Published: December 05 2023
Hungary is increasing its funding for research and development (R&D) investments in order to create a more competitive investment system. The country aims to attract more capital and become one of the most competitive investment systems in Europe. This increase in funding will support R&D projects and business service centers, which play a crucial role in attracting and retaining talented young people in Hungary.
Boost in Funding for R&D Investments
The funding for R&D investments in Hungary is being increased from 15 million euros to 25 million euros. Additionally, the maximum support for investments will now be up to 50% instead of the previous half of that. This boost in funding aims to encourage more investment in R&D projects, which are becoming increasingly important in the country's overall investment landscape.
Increase in Subsidies for Training
Subsidies for training programs in Hungary are also being increased. The amount of subsidies will rise from 2 million euros to 3 million euros. This increase aims to support the development of skilled workers and help businesses enhance their workforce through training programs.
Hungary's Competitive Investment System
Hungary is already performing well in terms of its investment attractiveness. Capital flows into the country through the National Investment Agency are expected to reach 13 billion euros this year, double the previous annual record. The country aims to further improve its investment system and become one of the most competitive in Europe. This will help attract more investments and boost economic growth in Hungary.
Importance of Business Service Centers
Business service centers in Hungary play a significant role in attracting and retaining talented young people in the country. Recognizing their importance, the requirement for creating new jobs in these centers is being reduced. Instead of having to create 50 new jobs with high value-added, companies will now be required to create only 25 new jobs. This reduction aims to encourage more businesses to establish service centers in Hungary and take advantage of the skilled workforce available in the country.
Overall, Hungary's increased funding for R&D investments and subsidies for training programs, along with its focus on creating a competitive investment system, demonstrate the country's commitment to promoting innovation, attracting investments, and fostering economic growth.
Questions & Answers
What is the increased funding for R&D investments in Hungary? The funding for R&D investments in Hungary has been increased from 15 million euros to 25 million euros.
How much maximum support will be provided for R&D investments in Hungary? The maximum support for R&D investments in Hungary will be up to 50% of the investment, instead of half that.
What is the aim of Hungary regarding its investment system? Hungary aims to have one of the most competitive investment systems in Europe.
How much capital is expected to flow into Hungary via the National Investment Agency this year? Capital flows into Hungary via the National Investment Agency are expected to reach 13 billion euros this year, which is double the previous annual record.
What is the role of R&D projects in Hungary's domestic investments? R&D projects are accounting for an increasing proportion of domestic investments in Hungary, creating a positive spiral that boosts production and R&D.
What is the role of business service centres in attracting talented young people in Hungary? Business service centres play an outsized role in attracting talented young people in Hungary and keeping them in the country.
What is the requirement for creating new jobs with high value-added in Hungary? The requirement to create 50 new jobs with high value-added is being reduced to 25 people in Hungary.