Minister Balázs Hankó highlighted investment gaps and challenges in EU competitiveness and funding equality.Continue reading
The government has launched a HUF 15B (EUR 40.5M) program to support large companies in developing new technologies, products, or services.
László Bódis, Deputy State Secretary of State for Innovation, announced the initiative, emphasizing the importance of collaboration between the corporate sector and universities or research institutes.
The Large Business Innovation Focal Area program targets three key focus areas: digital transition (including artificial intelligence, self-driving vehicles, and quantum technologies), healthy living (such as drug development, biotechnology, and medical devices), and the green transition (focusing on climate-neutral energy production, energy storage, and agriculture).
The Secretary of State highlighted the benefits of innovation, stating:
an innovative company is 58 percent more efficient, pays 31 percent more wages, and exports 90 percent more than its non-innovative counterparts.”
Another important point is the significant increase in Hungary’s R&D (research and development) workforce. Mr. Bódis pointed out that “in 2010, there were more than 30,000 R&D workers in the country, today the number is more than 62,000,” with two-thirds of these workers now employed in the corporate sector.
The program offers financial support for innovation projects, with a budget of HUF 15B (EUR 40.5M). Each project can receive between HUF 1.5B (EUR 4.5M) and HUF 3B (EUR 1.8M) in funding, with an aid intensity of around 50%.
The projects must involve the creation of new technology in partnership with universities or research institutes and align with strategic plans.
Hungary’s large business innovation program aims to foster technological advancement, improve efficiency, and increase the global competitiveness of Hungarian companies.
Via MTI; Featured Image: Pixabay