Hungarian, Russian, Chinese partners to set up rail cargo JV
Photo by photos by keith / Shutterstock.com
Hungarian railway freight company CER Cargo, co-owned by the Hungarian state, will set up a joint venture with RZD Logistics, a unit of the state-owned Russian Railways, and a Chinese partner, state secretary László Mosóczi said in Moscow on Wednesday.
The agreement on the establishment of the JV was signed on Tuesday by Mosóczi and Dmitry Zverev, Russia's deputy transport minister.
The JV, in which the partners will hold equal stakes, will be registered in Hungary later in 2021.
Mosóczi said the partners could bring Chinese goods to Europe and chemicals and pharmaceuticals to China on a route that is shorter and faster than one that runs through Belarus and Poland and is already congested. The number of trains arriving in Hungary from China could rise to 1,000 a year from around 30 at present, while the Hungarian city of Záhony, on the border with Ukraine, becomes a logistics hub, he added.
Before signing the agreement in Moscow, Mosóczi held talks in Yekaterinburg with the leaders of Sverdlovsk Oblast on using the Trans-Siberian Railway for the endeavor.
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