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Azerbaijan, Hungary to strengthen investment co-op

23 April 2015 13:38 (UTC+04:00)
Azerbaijan, Hungary to strengthen investment co-op

By Nigar Orujova

Azerbaijan and Hungary stand to further strengthen investment cooperation as part of a protocol provided at the end of the fifth session of the joint Azerbaijani-Hungarian Commission on Economic Cooperation.

The protocol was signed in Hungary by Shahin Mustafayev, the Azerbaijani economy and industry minister, and Hungarian Minister of Foreign Affairs and Trade, Peter Szijjato.

The document also presupposes an increase of cooperation in the fields of industry, energy, tourism, agriculture, trade, environmental protection, water management, ICT, culture, sports, science, and others.

Mustafayev explained the relations between the two countries are at a high level, adding that the countries have signed almost 40 documents to this day.

Azerbaijan and Hungary extend the legal base of their cooperation, he said. The parties are currently negotiating in areas such as international shipping, road transport, science and technology, environmental protection, archiving, health, radio and television broadcasting.

Speaking about the trade relations, he said, the trade turnover between the two countries increased by 2.9 times in 2014. At the same time, the Azerbaijan-Hungarian investment cooperation is expanding.

Azerbaijani companies are exporting to Hungary agricultural products. In turn, Hungary supplies Azerbaijan with breeding stock.

In turn, Szijjato said Hungary attaches great importance to cooperation with Azerbaijan and is interested in developing relations further.

During his visit to Budapest, Mustafayev also met with the Minister of National Economy, Mihaly Varga and discussed prospects of cooperation between the two countries.

Azerbaijan-Hungarian relations are developing successfully. There is a huge capacity for the development of trade and economic cooperation, as Hungarian companies consider the Azerbaijani market as an alternative to the Russian market, on the background of EU sanctions. Hungary is also a good platform for Azerbaijani investors.

Moreover, the governments of both countries have expressed interest in increasing bilateral trade.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

Follow us on Twitter @AzerNewsAz

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