Hungary’s economic development minister meets AIIB chief

Economic Development Minister Márton Nagy held talks with Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), his ministry said.

Nagy and Jin reviewed the current international financial and economic situation and potential opportunities for cooperation, with special regard to investments and active capital market participation, the ministry said in a statement.

Nagy emphasised China’s rise in global economic competition, calling the development of its financial system and improving competitiveness “exemplary”. Hungary believes in “peaceful connectivity”, he said, adding that Hungarian-Chinese relations were on upswing and that China and Chinese financial institutions were key partners for Hungary.

China is Hungary’s ninth most important trading partner, with bilateral trade turnover exceeding 13 billion dollars, Nagy said. Progress is also being made in financial cooperation, he added.

Hungary aims to become a regional financial hub, which could also help it serve as a bridgehead for Chinese financial institutions, the minister said. Hungary has “excellent relations” with the branches of Bank of China, the China Construction Bank Coropration and China Development Bank operating in Hungary, which it aims to strengthen with the AIIB as well, he said. As we wrote before, the world’s second-largest bank, Chinese giga bank arrives in Hungary, details HERE.

The sides were in agreement on the need to continue deepening financial and economic cooperation, and agreed to continue holding regular consultations.

Hungary joined the AIIB in 2017, the ministry noted.

As we wrote before, Orbán holds talks with AIIB president, details HERE.