Hungary Signs Cooperation Agreement With ICBC

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Economic Development Minister Márton Nagy signed a cooperation agreement with Industrial and Commercial Bank of China (ICBC) CEO Liao Lin in Beijing on Wednesday, according to a report by state news wire MTI.

The agreement was signed after talks between Prime Minister Viktor Orbán and ICBC chairman Chen Siqing.

The goal of the memorandum is to further develop Hungarian-Chinese financial ties, strengthen trade ties between the two countries, and promote business cooperation in the areas of investment, financing, and payments, including in the field of FinTech innovations and the application of artificial intelligence, the ministry said.

The sides place special stress on the agreement on opportunities to finance infrastructure and green projects, as well as issues related to the establishment of Chinese companies' complete supply chains in Hungary.

Hungary wants to become not only an "economic meeting point" between East and West for capital and cutting-edge technology, but a regional financial hub, too, Nagy said.

The agreement affirms that the sides will work to open an ICBC branch in Hungary.

Nagy is traveling in Orbán's delegation on a visit to China for the third Belt and Road Forum for International Cooperation.

Orbán acknowledged ICBC's contribution to the growth of Hungary's economy and trade as well as its trade with China at the meeting with Chen, the PM's press chief said. He also encouraged more Chinese companies to invest in Hungary and said Hungary is counting on cooperation with the ICBD in the framework of the Belt and Road Initiative, Bertalan Havasi said.

The agreement between the Economic Development Ministry and the ICBC extends to the issue of yuan bonds, international yuan-based settlement, investments, financing, infrastructure building, green financing, financial technologies, and international online commerce, according to a joint statement issued by the sides after the meeting.

In the statement, Chen said ICBC would use its advantages in the area of global services to support the close ties between the Belt and Road Initiative and Hungarian national strategy, offering better financial services on markets in Hungary and the CEE region, while contributing to the advancement of the economic, trade and pragmatic financial cooperation between China and Hungary.

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