Unveiling of a 20.6 million euros investment in Hungary by Japan’s SIIX Corporation

Budapest, November 16 (MTI) – From Jan. 1, Hungary’s state investment-promotion system will be overhauled so that budget support for investments is funnelled to companies not only on the basis of how many jobs they create but also taking into account their technological standards and value-added, the foreign affairs and trade minister said on Wednesday.

Péter Szijjártó told a news conference that central funding would be available to companies that bring new types of technology to Hungary as well as those that maintain existing workforce levels.

Further, the support system for training will also be transformed so as to ensure that part-time workers also gain access, he said. Also, related red tape will be cut, Szijjártó added, speaking at the unveiling of a 6.4 billion forint (EUR 20.6m) investment in Nagykőrös, central Hungary, by Japan’s SIIX Corporation, which is creating 300 jobs.

The government will provide a 1.3 billion forint non-refundable grant for the project.

Szijjártó added that the government’s economic policy priorises harnessing the flow of capital from east to west in Hungary, which already receives the highest capital investment among central European countries from East Asia.