ASTANA, Kazakhstan, November 21. Kazakhstan Railways (Kazakhstan Temir Zholy, KTZ) expands its terminal network in Europe by signing a new agreement, Trend reports.
During the state visit of the President of Kazakhstan, Kassym-Jomart Tokayev, to Hungary, a Memorandum of Cooperation in the field of transport and logistics was signed between the companies Kazakhstan Temir Zholy, L.A.C. Holding (Hungary), and Xi'an Free Trade Port Construction and Operation Co., Ltd. (China).
As a result of the signed document, the parties agreed to create a joint intermodal cargo terminal in the city of Budapest. The Hungarian capital has a well-developed transport network for multimodal transportation across Europe. The terminal, with a capacity of 230,000 TEUs per year, will allow for an increase in the number of container trains along the China-Europe-China route, including transit via the Trans-Caspian transport route. The implementation of the project will contribute to reducing delivery times, lowering transportation costs, and minimizing transportation time.
The development of the terminal network along key transport corridors supports the important task set by President Tokayev to strengthen Kazakhstan's position as a key transit hub in Eurasia.
During the state visit of Kassym-Jomart Tokayev to Hungary, several meetings took place with high-ranking officials, one of which was with Hungarian Prime Minister Viktor Orbán. During the meeting, a number of documents and memoranda were signed.