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Hungary govt to sign strategic cooperation agreement with Huawei in Beijing

State secretary for foreign affairs and external economic relations Péter Szijjártó traveled on Wednesday to China, where he will sign a strategic cooperation agreement between the government and Huawei Technologies, his press chief told MTI. Szijjártó, who is government commissioner in charge of harmonising bilateral relations between Hungary and China, will give a presentation on investment opportunities in Hungary at a business conference, said Éva Varga. He will meet with vice commerce minister Jiang Yaoping and the heads of the China Development Bank and the Chinese Railway Construction Corporation to discuss financing and implementation options for the construction of the "V0" ring rail line around Budapest, she added. Szijjártó will continue negotiations with the management of China's Eximbank on developing the rail line between Budapest and Belgrade, and he will start talks with the heads of Wanhua on further investment opportunities in Hungary. A loan agreement between Hungarian low-fare airline Wizz Air and China's ICBC Bank will be signed during Szijjártó's visit. Szijjártó will collect the first ten applications for residency in Hungary by Chinese investors, Ms Varga said. Hungary's Parliament approved legislation late last year that offers permanent residency permits to foreign citizens with at least €250,000 in Hungarian government securities.