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Agriculture minister: Farming investments up nearly 20 percent in Q1

Investments in Hungary's agriculture and food industry increased significantly in the first quarter of this year, the minister of agriculture said on Tuesday.

In a statement, Istvan Nagy said agricultural investments saw a 19.7 percent increase, while investments in food production were up by 9.4 percent in the period.

According to the minister, the increase shows that “Hungarian farmers and food producers have confidence in the future” and will “ensure domestic food supplies in the long run”.

Nagy said the growth was welcome, especially in light of recent challenges such as bad weather conditions, the coronavirus pandemic, infectious animal diseases, rising costs, as well as the impact of the war in Ukraine.

The agriculture ministry expects the growth tendency to continue, Nagy said, adding that grants and subsidies under the Rural Renewal agriculture programme were a good basis for spurring further growth.

 

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