Hungarian government to double investment support scheme for large companies, says minister

The government will raise investment support for large companies in 2020 to 80 billion forints (EUR 221.5m) from 40 billion, Finance Minister Mihály Varga said on Thursday.

Speaking at the online cornerstone-laying ceremony of hygienic paper manufacturer Vajda-Papír’s new plant, Varga said it was the government’s priority that Hungarian companies emerge from the crisis “as winners”. The government will continue to introduce tax cuts, job protection measures and increase investment support, he said.

Hungary will have to be ready to temporarily spend more to leave the economic crisis behind,

Varga said, and pledged that the government would not give up its economic goals.

Vajda-Papír’s 16 billion forint investment, which will protect some 600 jobs and create 50 new ones, was supported with a 5.5 billion forint government grant, Varga said.

• Buying the Budapest Airport would be like buying a mountain of debt

Read alsoWhy it is alarming if trade tax is eliminated in Hungary

Source: MTI