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Hungary Joins Silk Road Plan
World Economy

Hungary Joins Silk Road Plan

Hungary has become the first European country to sign a cooperation agreement for China’s new “Silk Road” initiative to develop trade and transport infrastructure across Asia and beyond, China’s foreign ministry said late on Saturday, Reuters reported. The countries’ foreign ministers signed a memorandum of understanding for what is formally known as the “One Belt, One Road” project in Budapest, according to a statement on the Chinese foreign ministry website. China welcomes more European countries to look East, and strengthen cooperation with China and other Asian countries, and participate in the “One Belt, One Road” in various ways, said Wang Yi, China’s foreign minister, according to a separate statement on the website. President Xi Jinping said earlier this year he hoped annual trade with the countries involved in Beijing’s plan to create a modern Silk Road would surpass $2.5 trillion in a decade. China is helping fund and build a railway connecting Hungary and Serbia.

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