Hungary to join China’s Silk Road Project

Hungary has become the first European country to join the Chinese ‘Silk Road’ project aimed to strengthen ties between Asia and Europe and develop trade and infrastructure in the region.

Foreign ministers of China and Hungary signed a memorandum of understanding for the New Silk Road, also known as the “One Belt, One Road” project in Budapest, the Chinese Foreign Ministry said in a statement published on its website late Saturday, Reuters reports.

Hungary has become the first European country to join the Chinese ‘Silk Road’ project aimed to strengthen ties between Asia and Europe and develop trade and infrastructure in the region.

Foreign ministers of China and Hungary signed a memorandum of understanding for the New Silk Road, also known as the One Belt, One Road project in Budapest, the Chinese Foreign Ministry said in a statement published on its website late Saturday, Reuters reports.

The Chinese government plans to inject dozens of billions of dollars to support the project that involves the construction of railways, highways, power grids, oil and gas pipelines, maritime and other infrastructure links across Central, West and South Asia to Europe, increasing the connection between the East and the West.

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