Eight Hungarian companies to get EUR 36m support for investments abroad

Eight companies will receive 13 billion forints (EUR 36m) in state support to carry out investments worth 25 billion forints abroad, Péter Szijjártó, the minister of foreign affairs and trade, said on Wednesday.

The government has launched its foreign markets economic growth scheme with the aim to help Hungarian companies set up production, research and service capacities abroad, Szijjártó told an event where the certificates were presented. The government has allocated 70 billion forints for the scheme, 157 companies have applied for funding and a total of 28 recipients have been announced so far, he added.

These companies will receive 42 billion forints for investments worth 80 billion forints, to be carried out mostly in the Western Balkans, he said.

In addition to the Western Balkans, investments will also be carried out in Austria and Singapore, he added.

Interesting coincidence?

One of the ‘winner’ companies was the MPP Magyarország Informatikai Szolgáltató Zrt. The company’s CEO is János Kóka who served the Socialist-Liberal Gyurcsány Government as Minister of Economy and Transport (2004-2007).

János Kóka (born 5 July 1972) is a Hungarian businessman, private investor, IT entrepreneur and manager of various enterprises, who served as Minister of Economy and Transport between 2004 and 2007.

Budapest, Hungary. February 17, 2021. State secretary Levente Magyar and former Socialist-Liberal Minister János Kóka. Photo: MTI

As we wrote on Tuesday, a EUR 287m electronic road toll system to be built in Indonesia by Hungarian company Roatex will be Hungary’s biggest technology export so far, details HERE.