Azernews.Az

By Nazrin Gadimova

Azerbaijan's Minister of Labor and Social Protection of Population Salim Muslimov and the head of the central body for pension insurance in Hungary, Joseph Meszaros, discussed different areas of cooperation at a meeting held in Baku on October 22.

The sides discussed an intergovernmental agreement on cooperation in social security and pensions, the application and elimination of the real storage component in the pension and insurance system of Hungary, as well as the work of private pension funds.

According to Muslimov, the trends of problems' emergence in pension systems which are based on compulsory real accumulation, and complete or partial withdrawal from these systems once again prove the correctness of Azerbaijan's conservative approach to the issue.

The sides also mulled other issues of bilateral cooperation.

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

The Azerbaijani-Hungarian relations are at a high level and are based on friendship and mutual interests. The high-level relations pave the way for the development of cooperation in economics and other fields.

Moreover, Azerbaijan and Hungary have great opportunities for the expansion of economic cooperation, establishment of relations between the players of the securities market as well as exchange of experience and knowledge in this sector.

A trading house was established in Azerbaijan in 2012 to develop the country's cooperation with Hungarian medium-sized businesses.