French-owned veterinary company Ceva-Phylaxia Oltoanyagtermelo will spend 8.2 billion forints (EUR 25.3m) to build a vaccine plant and a research and development base in Monor, on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó said on Tuesday.
The government is supporting the investment with a 5.06 million euros (1.63 billion forint) grant, Szijjártó said.
The plant will create jobs for highly trained professionals in a field of strategic national importance, Szijjártó said, noting the loss of revenue due to animal diseases.
Hungarian pharmaceutics is a traditionally strong sector, Szijjártó said, noting that 95 percent of Ceva-Phylaxia’s production is exported.
In his speech, Thierry Le Flohic, chairman of Ceva-Phylaxiaʼs board of directors, said: the company has made investments of more than 100 million euros over the past 10 years.
As we wrote before, the Hungarian economy saw a total of 98 major investments worth EUR 4.3bn last year, Péter Szijjártó told a news conference. The government contributed 135 billion forints in non-refundable support to the projects, read more here.