“The Hungarian private sector must hold its ground within a new global economic competition following the coronavirus pandemic”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday in Budapest at a competitiveness program funding certificate presentation ceremony.

The Minister stressed that there is not only a need to protect health, but also the economy, because in addition to people’s health the global pandemic is also endangering workplaces. “It is also for this reason that the Hungarian government has made use of the opportunity to provide assistance to enterprises to help counteract the effects of the epidemic”, he explained.

Mr. Szijjártó told those present that 625 applications had been submitted since the program was launched a few weeks ago, with applying enterprises undertaking to realise 295 billion forints (EUR 841 million) in investments, and protecting some 11 thousand workplaces by doing so.

The Minister highlighted that in 2010 the Hungarian economy was in an extremely weakened state, while in contrast it is now one of the best-performing economies in Europe, which provides Hungarian enterprises with a good starting position.

“Funding may be awarded to enterprises that undertake to realise new investment projects, and to create new jobs and preserve existing ones”, he indicated, adding that the past ten years have proven that funding provided towards work generates a return, and instead of giving people benefits, they should be given assistance towards finding work.

“The government, enterprises and the people have worked jointly in the interests of making Hungary the most attractive investment destination in Central Europe, which we have succeeded in achieving, and we must now preserve this position”, Mr. Szijjártó said.

On Monday, three more company directors were officially presented with competitiveness program funding certificates at the Ministry of Foreign Affairs and Trade. The investment of some 565 million forints (EUR 1.61 million) to be realised by automotive industry supplier ThyssenKrupp Technology Hungary Ltd. is receiving over 282 million forints (EUR 804 thousand) in state funding, with which the company will be further developing its unique development centre in Budapest. Member of Parliament for the capital’s 10th district István Simicskó praised the example set by companies that are searching for take-off opportunities and want to realise development despite the current difficulties. The MP thanked the government for providing a helping hand to such enterprises.

Szabolcs-Szatmár-Bereg County-based Filati Maclodio Ltd. will be realising an investment of some 565 million forints (EUR 1.61 million) towards which the government is contributing over 282 million forints (EUR 804 thousand) in state funding. The textile industry enterprise will be constructing a new warehouse and a state-of-the-art laboratory. The region’s Member of Parliament Miklós Seszták emphasised, amongst others, that following the spread of the coronavirus pandemic, many said it was impossible for enterprises to invest in such a situation, but now here before us is the proof that it is not impossible.

Nanushka International Zrt. is receiving over 287 million forints (EUR 800 thousand) in state funding towards its investment of over 574 million forints (EUR 1.64 million). The fashion industry company will be realising an IT development project.

(Ministry of Foreign Affairs and Trade / MTI)