Hungarian-owned MÁV-REC signed an agreement with Chinaʼs Central European Trade and Logistics Cooperation Zone (CECZ) to cooperate in the area of railway logistics in Beijing on Thursday, MÁV-REC told Hungarian news agency MTI.
The agreement was signed at the Hungarian embassy in the presence of Minister of Innovation and Technology László Palkovics.
Under the agreement, MÁV-REC will lead a consortium tasked with implementing a rail freight corridor between inland China and Záhony, on Hungaryʼs eastern border, passing through Kazakhstan, Russia, and Ukraine. The agreement extends to training, container management upgrades and the provision of IT solutions.
MÁV-REC noted that China supports the diversification of its inland trade routes to Europe and the Záhony route would be an alternative to the congested Belarusian-Polish line.
MÁV-REC offers its business partners tailored railway logistics services, pallet certification, training, and waste management services.
MÁV-REC had revenue of HUF 1.9 billion last year, public records show.