Azerbaijan, Hungary mull attraction of foreign investors to liberated lands

26 November 2020 17:55 (UTC+04:00)

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By Ayya Lmahamad

The attraction of foreign investors to the liberated territories was discussed during an online meeting between the acting head of the Azerbaijan Export and Investment Promotion Foundation, Yusif Abdullayev, and Hungarian ambassador Viktor Szederkenyi on November 26.

The parties exchanged views on bilateral cooperation in the economic and investment spheres and the increase of mutual export and investments.

Abdullayev briefed parties about the development of the non-oil sector in the country, continuous improvement of the business environment, expansion of exports, promotion of “Made in Azerbaijan” brand and foreign investments.

In turn, the ambassador noted that Hungary attaches great importance to the development of relations with Azerbaijan and shared his views on expanding economic cooperation.

It should be noted that the trade between Azerbaijan and Hungary amounted to $33.1 million in January-October 2020. The export of Azerbaijani products to Hungary amounted to $931,060, while import to Azerbaijan amounted to $32.2 million.

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) is a joint public-private initiative, established by the Azerbaijani Economy Ministry in 2003 with the aim to contribute to the economic development through attracting foreign investments and stimulating exports in the non-oil sector.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad