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Hungarian, Chinese companies sign declaration of intent on ring rail construction

The heads of Hungarian and Chinese state-owned railway companies signed a declaration of intent on the construction of a ring rail line around Budapest in parliament on Friday. The agreement was signed by railway company MÁV chairman-CEO Ilona Dávid and China Railway Construction Corporation head Juan Li. Hungary will become the most competitive transit country in Eastern Europe when the “V0” ring rail line is completed in 2017, said state secretary for foreign affairs and external economic relations Péter Szijjártó. One of the main goals of the government's strategy of opening up to the East is to bring goods from Asia to Western Europe via Hungary, he added.