Hungary is today among the fastest growing economies in the European Union, thanks to well-performing companies, the work of Hungarian employees and effective economic policy, Finance Minister Mihály Varga said at the inauguration of a corn mill in Karcag, in north-eastern Hungary.
The 1.8 billion forint (EUR 5.4m) investment, which created 35 jobs, has received a 500 million forint government grant, Varga noted. The plant is able to process 120 tonnes of corn daily, much of which will be exported. Varga said that for years, the Hungarian government’s measures in tax policy, investment promotion and in cutting red tape contributed to boosting the competitiveness of Hungarian companies. The tax burden of companies fell to 39% in 2018 from 52-56% before 2010, he said. Hungary has access to over 12,000 billion forints in EU funding between 2014 and 2020, Varga noted. Some 2,554 billion forints will be used to fund the operative programme for economic development and innovation, one of the largest of its kind in the EU, he said.