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SZIJJÁRTÓ: FREE TRADE IN HUNGARY'S INTEREST

 

An open global trade is in Hungary’s interest, the minister of foreign affairs and trade told a conference in Budapest.

Speaking at the conference entitled Inspiring Hungary, Péter Szijjártó revealed further details of a new investment incentive system Hungary is rolling out to attract more technology-oriented investments. The Hungarian government will offer foreign investors cash subsidies up to 50% of project value in twelve counties, while cutting the ratio to 25% in three counties and 15% in another three counties, Szijjártó said. He reiterated that the new system, launched on October 1, will not make job creation a condition of support to investment projects if they introduced new technologies. The goal is no longer to create workplaces but to strengthen technological development and R&D, he said.
Szijjártó noted that 98 investments with a combined value of 4.3 billion euros had been undertaken in Hungary last year, creating a total of 17,000 jobs. So far this year, investments worth 2.4 billion euros have been made in the country, with the biggest spenders coming from South Korea, the minister added.