Hungary welcomes Azerbaijani investments in tourism, logistics: envoy (Exclusive)

Business Materials 30 November 2018 12:15 (UTC +04:00)

Baku, Azerbaijan, Nov.30

By Leman Zeynalova – Trend:

Hungary would welcome Azerbaijani investments in various sectors of its economy, Hungarian Ambassador to Azerbaijan Viktor Szederkenyi told Trend.

“Naturally, we would welcome Azerbaijani investments in various sectors of the Hungarian economy. In general, Hungary is an ideal country for investment in the tourism, logistics and information sectors. Hungary has an attractive, multi-level system for encouraging foreign investment, including tax breaks, direct government incentives,” said the diplomat.

As for the prospects for creating joint ventures between Azerbaijan and Hungary in the pharmaceutical sphere, Szederkenyi said this issue was discussed during the meeting of the co-chairmen of the intergovernmental commission on economic cooperation.

“Apart from the increase in trade turnover, our primary goal is the promotion of mutual investments, to develop the long-term project-based cooperation and to create joint ventures. One obvious choice is the pharmaceutical industry where Hungary is present on the Azerbaijani market. Our companies are evaluating the further steps. But our ministers support the creation of joint ventures generally,” he added.

Hungarian envoy noted that both countries encourage mutual investments.

“We have a lot of work to do here. Our two relevant agencies AZPROMO and HIPA have an agreement about cooperation and exchange of project information. From our side, the most promising area for Hungarian investments are the agrarian, ICT and service sectors. I would like to say that the Hungarian government promotes these processes through making available a credit line for Azerbaijan to finance joint projects,” said Szederkenyi.

Earlier, Azerbaijan’s Economy Minister Shahin Mustafayev said at a meeting in Baku with Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó that cooperation between the countries in such areas as transport, information technology, energy, and agriculture is continued successfully, and there are great opportunities for further expansion of cooperation.

“Azerbaijan is interested in using the potential available in this area and further development of relations between the countries. In particular, there are opportunities for cooperation in the field of pharmaceuticals. Hungarian companies can benefit from the infrastructure created in the Pirallahi Industrial Park for joint production of medicinal preparations, as well as from the capacities of the Baku-Tbilisi-Kars railway, Baku International Sea Trade Port and Free Trade Zone projects," Mustafayev said.


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