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SBS INVESTS HUF 563 M IN PURCHASING MACHINERY

 

Hungary’s SBS which makes frames and other welded structures for mining, construction and farm machines, is investing 563 million forints (EUR 1.6m) in purchasing machinery for use at its base in Erdőtelek, in north-eastern Hungary, Péter Szijjártó, the foreign affairs and trade minister, said. The government is providing a 282 million forint grant for the project that will help preserve 380 jobs, the minister said. Hungarian-owned businesses in the countryside are essential for the rapid relaunch of the economy, he added. “Just as it wasn’t easy to vaccinate 5.5 million people, it isn’t easy to achieve 5.5% economic growth,” Szijjártó said. “We must fight for it every day, one investment, one legislative amendment and one operative board meeting at a time.” Thanks to the record investments seen in Hungary last year, the government was able to prevent mass unemployment, the minister said. „Hungarians need jobs, not welfare cheques, because welfare leads to vulnerability, unpredictability, insecurity, while jobs provide a predictable future and a long-term livelihood,” he added.