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Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orban hold press conference on May 9, 2023. / bne IntelliNews
China and Hungary sign 18 agreements during last leg of Xi's European tour
bne IntelliNews
Chinese President Xi Jinping said mutual political trust provided a "firm foundation" for strengthening Chinese- Hungarian ties in a joint press conference with his host, Hungarian Prime Minister Viktor Orban on May 9. The two leaders signed 18 agreements with a focus on infrastructural projects.
China and Hungary had always been friends, enjoying mutual trust and striving to establish mutually beneficial cooperation, but bilateral ties were now better than ever before. Hungary’s Eastern Opening strategy aligns with China's Belt and Road Initiative (BRI), he said.
Xi arrived in late Wednesday in Budapest, the final leg of
his European tour in five years, where he was welcomed
by the Hungarian leader and his wife. Children dressed in Hungarian folk costumes greeted Xi and his spouse and then offered them bread and salt, according to ancient customs.
During the day, Xi met with Hungarian President Tamas Sulyok and Prime Minister Viktor Orban.
Xi’s official visit to Hungary from May 8-10 marks the 75th anniversary of diplomatic relations between the two countries.
At the joint press conference, Orban said cooperation between the two countries is "a story of continuous,
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uninterrupted friendship spanning decades." Hungary has always adhered to the "One China principle" and has taken a position based on mutual respect, regarding China as a friendly country.
He called China’s participation in the modernisation of the economy an honour and a great opportunity, adding that his government would continue to ensure fair conditions to Chinese companies
Orban noted that bilateral trade had risen around 4-fold in 20 years to $12bn last year and there are HUF6.4 trillion (€16.5bn) of Chinese investments underway in Hungary.
"We're creating an opportunity for cutting-edge technology from the West and cutting-edge technology from the East to meet in Hungary and build a cooperation," he said.
Hungary’s foreign minister released details of the potential list of infrastructural and energy projects that could be undertaken in the framework of China's Belt and Road Initiative and covered during the talks.
These include the V0 rail line, a railway bypass around the capital to support the transport of goods from Hungary’s eastern parts, where lots of Chinese manufacturers and suppliers have established a base, bound for the West.