HIPA received an award for supporting R&D projects

HIPA received an award for supporting R&D projects

HIPA received an award for supporting R&D projects

fDi Magazine, investment issue of the Financial Times Group with high prestige in investor circles, has award the Hungarian investment environment and the Hungarian Investment Promotion Agency (HIPA) again, this time for promoting research and development-focused projects. This FDI Strategy 2018 – R&D support award strengthens the success of the changes introduced in the non-refundable cash incentive system from January 2017 and the increasing ratio of the high added value "Invented in Hungary" type projects.

The Hungarian Investment Promotion Agency (HIPA) had another record year in 2018 as investors brought 98 projects to Hungary with the help of the agency. These investment projects are bringing a capital of more than EUR 4,311 million and are creating 17,024 new jobs in Hungary in the years to follow. The proportion of projects of a high added value continued to grow in 2018.

This trend is further reinforced by the success of new incentive forms introduced from January 2017 and refined from March 2019. As a result, the number of technology-intensive projects receiving grants in 2018 was three times the number of those in 2017. In the area of R&D, software development, engineering or business services a 60% growth was registered in the number of successfully negotiated projects up to a number of 29, creating close to 5,000 new jobs. Moreover, out of the 36 different automotive projects, 10 of them focus exclusively on research and development and engineering services.

The most recent award handed over at the event of the magazine in Cannes well represents the success of the modified investment incentives system, because it's outstanding even at a regional level that not only the number of the jobs created, but also the added value of the jobs is taken into account in case of providing subsidies. The importance of the recognition is also shown by the fact that organisations like Invest in Glasgow, Invest Hong Kong and Singapore Economic Development Board are among the awarded ones.