BUDAPEST (Reuters) – Hungary’s government will offer cash subsidies from October for private sector investments that use innovative technology, dropping a requirement that jobs must be created, the foreign minister said on Tuesday.

FILE PHOTO: Hungarian Foreign Minister Peter Szijjarto arrives to address the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 26, 2019. REUTERS/Eduardo Munoz/File Photo

With a scarcity of workers limiting its old economic model of attracting foreign investment with cheap labor, Hungary is looking to transform itself into a capital-intensive economy to sustain high levels of growth.

Economic growth slowed to 4.9% in the second quarter from 5.3% in Q1 and the central bank expects a further slowdown next year as the

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