New program to be launched to support major investments by domestic companies

A new program will be launched to support Hungarian companies that are willing to invest at least 560 million forints to protect jobs at risk from the coronavirus epidemic, the Minister of Foreign Affairs and Trade said on his Facebook page.

Péter Szijjártó said in the video that Hungary agreed with the European Commission that it can provide unlimited state support to companies that commit themselves to making investments in order to protect jobs.

Applications can be submitted from next week. The maximum amount that can be granted is half of the investment value, so a 560 million forint investment entitles a company to a subsidy of 280 million. Mr Szijjártó pointed out that Hungary had successfully completed the first protection phase of the epidemic related to virus control, and is now prepared to succeed in overcoming the second phase, which focuses on protecting the economy. This is possible when people can work, they have jobs, and so the aim of the new program is to help companies keep existing jobs and create new ones.

In a post to the video, Mr Szijjártó wrote that it is not "international loans leading to vulnerability” that make the economy strong, but the hard work of the people.

Applications for the subsidy can be submitted until September 30, and the investments must be implemented during the next two years, he added.