Ample opportunities for implementing new business initiatives with Hungary

Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov met with Minister of Foreign Affairs and Trade of Hungary Peter Sijarto in Budapest.

The parties stressed that Azerbaijan-Hungary relations are based on the principles of strategic partnership, that the leadership of both countries attaches particular importance to the development of cooperation and the effective use of existing potential.

It was noted at the meeting that a multifaceted contractual and legal framework has been created for expanding partnerships, and the developing economic-trade cooperation. The trade turnover between Azerbaijan and Hungary is increasing and mutually beneficial investment cooperation is being implemented as an indicator of mutual interest in expanding partnership between the two countries. It was stated that energy, industry, transport, information technology, agriculture, trade, education and other opportunities for strengthening relations in these fields are great, and Azerbaijan is taking necessary measures to realize this potential. The favorable infrastructure created in our country and the corresponding concessions can expand the partnerships in the field of pharmaceuticals and promote the joint production of medicines.

The Minister of Economy also informed about the possibilities of transport corridors passing through the territory of Azerbaijan, Baku International Sea Trade Port and Alat Free Economic Zone, and invited Hungarian companies to take advantage of the favorable business environment and transit potential of our country.

The directions for strengthening the economic partnership were discussed at the meeting.