China Railway will take part in the modernization process of the national rail firm with technological, real estate and financial assets, the parties announced on a press conference in the Hungarian Embassy in Beijing.
Ferenc Szarvas, chairman/CEO of MÁV signed the agreement in Beijing with head of China Railway Construction Corporation on April 19, 2011. Szarvas was a member of the delegation lead by Tamás Fellegi, National Development Minister responsible for Hungarian-Chinese relations.
The agreement sets the framework for a long-term cooperation between the two companies, the Hungarian party said. The agreement includes the modernization of the existing Hungarian railway lines, planning and construction of new stretches, system integration, and the production and delivery of trains and other railway equipment.
The parties agreed to set up workgroups to lay out the legal, financial and professional framework of the agreement, and the definition of the exact projects.