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Hungary ready to invest in Azerbaijan

26 January 2016 12:43 (UTC+04:00)
Hungary ready to invest in Azerbaijan

By Nigar Orujova

Hungarian Eximbank has expressed readiness to invest in establishing a regional DATA-center in Azerbaijan, Hungarian ambassador to Baku Imre Laszloczki told Trend.

The project on regional DATA-center is implemented with the support of the UNDP. The first such DATA-center in the region will ensure stable operation in case of failure of any node of the system, as it will have an availability index of 99.985 percent.

The economic relations between Hungary and Azerbaijan are at a very good level, he stressed. “Trade turnover between the two countries in 2015 rose by five percent. I hope that it will continue to grow further.”

“With regard to investment, the Hungarian Export-Import Bank is ready to help finance joint projects, such as the establishment of a regional DATA-center,” the ambassador stressed.

Laszloczki further added that there are possibilities to implement a large number of projects.

“Negotiations will continue on the creation of two mutual funds in the field of computer science and direct private investment,” he said.

Economic relations between the two countries should develop mutually beneficial, according to the diplomat.

“I think that agriculture and information and communication technology are the most interesting spheres for Azerbaijan,” he said stressing that Hungary is among the countries that offer the globally best solutions in the field of ICT.

“In addition, they are 20-30 percent cheaper, which causes additional interest.”

Moreover, Laszloczki said, Hungary is ready to facilitate access of Azerbaijani companies and investors to the Hungarian market by providing them with favorable preferential conditions.

Speaking about the projects on transport corridors North-South and the Trans-Caspian route, he said Hungary itself as a major hub in Europe is ready to participate and to support cooperation in transportation.

“I believe that the Baku-Tbilisi-Kars project will create excellent investment opportunities in the region and is a good opportunity to realize the project of a new Silk Road,” the ambassador summed up.

The sides enjoy 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.

So far, the two countries have signed almost 40 documents. Moreover, the governments of both countries have expressed interest in increasing bilateral trade.

Cooperation between the two countries also covers areas such as industry, energy, tourism, agriculture, trade, environmental protection, water management, ICT, culture, sports, science and others.

The trade turnover between the two countries in 2014 increased by 2.9 times, and in January-February 2015 amounted to $2,881 million, according to Azerbaijan’s data.


Nigar Orujova is AzerNews’ staff journalist. Follow her on Twitter: @o_nigar

Follow us on Twitter: @AzerNewsAz

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