Hungary will support companies that set up businesses abroad

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Hungary’s government is launching a 10 billion forint (EUR 27.8m) program aimed at supporting Hungarian companies looking to increase their presence in foreign markets, Peter Szijjarto, the minister of foreign affairs and trade said, Daily News Hungary reported.

As part of the scheme recommended by the operative board for coordinating the economic recovery, the government will cover a maximum of half the costs of companies’ investments abroad up to 4 billion forints, Szijjarto said on Facebook.

Businesses that receive funding will have to undertake to increase their sales revenue in Hungary resulting from their expansion abroad by at least as much as they receive in support through the scheme, Szijjarto said.