Hungary, Azerbaijan to expand spheres of trade-economic cooperation - MFA

Economy Materials 10 January 2022 14:43 (UTC +04:00)
Hungary, Azerbaijan to expand spheres of trade-economic cooperation - MFA

BAKU, Azerbaijan, Jan. 10

By Sadraddin Aghjayev - Trend:

Hungary and Azerbaijan will expand the spheres of trade-economic cooperation, the Hungarian Ministry of Foreign Affairs and Trade told Trend on Jan. 10.

According to the ministry, this is expected to occur after the meeting of the bilateral intergovernmental commission on economic cooperation, which is scheduled for February in Baku.

"We positively look at the further development of bilateral trade-economic cooperation. Hungarian companies have significantly expanded their presence in the Azerbaijani market in recent years," the ministry reminded. "In 2020, Azerbaijan became Hungary's 78th largest export partner. From January through October 2021, Hungary mainly exported beverages, livestock, and medicines to Azerbaijan."

"At the same time, Hungary as a whole imported telecommunications equipment, sound recording and reproducing devices, metal products, and power generating machines and equipment from all countries," the ministry also said. "Besides, thanks to its proven reserves of natural gas, Azerbaijan can play an important role in diversifying the supply of blue fuel to Europe."

"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. According to him, Azerbaijan and Hungary also have the potential to develop cooperation in the field of agriculture," concluded the ministry.


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