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Azerbaijani President Ilham Aliyev met with Hungarian leader Laszlo Solyom for talks on both political and economic cooperation on Monday.
Hosting his counterpart on the first day of Aliyev's two-day visit to the Eastern European country that concluded with the signing of several documents, the Hungarian president said his country backed Azerbaijan's territorial integrity and a negotiated solution of the long-standing conflict the latter faces with Armenia over Upper (Nagorno) Garabagh.
Solyom highly assessed Azeri-Hungarian cooperation within the European Union. He said Hungary was ready to cooperate with the South Caucasus republic in all fields.
"We see Azerbaijan as our strategic partner in the South Caucasus, and the relations between our countries are developing dynamically. Bilateral relations are promoting closer cooperation within the EU as well," Solyom said.
The Hungarian leader cited vast potential for the expansion of economic relations. "We are paying particular attention to our cooperation with Azerbaijan in the energy sector. At the same time, we are interested in developing relations in the fields of education and science."
Aliyev said Azerbaijan and Hungary were expanding relations in a variety of areas, saying the two countries were now paving the way for a new level of cooperation. He said cooperation with Hungary would promote his country's European integration.
In a joint statement adopted by the two leaders in conclusion, Hungary voiced support for the settlement of the Garabagh conflict in accord with the UN Security Council resolutions on unconditional withdrawal of the Armenian armed forces from the occupied Azeri land. Budapest also said it supported the OSCE Minsk Group co-chairs' mediating effort in the peace process.
Other key clauses of the statement indicated mutual support for global efforts at safeguarding peace and security worldwide. The two countries also backed bilateral and multi-faceted cooperation with the Council of Europe in promoting democratic reforms, human rights, the rule of law, and good governance.
The two presidents underscored the importance of the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum oil and gas pipelines as well as the NABUCCO conduit that will take Caspian gas to world markets for European energy security.
Afterwards, Azerbaijan and Hungary signed three agreements - on economic cooperation, on industrial collaboration between the Azerbaijan Ministry of Industry and Energy and the Hungarian Ministry of Economics and Transport, as well as a document on lifting double taxation. Moreover, the two countries' foreign ministries signed a joint declaration.
Presidents Aliyev and Solyom told a news conference following the signing ceremony that bilateral ties were on a high level and they were confident of great prospects for further cooperation.
Aliyev said Azerbaijan considered Hungary its strategic partner. He highlighted that Budapest supported Baku within the European New Neighborhood Policy.
Solyom said the outcome of negotiations enabled a conclusion that Hungarian entrepreneurs were eyeing Azerbaijan's agricultural sector. Hungarian companies are expected to invest in the field, he said.

Aliyev calls for Hungarian investments
President Aliyev called on Hungarian businessmen to make hefty investments in the fast-growing South Caucasus republic on Tuesday as the two countries' entrepreneurs gathered in Budapest to explore avenues for economic cooperation.
"Azerbaijan is a country open for investments, and foreign investments exceeding $10 billion have been made in our country to date. These investments are protected well," Aliyev told the business forum.
He said that Azerbaijan, which is flush with hydrocarbon resources, was successfully cooperating with Hungary in the energy sector.
Aliyev said his country was also placing an emphasis on the non-oil sector that has already attracted considerable investments. "Moreover, our country's revenues are growing. According to the World Bank estimates, Azerbaijan's profits will reach $200 billion within the next 15 years."
The president said Azerbaijan was seeking to do business abroad as well. "We are interested in making investments in the economies of friendly countries."
Hungarian leader Solyom said in his remarks that Budapest and Hungarian entrepreneurs were interested in close cooperation with Azerbaijan.
"The oil and gas industry is key in this respect, as Hungary, just like the rest of Europe, is looking to diversify the supplies of fuel. This diversification, according to politicians, should not affect the country's economy, which prompts European Union states to seek suppliers of gas that would agree to sell their hydrocarbons below the price set in European markets," the Hungarian president said.
Solyom pointed to the importance of establishing an Azeri-Hungarian inter-governmental economic commission. He said that despite great potential for boosting trade between the two countries, bilateral commodities turnover is below desired level.
The business forum, attended by 30 Azerbaijani companies, was followed by bilateral meetings between the two countries' entrepreneurs. A memo for the purchase of raw materials worth $14 million was signed in conclusion of talks between local NJT 2000 company and Hungarian BorsodChem.