Hungary gets ready for China-CEE “16+1” summit

By bne IntelliNews November 27, 2017
The Hungarian government will join the China-Central and Eastern Europe Investment Cooperation Fund, a private equity fund organised by the Export-Import Bank of China, by investing €50mn, according to a resolution published in the official gazette Magyar Kozlony on November 26.
 
The announcement came ahead of the arrival of Chinese Prime Minister Li Keqiang, who came to Budapest to attend the China-CEE “16+1” summit. The Chinese premier was welcomed at the Liszt Ferenc International Airport by Foreign and Trade Minister Peter Szijjarto and Prime Minister Viktor Orban on November 26. 
 
The  Chinese premier will be in Budapest to attend the China-CEE “16+1” summit on November 27. First on the agenda is a business forum to be attended by 1,000 business people representing 330 Chinese, 340 central European and some 300 Hungarian companies. Following the forum, China and the central European countries will sign a total of 23 bilateral agreements, Szijjarto said. 
 
The 16+1 summit has been held since 2012 based on a Chinese initiative at intensifying and expanding cooperation with 11 EU Member States and 5 Balkan countries in the fields of investments, transport, finance, science, education, and culture. In the framework of the initiative, China has defined three potential priority areas for economic cooperation: infrastructure, high technologies, and green technologies. 
 
Hungary has set a realistic goal of becoming the Central European region’s top exporter to China as well as China’s top investment destination in the region. The volume of Chinese investments in Hungary has exceeded $4.1bn, Szijjarto said. 
 
Hungary has been striving to excel among CEE countries in luring Chinese investments and financing. Seeking alternatives to Western financing, the Orban cabinet is looking for China’s Exim Bank to finance one of the largest infrastructure projects in Central Europe, the high-speed rail line linking the Hungarian and Serbian capitals.
 
The public procurement tender for the Hungarian section of the Budapest-Belgrade railway line will be announced on November 27. 
 
Prime Minister Viktor Orban is scheduled to hold talks with his Chinese colleague on Novembe 28. The two leaders will sign 11 bilateral agreements. Apart from his Chinese counterpart, the Hungarian PM is due to meet with six other prime ministers over the course of the next two days.
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