The Ministry of Economic Development signed an agreement with ICBC, the world’s largest bank.
The agreement aims to further expand Hungarian-Chinese financial relations, strengthen trade relations between the two countries and promote business cooperation in the areas of investment, financing and payment transactions, including FinTech innovations and the application of AI. They also agreed to deepen cooperation in the areas of yuan bond issuance, international yuan settlement, investment and international online trade and other issues. In the co-operation agreement, the parties place particular emphasis on the possibilities of financing infrastructure and environmental projects as well as the issue 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 centre. ICBC is also planning to open a branch in Hungary.
ICBC has established 415 foreign institutions in 49 countries and is also indirectly present in 20 African countries. Over the past ten years, the bank has significantly expanded financing channels for countries participating in the Silk Road Initiative and supported China’s global opening-up.