Hungary signs cooperation agreement with Industrial and Commercial Bank of China

Economic Development Minister Márton Nagy signed a cooperation agreement with Industrial and Commercial Bank of China (ICBC) CEO Liao Lin on Wednesday, his ministry said.

Prime Minister Viktor Orbán is heading a delegation to China. He held talks with ICBC Presidet Chen Siqing ahead of Nagy and Liao signing the agreement, the statement said.

The goal of the memorandum of understanding is to further develop Hungarian-Chinese financial ties, strengthen trade ties between the two countries and promote business cooperation in the areas of investment, financing and payments, including in the field of FinTech innovations and the application of artificial intelligence, the ministry said.

The agreement highlights opportunities to finance infrastructure and green projects, as well as issues related to the establishment of Chinese companies’ complete supply chains in Hungary.

Hungary wants to become not only an “economic meeting point” between East and West for capital and cutting edge technology, but a regional financial hub too, Nagy said.

The MoU affirms that the sides will work to open an ICBC branch in Hungary.

Source: MTI