Hungarian companies sign contracts worth $10 mln with Chinese partners

Int’l Relations

Five Hungarian companies signed contracts worth approximately $10 million with Chinese partners in Ningbo, China, yesterday, Minister of Foreign Affairs and Trade Péter Szijjártó said, according to Hungarian news agency MTI.

Minister of Foreign Affairs and Trade Péter Szijjártó (on the right) in Ningbo, China, yesterday. (Photo: MTI/Ministry of Foreign Affairs and Trade)

The agreements with companies in the wine and meat businesses as well as the electronics and IT sectors, were signed in the framework of the China-CEEC Trade and Investment Expo taking place in Ningbo on June 9-12.

About 40 companies are showcasing at the expo, which is expected to draw some 20,000 visitors. 

Szijjártó said preparations are underway for the renovation of the rail line between Budapest and Belgrade, which is being financed by China. The partners in the project have crafted a legal solution that complies with European Union public procurement rules, he added. 

An agreement has been reached on establishing a joint venture with China to carry out the investment, while the economy ministry is in negotiations regarding financing for the project, he said.

China is financing 85% of the HUF 472 billion cost of the upgrade, which will make the line part of a corridor to bring Chinese goods to Europe. 

If the EU gives Market Economy Status to China, it could raise the value of Hungaryʼs exports to the country to an annual $2 bln, Szijjártó said. 

The EU is currently in talks to grant China Market Economy Status. At present, China may be treated as a non-market economy, which generally leads to higher anti-dumping duties.

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