The agreement was signed by Carmelo Ezpeleta, the CEO of Dorna Sports, which owns the MotoGP rights, and József Pacza, the CEO of Kelet-Magyarországi Versenypálya, the company building the venue to host the races.
Lajos Kósa, the MP for the region, said the tender results for planning the race track are expected to be announced in mid-March and a tender for construction could be called by yearend.
"Considering Hungary's image, hosting these races is a better investment than anything else, as a venue and a region in eastern Hungary will draw the attention of the world," he added. Kósa noted that MotoGP races attract 100,000-150,000 spectators.
Ezpeleta said Dorna Sports would do everything possible to make the races a "professional, economic and regional development success story."
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