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Sep 20, 2019

Finance Minister: Hungary's success is thanks to well-performing companies and effective economic policy

The Hungarian government’s measures in tax policy, investment promotion and in cutting red tape contributed to boosting the competitiveness of Hungarian companies.

The Finance Minister has confirmed that Hungary is among the fastest-growing economies in the European Union, thanks to well-performing companies, the work of Hungarian employees and effective economic policy.

At the inauguration of a corn mill in Karcag, Mihály Varga revealed that the 1.8 billion HUF (EUR 5.4m) investment in the project, which created 35 jobs, received a 500 million forint government grant. He said the plant is able to process 120 tons of corn daily, much of which will be exported.

Minister Varga said that for years, the Hungarian government’s measures in tax policy, investment promotion and in cutting red tape contributed to boosting the competitiveness of Hungarian companies. The tax burden of companies fell to 39 percent in 2018 from 52-56 percent before 2010, he said.

The Minister revealed that Hungary has access to over 12,000 billion forints in EU funding between 2014 and 2020. Some 2,554 billion forints will be used to fund the operative program for economic development and innovation, one of the largest of its kind in the EU.

PHoto credit: hirado.hu