterprises with at least five employees.
Northern Hungary has also been contributing to the country’s economic growth, as the region had advanced from the bottom of ranking to place five in terms of per capita GDP already in 2015, the Minister noted.
The capacity expansion of Fémalk Zrt, thanks to which the company is to have a new production facility and metal-working machinery, is perfectly in line with the Government’s objectives formulated in the investment-support programme, he said.
For the project of HUF 521 million the Government is to provide HUF 251 million.
Fémalk Zrt. currently employs 1300 people in Hungary.
As we wrote last week, Coca-Cola HBC Hungary Ltd’s opens the largest food industry warehouse in Hungary.
Photo: Ministry for National Economy
Source: Press release – Ministry for National Economy