Report: Cooperation with China could weaken EU ties
Critics fear that the Chinese "Silk Road" initiative could weaken Hungaryʼs already strained ties with the European Union, and saddle it with great debt, rather than improve its economy, according to an op-ed from Singaporean news portal Straits Times published today.
China has already built a bridge in Belgrade, which according to the piece was realized for the most part with supplies and workers from China.
The foreign ministers of Hungary and China signed a memorandum of understanding in Budapest for the "One Belt, One Road" project, which is part of Chinaʼs new "Silk Road" initiative to develop trade and transport infrastructure, Reuters reported.
At the beginning of the month, Chinaʼs Foreign Minister Wang Yi met with Hungarian Prime Minister Viktor Orbán and Hungarian Foreign Minister Péter Szijjártó in Budapest, where the aforementioned agreement was signed.
By establishing the "Silk Road", China is hoping to increase its connection with Europe and Africa through a network of pipelines, power grids, internet networks, and highways and railways, one of which they plan to help fund and build between Hungary and Serbia.
ADVERTISEMENT
IWG Opens New Regus Center in Biatorbágy
Parliament Negates Mandatory Membership in MOK
MNB Grants License to Local iBanFirst Fintech Branch
Meet the Expat CEO of the Year Nominees
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
