Chongqing- Hungary's multimodal transport base, Gönyű Multimodal Terminal (GMT), recently received funds of 53 million euros and will start its construction in six to eight months.
This is Chongqing's first overseas third-party market heavy asset under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), jointly constructed by four parties in three countries of China, Singapore, and Hungary, facilitating trains like China Railway Express with a lower cost.
The joint venture partners decided to increase funds to 53 million euros on Hungary's multimodal transport base. (Photo/ YPL)
The joint venture Hungary GMT Kft strives to build a comprehensive multimodal transport base that integrates railway stations, sea-rail land, inland water, and international air transports. Overseas warehouse and logistics parks are equipped as well.
Meanwhile, the YPL Supply Chain (Chongqing) Multimodal Company Limited, as the general core agent of the station, is responsible for the project's organization, operation, and business development.
Hungary, the first EU country to participate in the Belt and Road Initiative
Located in the core node area of Central and Eastern Europe, the project aims to integrate the logistics and financial resources of China, Singapore, and Hungary better to serve the China Railway Express and other trains, building a model of overseas third-party market cooperation of CCI.
"Hungary is the first European Union (EU) country to participate in the Belt and Road Initiative," said Dennis ONG, General Manager of YPL Supply Chain (Chongqing) Multimodal Company Limited.
"Radiating railway stations in EU countries and China, the Hungarian project can save logistics costs and improve the efficiency of China Railway Express," he added.
Construction site of Hungary's multimodal transport base. (Photo/ YPL)
In 2017, China Railway Express (Yuxinou) acquired a warehouse in Duisburg, Germany, becoming the only overseas warehouse platform with independent property rights among China Railway Express in China.
This Hungarian project has added another overseas warehouse to improve further the logistics storage system, which can meet the diversified operational needs of customers.
After its completion, the goods sent to Europe via China Railway Express (Yuxinou) can be assembled and distributed in warehouses in Germany and Hungary, thereby covering the entire European region.
Furthermore, the operational efficiency of China Railway Express will be enhanced, and the linkage development of the channel, trade and industry among the Association of Southeast Asian Nations, Chongqing, and Europe will also be further strengthened.
Chongqing will play a leading role in the cooperation with Singapore to encourage cooperative partners to find opportunities in the countries along the Belt and Road or the Regional Comprehensive Economic Partnership, said ONG.