Major investments in the Hungarian medical supplies and construction industry

Medical supplies company Jako-Meditec of Szekszárd, in western Hungary, has expanded its capacity to make vials also used for virus tests, Finance Minister Mihály Varga said in a video posted on Saturday.

The investment worth 1.7 billion forints (€ 4.8 million) was supported with a government grant of 1.6 billion forints (€ 4.5 million), the minister said, adding that headcount at the company doubled to 70 as a result.

Varga said the project is one of those supported in the framework of the government scheme supporting investments by health-care businesses, with the aim to boost Hungary’s self-sufficiency in such products.

He cited the examples of Vajda-Papír, which has already produced more than 50 million face masks in the recent period, Meditop, which has turned out ten million favipiravir tablets, and F-Team, which makes 140,000 disinfectant dispensers a year and will start deliveries to hospitals.

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Additionally, in another sector, the Hungarian real estate developer

Bayer Construct has purchased ten tower cranes for 3 billion forints (EUR 8.6m), with the procurement being supported by a 1-billion-forint (€ 2.8 million) government grant,

Finance Minister Mihály Varga said on Sunday.

The investment will also allow Bayer Construct, which employs over 400 people, to increase its headcount, Varga said on Facebook.

The tower cranes purchased by the company are capable of lifting as much as 12 tonnes to heights of 70-90 metres, the minister said.

Varga said the construction industry was a key sector when it comes to rebooting Hungary’s economy.

He highlighted the reduced VAT on home construction, the government’s investment support scheme and the expansion of its home creation scheme as measures designed to boost the sector.

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Source: MTI