Hungarian gov't substantially increases its food industry support scheme's budget
In order to strengthen Hungarian businesses, the government has decided to increase the budget of the ÉLIP from HUF 6 billion to HUF 33 billion, which means that an additional HUF 27 billion will be allocated to support the competitiveness of food businesses and the expansion of food industry investments and capacities, the report said.
The decision will allow 78 Hungarian businesses to receive support, and a total of more than HUF 45 billion of investment will be made, they added. Among other things, investments such as the purchase of production lines, green energy development, packaging development, warehouse expansion and refrigeration technology development could be made.
It was also reported that a total of 114 applications were submitted by companies for the programme; almost all of the developments presented in the applications included very valuable projects and investments that are also useful for the national economy.
Nine-tenths of the applicants were 100% Hungarian-owned, while two-thirds of the applicants employed fewer than 100 people, i.e. they were considered to be emerging companies, they said.
They stressed that, as the promising requests for support far exceeded the available HUF 6 billion, the government decided to increase it significantly at the initiative of the GFM. The improvements will allow domestic suppliers with a lower value-added product structure to start developing and manufacturing higher value-added products.
Supported businesses can improve their efficiency and productivity through the application of new, modern, Industry 4.0 technologies, innovation and R&D, and increase their competitiveness through technological advances.
