Minister: Azerbaijan, Hungary trade turnover up by 9.2 pct

By Azernews

By Ayya Lmahamad

"The trade turnover between Azerbaijan and Hungary has increased by 9.2 percent in the first eight months of 2022, and the main goal is to further expand relations,” Labour and Social Security Minister Sahil Babayev said, Azernews reports.

He made the remarks during a meeting with the newly-appointed Hungarian ambassador Tamas Torman.

Recalling that this year marks the 30th anniversary of diplomatic relations between Azerbaijan and Hungary, the minister mentioned that 50 documents were signed between the two countries in the past period. In this regard, he stated that the joint declaration on strategic partnership signed in 2014, created the conditions for the further deepening of relations.

Speaking about Azerbaijan’s historic victory and the liberation of its territories, he noted that great construction works are currently underway out there.

Sahil Babayev underlined that the desire of Hungarian companies to join these construction works is gratifying.

“This, as well as the credit line of the Hungarian Eximbank in the amount of $120 million for the Hungarian companies that will be involved in these works, and granting by the Hungarian side of € 25,000 for demining of the liberated territories, once again expresses the friendly relations,” he said.

He noted the importance of further expanding economic cooperation and stressed the need for joint efforts to increase trade turnover.

Briefing the ambassador about the dynamics of the socioeconomic development of Azerbaijan, the minister drew attention to the importance of bilateral business relations between local and Hungarian businessmen. He mentioned that Hungarian business circles might also be interested in participating in projects to be implemented in the Alat Free Economic Zone.

In his turn, the ambassador stressed that Hungary is determined to expand relations with Azerbaijan, and noted that bilateral cooperation is constantly developing.

The activities of the joint commission on economic cooperation between the governments of Azerbaijan and Hungary and the results of the 8th meeting of the commission, held in February of this year, were also discussed.

Additionally, the meeting included an exchange of views on the current situation and the prospects for the development of relations between the two countries.

The diplomatic relations between the two nations were established on November 27, 1992. The Hungarian embassy in Azerbaijan was established in January 2009, while the embassy of Azerbaijan was opened in Hungary in September 2004.

The trade turnover between the two countries totaled $35.1 million in 2021.