A total of 450 billion forints will be available for research and innovation in Hungary over the coming years, of which 340 billion forints will directly support the corporate sector, Minister of Culture and Innovation Balázs Hankó announced on Monday following the meeting of the Entrepreneurial Innovation Council in Budapest.

The minister highlighted that the seven new funding schemes are expected to reach around 3,000 Hungarian companies. The programs will support product development by large enterprises, business process innovation by smaller firms, market introduction of new technologies, innovative life sciences projects, and include the launch of a venture capital program as well.

Hankó noted that the Ministry of Culture and Innovation (KIM), in cooperation with the Hungarian Chamber of Commerce and Industry (MKIK) and other background institutions, will organize a nationwide innovation roadshow in November and December to raise awareness among businesses about the available opportunities.

“Our goal is for Hungary to be among Europe’s ten most innovative countries by 2030,” the minister emphasized.