Azerbaijan and Hungary Have Huge Opportunity for Economic Cooperation: Ilham Aliyev (Updated)

Business Materials 19 February 2008 15:13 (UTC +04:00)

Hungary, Budapest, 19 February / corr. Trend Y. Huseynov/ The positions of Azerbaijan and Hungary from a political point of view is very close and there are huge opportunities for the economic cooperation. Ilham Aliyev, the President of Azerbaijan said on 19 February in Azerbaijani-Hungarian business-forum in Budapest.

The Azerbaijani President said that there a great prospects for the economic cooperation between Azerbaijan and Hungary and he added that the newly-established cooperation in energy gives hope. Ilham Aliyev said that the exploitation of natural resources of Azerbaijan is directed to the peace and stability in the region.

The President said that the Azerbaijani Government will spend $3.5bln on the infrastructure projects in 2008 and he invited the Hungarian companies to participate in the projects. He said that Azerbaijan is an attractive country from an investment point of view and takes first place in the region for investment per head. Aliyev quoted the figures of the World Bank which place the income of Azerbaijan for the next 15 years at $200bln.

The President of Hungary Laszlo Solyom said that his country is interested in developing the economic cooperation with Azerbaijan. " Azerbaijan possesses great opportunities in energy and we are interested in the economic cooperation," Solyom said.

Some 106 companies and entrepreneurs, 20 of whom are from Baku, participated in the Azerbaijan-Hungary business forum. An agreement was signed between Azerbaijani NJT-2000 and Hungarian Borsadchem.