President and CEO of the Hungarian Railways (MÁV Zrt.), Ferenc Szarvas signed a Memorandum of Understanding on Strategic Cooperation with the leader of China Railway Construction Corporation in Beijing, on 19 April 2011. Mr. Szarvas visited China as a member of a delegation led by Minister of National Development and Government Commissioner for Hungarian-Chinese relations Tamás Fellegi.

At the press conference held at the Hungarian Embassy in Beijing, the Hungarian party announced that the agreement made between the two companies lays the foundations of a long-term co-operation between the two companies. 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 modernisation of MÁV.

The two parties have discussed the possible areas of cooperation, 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.

(Ministry of National Development , Department of Communication)