Hungary and China have signed an accord to cooperate on the creation of a new Silk Road network, a Chinese plan to boost trade with Europe.

Hungarian Foreign Minister Peter Szijjarto, who signed the deal with Chinese counterpart Wang Yi, says cooperation between the two countries "has never been as good or as effective as now" and that Hungary seeks to become the regional hub for China's activities in Europe.

Szijjarto said Saturday the Chinese project officially known as "One Belt, One Road," was "one of the most significant concepts in world trade." It includes a project financed by China to upgrade the 370-kilometer (230-mile) railroad link between Budapest and Serbia's capital, Belgrade.

Wang called Hungary an "important partner" of China's in efforts to speed up relations with the West.