articleimg-1
Nov 02, 2016

Hungary wants to attract major EU institutions following Brexit

The Hungarian government has submitted an application for the headquarters of the European Banking Authority (EBA) to be moved to Budapest

The Hungarian government has submitted an application for the headquarters of the European Banking Authority (EBA) to be moved to Budapest, Mihály Varga, minister for National Economy, has said.

According to the newspaper Magyar Idők, the government would like to attract several important EU institutions and western companies to move from London to Budapest in the wake of Brexit.

Hungary could increase its influence if international organizations relocating from the United Kingdom would find a home in Budapest, MTI reports.

Several organizations and authorities, having their headquarters in London, are bound to relocate to other countries following Brexit, Varga said.

The government is also considering the case of other agencies, giving serious thought to try and convince the European Medicines Agency (EMA) to set up its headquarters in Hungary.

The minister said tax administration and tax procedures need to be simplified in order to convince companies to relocate to Hungary. The ministry submitted a tax package last week to reduce bureaucratic burdens, he added.