Hungary is on the verge of regaining direct access to the sea after a century-long absence, with the groundbreaking ceremony for a new seaport in Trieste, Italy.
The $209 million project, a 60-year concession on an 80-acre site, will provide Hungary with 650 meters of Adriatic coastline and is slated for completion by 2028. The port, capable of handling 78,000 TEU of cargo annually, will significantly boost Hungary's export capabilities, currently valued at approximately $155 billion yearly.
Deputy Foreign Minister Levente Magyar emphasized the strategic importance of the project, stating that securing its own seaport will free Hungary from reliance on other nations for maritime trade. This initiative marks a significant step towards addressing the consequences of the Trianon Treaty, which stripped Hungary of its coastline following World War I.
The project complements Hungary's growing cooperation with neighboring coastal countries. Recent agreements with Bulgaria aim to create streamlined transport corridors linking Hungarian businesses to Black Sea ports, further enhancing Hungary's access to global supply chains and bolstering its energy security.
This multifaceted approach underscores Hungary's determination to overcome its landlocked status and secure a more independent position in international trade, reported The Maritime Executive.