Hungarian companies apply for subsidies to support EUR 481m of investments

The Hungarian government has so far supported the investments of 806 companies with grants totalling 169 billion forints (EUR 481m), Péter Szijjártó, the minister of foreign affairs and trade, said on Wednesday.

The companies’ investments are worth a combined 377 billion forints and will save over 143,000 jobs, Szijjártó told a press conference, announcing an investment by logistics company Innovativ Raktárlogisztika.

The government has chosen to tackle the economic downturn caused by the novel coronavirus epidemic by supporting companies that are able and willing to create new jobs “instead of financing unemployment”, Szijjártó said.

Innovativ Raktárlogisztika is investing 670 million forints in building a warehouse in Győr, in north-western Hungary.

The government is supporting the project with a 282 million forint grant, helping the company retain jobs, Szijjártó said.

The new facility will be suitable for storing lithium batteries.

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Source: MTI