Business

International Flavours and Fragrances opens Budapest services centre

The Ministry of Foreign Affairs and Trade of Hungary has announced that American giant International Flavours and Fragrances (IFF) will open a financial services centre in Budapest, Hungary’s capital.

The services centre, which will be responsible for the coordination of the entire company’s finances, will create 100 jobs.

“Hungary has once again secured an investment despite heavy international competition, given that IFF is present in 37 countries worldwide,” Hungarian foreign minister Péter Szijjártó said, adding that Hungary is one of the most attractive investment locations due to its continuous economic growth and company-friendly tax climate.

Mr Szijjártó said that 15 major American investments were made in Hungary in 2018 and 16 others are being negotiated right now.

IFF CFO Rich O’Leary added that the company is planning for the long-term and that Hungary offers a cost-effective and business-friendly environment. When choosing the investment location, Hungary’s developed infrastructure and highly-skilled labour force were also taken into account.

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