Hungarian govt gives €84 million support for large companies, preserving jobs

The government is launching a 30 billion forint (EUR 83.6m) investment support scheme to help large companies upgrade and expand production, Foreign Minister Péter Szijjártó said on Facebook on Sunday.

Eligible sectors include battery and pharmaceutical production, manufacturing of medical equipment, and the food industry, Szijjártó said.

Companies intending to invest at least 2 million euros will be eligible to apply for funding coming to 20-33 percent of the investment value, depending on the development level of the county they are located in.

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Under European Commission regulations, the funding cannot exceed 1.8 million euros, he added.

Companies involved must pledge to retain all their workers and raise their wages, as well as investing in cutting-edge technologies to increase value-added and to prioritise research and development, he said.

Szijjártó noted that the government’s investment scheme for large companies has so far drawn in 1,434 companies and preserved some 270,000 jobs.

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Source: MTI