A research facility of Richter – Photo: wikipedia

Szijjarto: R&D investment financing increasing

Companies investing in research and development can now access higher amounts of government support, the minister of foreign affairs and trade has said.

Support is going up from 15 million euros to 25 million, and maximum support will be up to 50 percent of the investment instead of half that, Peter Szijjarto said on his Facebook page on Sunday. Regarding subsidies for training, the amount is rising from 2 million euros to 3 million, he added.

When it comes to “investment competition” around the world, Hungary is performing well, he said, noting that capital flows into Hungary via the National Investment Agency will have reached 13 billion euros this year, double the previous annual record.

Hungary aims to have among the most competitive investment systems in Europe, he said.

Given increasingly fresh production capacities, R and D projects account for an increasing proportion of domestic investments, Szijjarto said, describing this as a positive spiral boosting production and R and D.

He said business service centres played an outsized role in attracting talented young people in Hungary and keeping them here. In recognition of their importance, the requirement to create 50 new jobs with high value-added is being reduced to 25 people, the minister said.

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