By Azernews

By Ayya Lmahamad

Azerbaijan and Hungary signed a number of bilateral cooperation agreements on February 3 during the 8th meeting of the joint commission on economic cooperation between the governments of Azerbaijan and Hungary in Baku.

Azerbaijan's Ecology and Natural Resources Minister Mukhtar Babayev and Hungarian Foreign Minister Peter Szijjarto have signed a memorandum of understanding.

Peter Szijjarto and Azerbaijan's Food Security Agency Chairman Goshgar Tahmazli signed a memorandum of understanding on food security.

The Hungarian minister and the Azerbaijan University of Languages rector, Kamal Abdullayev, signed a document on the teaching of the Hungarian language at the university.

Furthermore, Peter Szijjarto and Labour and Social Security Minister Sahil Babayev signed the protocol of the commission's 8th meeting.

Strategic partners

Stressing, during the meeting, that Azerbaijan and Hungary are strategic partners, Sahil Babayev underlined that significant steps are being taken to strengthen bilateral relations between the two countries.

He said that the private sector plays an important role in the development of Azerbaijan-Hungary cooperation.

Babayev also thanked Hungary for taking a fair stance in the second Karabakh war.

Hungary's support

In turn, Peter Szijjarto stated that Hungary has always supported Azerbaijan's territorial integrity, recognized at the international level.

He emphasized that the relations between the two countries are constantly developing, bilateral trade ties are being strengthened.

"Many Hungarian companies work in Azerbaijan. There is a great potential for developing relations between the two countries," he said.

Export increase

Goshgar Tahmazli, chairman of the Food Safety Agency, stated that the agency, along with other state structures, is taking appropriate steps to increase Azerbaijani product exports to Hungary.

"I believe that this document [the cooperation agreement signed today] will make an important contribution to the process of simplifying import and export procedures and expanding agricultural trade between the two countries," he said.

Gas sales

On the same day, the Azerbaijan-Hungary business forum was held in Baku.

Peter Szijjarto has said that Hungary expects to start to buy gas from Azerbaijan by late 2023.

The minister expressed hope for the rapid creation of the appropriate infrastructure in Southeast Europe for Azerbaijani gas to be transported to many European countries.

“The Hungarian company, which is responsible for transporting gas and generating electricity, is already negotiating with the State Oil Company of Azerbaijan,” he said.

Karabakh's restoration

Szijjarto also stated that the Hungarian companies are ready to participate in the restoration of Azerbaijan's Karabakh region.

The minister noted that the Hungarian companies are ready to participate in transport, energy and agricultural projects.

Noting that seven Hungarian companies participated in the business forum last time, Szijjarto added that representatives of 24 companies have already arrived at today's business forum.

He also expressed hope that relations between Azerbaijani and Hungarian companies will continue to develop. 

Opportunities for foreign investors

At the same time, Azerbaijani Export and Investment Promotion Foundation (AZPROMO) head Yusif Abdullayev stated that there are many opportunities for foreign investors in the country's Karabakh region.

He underlined that equal conditions have been created in the country for foreign and local investors.

"Entrepreneurs from Azerbaijan and Hungary play a significant role in the development of economic relations between the two countries," he said.

Energy cooperation

On February 2, Azerbaijan and Budapest have also discussed the current state of energy cooperation between the two countries during the second meeting of the Working Group on Energy.

Head of the ministry's department of international cooperation Orkhan Zeynalov spoke about the measures taken, since the first meeting of the working group, in terms of sharing experience and information on attracting energy investments.

He stated that the measures have been taken to implement the set objectives to explore opportunities for cooperation in the field of renewable energy and energy efficiency.

In turn, Hungarian ambassador-at-large for energy and climate Dora Zombori stated that her country attaches special importance to the development of energy cooperation with Azerbaijan. She praised the leading role of Azerbaijan in the successful implementation of the Southern Gas Corridor project.

During the meeting, the parties discussed the current state and possible opportunities for bilateral energy cooperation.

They also discussed strengthening strategic cooperation between the two countries within the Southern Gas Corridor, natural gas transportation opportunities for Hungary, including cooperation in the transportation and distribution of LNG and CNG and the activities of Hungarian group MOL in Azerbaijan.

Issues arising from the memorandum signed between the energy regulators of the two countries, as well as cooperation in the field of energy efficiency and renewable energy were discussed as well. In addition, a presentation on the potential of renewable energy in Azerbaijan and projects to realize this potential was presented.

Following the meeting, a protocol on the results of the second meeting of the Working Group on Energy was signed.

It was decided to hold the next meeting of the Working Group in Hungary.

In 2021, the trade turnover between Azerbaijan and Hungary was $35.1 million, with exports totaling $1.7 million and imports totaling $33.3 million.