BAKU, Azerbaijan, April 25. The Hungarian government plans to extend financial aid to its companies, aiming to expand business in Azerbaijan while also seeking EU financial support for pivotal initiatives within the country, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said during the Business Forum in Baku, Trend reports.
He mentioned that the Hungarian government will allocate funds to Hell Energy to establish a factory producing aluminum containers for beverages in the Alat Free Economic Zone, marking the first significant investment in Azerbaijan's non-oil sector.
Hell Energy's project is estimated at $211 million and concerns the production of aluminum containers for beverages (the production volume at its peak was 700–800 million cans per year).
An informed source told Trend that the Hungarian side holds a 51 percent stake in this project, with the anticipated commencement of plant operations expected in late 2025 to early 2026.
To note, The Azerbaijani-Hungarian Business Forum takes place within the 10th session of the Joint Commission on Economic Cooperation between the governments of Azerbaijan and Hungary held in Baku.
The one-on-one meeting was attended by a delegation headed by Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and a delegation headed by Azerbaijani Minister of Labor and Social Protection Sahil Babayev. The parties discussed the present status of relations between the two nations and the topics slated for the meeting agenda.
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