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Hungarian companies have recognised that investment gives them the opportunity to gain a competitive edge over their regional and international peers, Foreign Minister Péter Szijjártó said.

Speaking on the sidelines of a government meeting, Szijjártó said 806 medium-sized companies have already applied for a total of 169 billion forints (EUR 487.3m) in government support to undertake 377 billion forints’ worth of investments. Fully 491 companies have already received 113 billion forints, the minister said. Eight large companies have also registered their intent to invest 60 billion forints in total, he added. The government’s scheme to support companies in expanding abroad has received 14 applications for a total of 18 billion forints in export support, Szijjártó said. Meanwhile, 397 Hungarian companies have applied for support for investments in ethnic Hungarian regions abroad, with the investments totalling 21 billion forints, he said. The investments undertaken by Hungarian businesses will also allow them to expand into new markets, Szijjártó said, adding that the government would provide these companies with all the support they need.