Azerbaijan eye economic co-op with Italy, Hungary

By Azernews

By Ayya Lmahamad

Baku's economic cooperation with Rome and Budapest has been the focus of attention at Azerbaijan's Economy Minister Mikayil Jabbarov meetings with Italy's Deputy Minister of Ecological Transition Vannia Gava and Hungary's Foreign and Trade Minister Peter Szijjarto, who are on a visit to Baku to attend in the 8th ministerial meeting of the Southern Gas Corridor Advisory Council.

Cooperation with Italy

During the meeting with Vannia Gava, Jabbarov stressed the successful development of bilateral cooperation, the importance of the visits of the heads of the states and of the talks on the extension of the ties.

It was noted that the visit of President Ilham Aliyev to Italy in February 2020 gave a serious impetus to the development of bilateral relations.

Noting that trade and economic cooperation with Italy is developing, the parties stressed that Italy is one of Azerbaijan's main trade partners. Thus, in 2021, trade turnover between the two countries amounted to about $9.7 billion.

The sides emphasized that Azerbaijan plays an important role in ensuring Europe's energy security.

"The Southern Gas Corridor, which was fully commissioned on December 31, 2020, further strengthened Azerbaijan's position as an important supplier of energy resources and partnership relations between the participating countries," they said.

Jabbarov also underlined the favourable business and investment climate in Azerbaijan and invited Italian companies to active cooperation.

In turn, Gava stressed the importance of fruitful discussions on expanding cooperation in the energy and non-oil sectors and shared her views on the development of the partnership.

The parties noted the successful development of economic relations between the two countries, especially in the energy sector, and exchanged views on cooperation in the use of Italian technologies in agriculture, alternative energy, construction of hydropower plants on Azerbaijan's liberated lands.

Cooperation with Hungary

During the meeting with Peter Szijjarto, the parties emphasized the important role of the development of Azerbaijani-Hungarian relations, mutual visits of heads of states and governments, and meetings aimed at expanding cooperation.

The parties discussed strengthening trade and economic partnership and the promotion of new business initiatives.

In addition, they discussed the participation of Hungarian companies in the restoration of Azerbaijan's liberated territories.