Following the agreement China, Hungary and Serbia concluded on Monday on modernising the Budapest-Belgrade railway line, the Government hopes that China's railway construction company will set up its regional headquarters in Hungary, State Secretary Péter Szijjártó said in Bucharest on Tuesday.

The State Secretary said the investment will create jobs in Hungary and will increase the region’s competitiveness, adding that the project is also beneficial for China, as it may obtain European references via the project.

The estimated cost of the project is 2.9-3 billion dollars, and now that the Chinese Prime Minister has expressed China's intention to cooperate, Hungary is looking forward to the discussion of details related to funding.

Chinese companies have so far invested EUR 2.8 billion in Hungary, Péter Szijjártó pointed out. As of 2015, the products manufactured by Huawei will pass through Hungary on their way to the European market, to which end a 30,000 square metre logistics centre will soon be opened in Biatorbágy, just east of Budapest.

In addition, Chinese telecommunications company ZTE has also decided to set up its European mobile phone repair centre in Hungary.

(Prime Minister's Office)