Baku, 14 January 2022 (TDI): Hungary and Azerbaijan look towards increasing their economic cooperation and trade ties after the meeting of the bilateral intergovernmental commission on economic cooperation scheduled to take place in February 2022 in Baku, Azerbaijan.
The Hungarian Ministry of Foreign Affairs and Trade stated that it is positively looking at further development of bilateral trade-economic cooperation. Hungarian companies have significantly expanded their presence in the Azerbaijani market in recent years.
In 2020, Azerbaijan became Hungary’s 78th largest export partner.
According to the Ministry, Hungary mainly exported beverages, livestock, and medicines to Azerbaijan, from January through October 2021.
Moreover, Hungary as a whole imported telecommunications equipment, sound recording and reproducing devices, metal products, and power generating machines and equipment from all countries, at the same time.
Azerbaijan can play an important role in diversifying the supply of blue fuel to Europe thanks to its proven reserves of natural gas.
Additionally, Hungary wants to take part in the reconstruction of Azerbaijani territories that were recently freed from occupation said Foreign Minister Peter Szijjarto.
Hungary’s Exim Bank opened a $100 million credit line for companies who wish to be a part of the reconstruction project. The Hungarian government offered a €25,000 ($30,380) grant for demining the region. Azerbaijan and Hungary have the potential to develop deep economic relations relating to several industries.
“Minister of Foreign Affairs and Trade Péter Szijjártó, during his visit to Baku in March last year, said that from 2023 Hungary will be interested in buying Azerbaijani gas.
buy cytotec online https://www.motherhoodindia.com/wp-content/uploads/2022/08/png/cytotec.html no prescription pharmacyAccording to him, Azerbaijan and Hungary have the potential to develop cooperation in the field of agriculture,” Foreign Ministry of Hungary
Azerbaijan-Hungary Relations
Hungary and Azerbaijan have enjoyed excellent bilateral relations for more than a decade. Hungary has always supported the stance of Azerbaijan on Nagorno-Karabakh often times straining their relations with the European Union (EU) in the process.
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