THE Hungarian Minister for Foreign Affairs and Trade assured openness of Hungary towards Filipino businessmen to invest in their country regardless from which business industry and their willingness to provide investment incentives as well.
During Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto’s visit to Davao City last Monday, March 27, he expressed their country’s willingness to have a good trade relationship with the Philippines.
He added that they have allotted around 510 million Euros to facilitate Hungarian-Filipino business to business and company to company cooperation.
This specific amount was disclosed during Szijjarto’s meeting with President Rodrigo Duterte at the Residential Guest House at Panacan, Davao City.
Szijjarto said in their country, they provide incentives to help the investments in Hungary. He mentioned the cash incentives can reach up to 50 percent of the volume of the total investments.
“This is a national budget resource, not from European Union so it’s much less bureaucratic. Easy to access. The Hungarian economy is a very open economy. Export over Gross Domestic Product (GDP) ratio is well above 90 percent. We have the highest Foreign Direct Investment (FDI) per GDP ratio in the region so for us, it’s vital to be able to continuously expand export and to continuously encourage more and more investors to come to Hungary. So we are ready to provide these companies with cash incentive up to 50 percent of the volume of the total investments,” he said.
He also mentioned that they are very much willing to accommodate Filipino investors regardless of the type of investment they are going to venture in in Hungary.
They have investment opportunities for almost every business sector such as real estate, energy both renewable and non-renewable, manufacturing, food processing, and tourism destinations among others.
“Hungary offers the most competitive and most attractive investment environment in Europe because we have introduced the lowest corporate income tax. And we have cut the social tax from 27 to 22 percent so actually, with these tax rates, we created the most competitive investment environment in Europe so it actually makes sense to come to invest in Hungary,” Szijjarto added.
Being a country with the national economy dependent on FDI, he said they put a lot of efforts on encouraging direct investments to their country.