Hungary signs railway deal with China
April 21, 2011

Hungary’s state-owned railway company MÁV has signed an agreement with China Railway Construction Coproration to receive technological, construction and financing tools for the modernisation of MÁV from the Chinese company.

Ferenc Szarvas, Chairman and CEO of MÁV, has signed a Memorandum of Understanding on Strategic Co-operation with the head of China Railway Construction Corporation in Beijing.
Szarvas visited China as a member of a delegation led by Minister of National Development and Government Commissioner for Hungarian-Chinese relations Tamás Fellegi. The minister is on a visit to China between April 16 and 22 with the aim to promote co-operation between the two countries in various fields, including finance, aviation, infrastructure construction, communications, culture, education, science and technology.
The agreement lays the foundation for a long-term co-operation between the two companies, the Development Ministry said in a press release. According to the plans, the Chinese company, ranking among the world's most powerful and largest integrated construction groups, will contribute technological, construction and financing tools to the modernization of MÁV.
The two parties have discussed the possible areas of co-operation, which may include the renovation of the existing rail lines, the survey, design and construction of new railway lines, system integration and equipment supply, locomotive and rolling stock manufacturing.
The parties agreed to set up a working team with the involvement of the ministries concerned and the experts of the two companies in order to create the legal, financial and professional framework for the co-operation, and the selection of the projects that can be included.

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