China's "Belt and Road" initiative is a landmark project initiated by President Xi Jinping. (Photo : Reuters)
After announcing its intention to partake in China's "Belt and Road" initiative, Hungary has become the first participating European country in the program that aims to intensify trade among countries in the so-called Silk Road Economic Belt and Maritime Silk Road.
The agreement was made during the recent visit of Chinese Foreign Minister Wang Yi in the country.
"Today we signed the 'One Belt, One Road' cooperation document which is the first such cooperation document between China and a European country," Wang remarked.
"It has a very high importance and will be a role model. The Chinese side appreciates that the Hungarian side is taking on this role and encourages others to join this process," the foreign minister added.
During his visit, Wang has been attending meetings with key Hungarian officials, including one with Hungarian President Janos Ader.
Ader is optimistic that Hungary could be a regional platform by which China could use to expand its "Belt and Road" initiative to other European countries.
The Hungarian leader also said that the current upgrades to a 370-kilometer rail line between Budapest and Belgrade, the Serbian capital, is of significant help in that regard. The financing of the upgrade is 85-percent supported with Chinese funds.
The "Belt and Road" initiative is a campaign, which aims to revive ancient intercontinental trade routes and build maritime connections, providing business from participating countries with an efficient means of facilitating transactions.
The program, composed of the Silk Road Economic Belt and Maritime Silk Road, was unveiled by Chinese President Xi Jinping in September and Oct. 2013, respectively.
