The food industry can continue to develop with almost 100 billion forints

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The Minister reminded that the government is supporting the strengthening of the domestic food industry and increasing its competitiveness with all possible means. The measures announced in the Common Agricultural Policy Strategic Plan also serve this purpose. The amount of funds allocated to the food and processing industry is approximately 500 billion forints, which, thanks to the government’s historic decision, enables 80 percent co-financing – he added. He explained that the announcement titled “Support for the complex development of processing plants” was extremely popular, with a total of 548 support applications received, with a request for approximately 700 billion forints. The Ministry of Agriculture can support the development of domestic enterprises to the greatest extent possible by reallocating the resources of the CAP Strategic Plan, in addition to the original 150 billion forints application budget. In addition to non-refundable support, we will also support the implementation of projects by drawing down advances that can be requested on favorable terms, as well as by providing interest subsidies and guarantee fee subsidies related to loans – the minister stated.

István Nagy emphasized that the purpose of the investment support is to increase the value of agricultural products and implement technological developments that facilitate their access to the market

Thanks to this, individual food industry players can implement their larger-scale developments in order to create a more competitive corporate and production structure with products with higher added value. Another key goal of the support is to increase energy self-sufficiency and reduce energy dependence by using environmentally friendly technologies. The Minister of Agriculture added that further support decisions will continue to be made in the coming weeks.

MTI