Hungary's Orban aims to put 80% of food industry in local hands

Orban, who has showered the electorate with tax cuts and other benefits worth 1.8 trillion forints ($5.08 billion), reiterated his promise of a significant hike of farm subsidies, which he said could help increase Hungarian ownership in the sector. He said the government would increase the Hungarian national supplement to European Union farm subsidies from 17.5% to 80%, channelling more money to the agricultural sector where businessmen close to the government own major companies.

Prime Minister Viktor Orban on Saturday pledged to increase local ownership of Hungary's food industry to 80% if re-elected for a fourth consecutive term, noting the industry is currently dominated by foreign firms. Orban told farmers it was "crucial" to increase Hungarian ownership because there is "no guarantee that foreign-owned companies will make decisions that are in the interest of the Hungarian economy".

Since he came to power in a sweeping election victory in 2010, Orban has aimed to increase Hungarian ownership of strategic sectors such as energy, banking, retail and the media. In a parliamentary election on April 3, Orban and his party will face a united opposition for the first time since taking office.

A recent poll showed Orban's ruling Fidesz party has extended its lead over a six-party opposition alliance. Orban, who has showered the electorate with tax cuts and other benefits worth 1.8 trillion forints ($5.08 billion), reiterated his promise of a significant hike of farm subsidies, which he said could help increase Hungarian ownership in the sector.

He said the government would increase the Hungarian national supplement to European Union farm subsidies from 17.5% to 80%, channelling more money to the agricultural sector where businessmen close to the government own major companies. "With all this money ... we want to create a food processing industry where 80% is owned by Hungarians, and if that happens, then we can raise the share of Hungarian food consumed to 80%," Orban said. ($1 = 354.0300 forints)

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