Balázs Rákossy added that the agreement sets out the division of tasks related to the use of EU funds available for research and development.

He said that between 2014 and 2020, HUF 550 billion of EU funding was available for research and development, and now, between 2021 and 2027, almost HUF 600 billion forints will be available for the same purpose.

The Secretary of State said that under the agreement, the Office and the two ministries will jointly coordinate access to these funds, and within this framework, the ITM and the Office will lay down the professional requirements that will make it clear to Hungarian economic operators along what rules they can carry out research, development and innovation activities.

“These funds are important because, in addition to the national contribution, they help Hungarian small and medium-sized enterprises and large Hungarian companies to be as competitive as possible and to achieve better results in the field of research and development,” said Balázs Rákossy.

The Secretary of State noted that the government is on track to meet its target of spending 3 percent of GDP on R&D by 2030.

He stressed that research and development activities before and after the pandemic have contributed greatly to the achievement and maintenance of Hungarian competitiveness and economic growth.

Budapest, Thursday, 21 October 2021 (MTI)