Hungary plans to lure Brexit-hit businesses from UK

By bne IntelliNews June 27, 2016

Hungary is preparing a plan to offer special conditions to companies relocating from the UK, the economy minister said in comments published on June 27.

The announcement comes after Britain voted in a referendum on June 23 to leave the European Union. While the Hungarian economy is likely to be hit by reduced EU funding and remittances, the damage is widely predicted to be limited. Meanwhile, many have noted that a Brexit is likely to create some investment opportunity for those within the remaining 27-state bloc.

Economy Minister Mihaly Varga told Vilaggazdasag he expects UK businesses in the auto and financial sectors to relocate to Hungary. The government is currently working on plans to offer special conditions to these companies, he added, but disclosed no details.

“Hungary offers good conditions regarding tax environment, administration and the cost and qualification of the labour force,” Varga claimed. Up to 780 British companies are already based in Hungary, who are satisfied with the investment environment, he added.

Varga also reacted to recent media reports suggesting Germany is concerned that Hungary, together with some other member states, could follow Britain in considering an exit from the EU. "There is no such will, plan, scenario or idea,” the official insisted. 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Lufthansa's arrival lifts economy of Hungary's second city

Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11.  ... ... more

Hungarian opposition parties bet on strong election turnout as cooperation talks stall

Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election.  ... more

Most Read

  1. Romanian developers get in the game
    3 days ago
  2. Putin and Trump trying to walk back Syria strike and sanctions tensions
    3 days ago
  3. What’s the cost of US sanctions on Russia?
    4 days ago
  4. E-commerce dramatically eats into foot traffic at Moscow’s leading shopping malls
    15 days ago
  5. Romania entrepreneur aims to put home-grown UAV defence technology industry on the map
    5 days ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    25 days ago
  2. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    12 days ago
  3. Romanian developers get in the game
    3 days ago
  4. KRUK REPORT: Nadia Savchenko, Ukraine’s fallen hero
    29 days ago
  5. Putin and Trump trying to walk back Syria strike and sanctions tensions
    3 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss