Hungary to become a logistics and distribution hub

MTI/Tibor Illyés

Hungarian Innovation and Technology Minister László Palkovics and Chinese Minister of Commerce Wang Wentao have signed memoranda of understanding on cooperation to accelerate the transition to a digital economy and advance green developments, the Innovation and Technology Ministry said on Friday.

China initiated the signing of similar agreements with 50 countries after a consensus was reached at the China-CEE summit in February on working to expand cooperation in the areas of digital and green economy. Hungary was the first to sign MoUs covering both areas.

Under the agreements, the sides will work together to speed up the digital transition in all branches of the economy, through the adoption of new business forms and models, digital skills in education and digital technology in innovation. Mutually advantageous cooperation will be established and deepened in the areas of

green economy and clean energy,

too, dovetailing with sectoral strategies and policies and advancing green developments.

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Palkovics said Hungary could become a logistics and distribution hub in Central Europe if it can participate in a bigger share of trade volume between Asia and Western Europe. He noted that a hundred container trains from China have arrived in Záhony, on Hungary’s eastern border, while work on the upgrade of the Budapest-Belgrade railway, which is set to become part of a corridor for Chinese goods bound for Western Europe, has started.

“The future of the economy, around the world, is high tech and green,” Palkovics said. Bilateral ties must be strengthened and adjusted to global trends in future-oriented, knowledge-based branches of the economy, he added.