2023-10-19 13:40:13
Hungary-China
Written by Bettina Nemes
Economy Minister Márton Nagy signed a contract with ICBC, the world’s largest bank, on Wednesday.
During his visit to China, Prime Minister Viktor Orbán met with Chen Siqing, President of the Industrial and Commercial Bank of China (ICBC). Following the meeting, Minister of Economy Márton Nagy signed a cooperation agreement with the Chairman of the ICBC Board of Directors Liao Lin.
The agreement aims to further expand Hungarian-Chinese financial relations, strengthen trade ties between the two countries and promote business cooperation in the areas of investment, financing and payments, including FinTech innovations and the application of AI. The partners agreed to further deepen cooperation in the areas of yuan bond issuance, international yuan settlement, investment and international online trading. In the cooperation agreement, the parties place particular emphasis on the possibilities of financing infrastructure and environmental projects as well as on the question of establishing a complete supply chain for Chinese companies in this country.
Hungary not only wants to become an economic meeting point for capital and high-tech from the West and the East, but also a regional financial center. ICBC is also planning to open a branch in Hungary, Nagy said.
ICBC has established 415 foreign institutions in 49 countries and also has an indirect presence in 20 African countries. Over the past decade, the bank has significantly expanded financing channels for countries participating in the Belt and Road Initiative and supported China’s global opening-up. In 2021, ICBC initiated the establishment of the China-Europe Business Council.
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