Azerbaijan, Hungary intend to develop economic interaction

By Azernews

By Sara Israfilbayova

Azerbaijan and Hungary intend to raise cooperation to a higher level in all spheres. 

The prospects of cooperation between the two countries in the political, economic and other spheres will be discussed by Azerbaijani Foreign Minister Elmar Mammadyarov during his official visit to Hungary, scheduled for late July, a diplomatic source told Trend on June 29.

During the meetings with officials of Hungary, Mammadyarov plans to discuss the organization of visits at a high level in the autumn of this year.

The main directions of economic cooperation between the two countries and the most promising sectors were identified during the visit of Hungarian Prime Minister Viktor Mihály Orbán to Baku in March 2016.

Among such areas are the development of infrastructure, agriculture, energy, water management, ICT and tourism.

Hungary offers Azerbaijan new technology for electronic fare collection in transport, the introduction of electronic systems in the areas of urban planning, power supply and water industry.

Hungary also offers new technologies in the field of agricultural processing and for the food industry. In these areas, Hungary possesses high-level technical solutions.

Both countries are interested in creation of the joint enterprises, including those in the sphere of high technology.

The Hungarian Export-Import Bank Plc. (Eximbank) has a preferential framework credit line of $201.8 million to finance joint Hungarian-Azerbaijani projects, and the Eximbank is also ready to finance export deals on the Hungarian goods export to Azerbaijan.

In the South Caucasus region, Hungary has the highest trade turnover with Azerbaijan, to be more exact, over 50 percent of the Hungarian trade with the South Caucasus region accounts for Azerbaijan.

The trade turnover between Azerbaijan and Hungary amounted to more than $50 million in 2016.

Hungary recognized independence of Azerbaijan on December 26, 1991 and the diplomatic relations between the countries were established on November 27, 1992.