AVL building HUF 12.5 bn development centre in Hungary

Austrian engineering company AVL on Monday laid the cornerstone of a 12.5 billion forint (EUR 38.6m) regional development centre in Erd, on the outskirts of Budapest. Hungary's government is supporting the investment with a grant of 3 billion forints, Foreign Minister Peter Szijjarto said at the groundbreaking ceremony. The centre will create 350 jobs, including 253 high-skills positions, he added. Szijjarto said the government was committed to supporting similar investment projects and social contribution taxes will be reduced by two percentage points from next week, while several other measures aimed at simplifying bureaucratic procedures will also take effect.