Azerbaijan inviting Hungarian business to boost co-op
Baku, Azerbaijan, June 28
By Azad Hasanli – Trend:
Azerbaijan’s Economy Minister Shahin Mustafayev has invited Hungarian companies to actively operate in Azerbaiajn.
Very favorable business conditions were created in Azerbaijan, but currently, six companies with Hungarian capital operate in the country, said Mustafayev during the 6th meeting of the Azerbaijani-Hungarian intergovernmental commission on economic cooperation in Baku.
“I think in the future Hungarian companies will work actively in Azerbaijan,” noted the minister.
He also said Hungarian companies are already ready to join the construction of the North-South transportation corridor.
This issue was discussed at the meeting with Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto, who is also a co-chair of the intergovernmental commission, on June 28 in Baku, added Mustafayev.
The minister noted the relations between the two countries are developing very successfully and in all directions.
“More than 40 documents were signed during the period of our cooperation, including such important agreements in the field of economy, as the promotion and mutual protection of investments and avoidance of double taxation,” he explained.
The next document – a memorandum of understanding between the Association of Hungarian Industrial Parks and Azerbaijan’s Sumgait Chemical Industrial Park will be signed within the intergovernmental commission on June 28, said Mustafayev.
This memorandum envisages the exchange of experience, he added.
“I think, Hungary’s experience will be very useful for Azerbaijan, in particular, for the Sumgait Chemical Industrial Park,” noted the minister.
Mustafayev also touched upon the development of trade relations between the two countries.
He said the trade turnover between Hungary and Azerbaijan increased by 62 percent during the first five months of 2016.
This volume does not satisfy the sides, noted the minister.
“We think that the potential is much greater,” said Mustafayev. “I’d like also to note that Azerbaijan exported transformers to Hungary for the first time.”