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SZIJJÁRTÓ: EU SET TO SCRAP LIMIT ON GOVT SUPPORT FOR INVESTMENTS

 

The European Commission appears ready to abolish the limit on the amount of funding member states can provide in support of business investments as early as next week, Péter Szijjártó, the foreign affairs and trade minister, said after talks with European Competition Commissioner Margrethe Vestager by phone on Thursday. Unless any legal obstacles are identified, the Hungarian government, on the basis of the agreement with the EC, will be able to support the investments of businesses operating in Hungary with grants of more than 800,000 euros, the minister said.
Among the most recent recipients of government subsidies are meat processing company Kometa 99, glass maker CE Glass and Japanese-owned automotive industry supplier NIDEC GPM Hungary. Each were awarded more than 282 million forints (EUR 814,400) for their investments worth over 574 million forints.