Baku hosts Azerbaijani-Hungarian business forum (UPDATE)

By Aynur Jafarova

Baku hosted Azerbaijan-Hungary business forum on June 27 that was joined by officials from both countries as well as representatives of companies operating in the ICT sector.

The business forum was organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) with support of Azerbaijan's Ministry of Economic Development.

Addressing the event, AZPROMO head Rufat Mammadov said the relations between Azerbaijan and Hungary are at a high level and are based on respect, friendship and mutual interest principles. The high-level relations between the two countries pave the way for the development of cooperation in economics and other fields.

Mammadov went on to say that Azerbaijan and Hungary have great potential for further expansion of economic cooperation.

He also said that the business forum will have a constructive impact on stimulating business initiatives, creation of new cooperation opportunities and expansion of bilateral trade relations.

Speaking at the business forum, Deputy Minister of Communications and Information Technologies Elmir Velizade noted that Azerbaijan launched its first telecommunication satellite into the orbit this year. He informed the participants of the work done for the development of the domestic ICT sector and forthcoming tasks in the development of information and communication technologies.

Velizade spoke of the ICT policy of Azerbaijan and said successful measures taken by Azerbaijan in the ICT sector have increased the interest of the world's leading companies in the country.

In his remarks, Hungarian Deputy State Secretary for Governmental IT at the National Development Ministry Vilmos Valyi-Nagy stressed the importance of expanding economic and trade relations between the two countries.

He said there is vast potential for further development of economic relations, in particular, in ICT.

The business forum was followed by bilateral meetings between Azerbaijani and Hungarian businessmen.

During his meeting with Chairman of State Committee for Securities Rufat Aslanli , Vilmos Valyi-Nagy said that Azerbaijan and Hungary has great opportunities for expansion of economic cooperation, establishment of relations between the institutions operating in the securities market of both countries as well as exchange of experience and knowledge in this sector.

Speaking on the condition of the securities market of Azerbaijan, Aslanli said that political, economic and cultural relations between the two countries are dynamically developing.

According to him, measures are taken in the country towards the creation of modern infrastructure in the market in accordance with state program on the development of securities market of Azerbaijan in 2011 - 2020.

The parties exchanged views on the perspective of further development of cooperation in various sectors.

Hungary recognized the independence of Azerbaijan in 1991, while diplomatic relations between the two countries were established in April 1992.

A trading house was established in Azerbaijan in 2012 to develop the country's cooperation with medium-sized businesses from Hungary, which is required to further export their goods to Azerbaijan.