The "Renewable Region" also helps to overcome the economic situation during the war

Agricultural investments increase efficiency and thus contribute to bridging the current wartime economic situation.

The government program for the comprehensive technological renewal of the agriculture and food industry, called Renewable countryside, renewable agriculture, was able to have a knock-on effect on developments even in the increasingly difficult economic environment.

According to the Ministry of Agriculture, farmers spent a total of HUF 293 billion on investments in the first half of this year. Following the lively investment activity in 2021, food industry developments expanded in the first half of 2022 as well. The volume of investments in the sector - after 4.3 percent in the first quarter - increased by 6.6 percent in the second quarter.

Food industry enterprises spent a total of HUF 172.6 billion on developments in the first half of 2022.

Since the start of the large-scale investment program in early 2021, thanks to increased national co-financing from the Hungarian budget related to rural development subsidies, agricultural developments have reached 836 billion forints, while investments in the food industry have reached 598 billion forints.

 

Source: Mandiner.hu

Featured image: MTI/Tibor Illyés