Azerbaijan, Hungary Hold Business Forum to Boost Economic Ties

An Azerbaijan-Hungary business forum was organized in the city of Budapest with the participation of representatives of the public and private sectors.

The forum was held as part of the 11th session of the Joint Commission on Economic Cooperation between the governments of the two countries, The Caspian Post reports, citing local media.

Co-chairs of the Commission - Sahil Babayev, Minister of Finance of Azerbaijan, and Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, addressed the event.

In his remarks, Sahil Babayev stated that the outcomes of the 11th session of the Joint Commission determined the promising areas of cooperation in line with the spirit of friendship and strategic partnership of Azerbaijani-Hungarian relations. He emphasized that the business forum serves as a crucial platform for building partnerships, promoting innovation, and accessing new markets.

Highlighting Azerbaijan's position as a stable and reliable partner based on the principles of diversification, sustainability and openness, Sahil Babayev encouraged Hungarian businesses to invest in Azerbaijan by leveraging these principles. At the same time, the minister stressed that Azerbaijani companies are also looking forward to new development opportunities in Hungary and the European Union.

The forum also explored prospects for expanding bilateral trade, promoting investments, supporting small and medium-sized businesses, and interaction in the areas like energy, green economy, food security, and transport.

The business forum also featured a presentation by Tural Hajili, AZPROMO Deputy Executive Director, on the investment opportunities of Azerbaijan, including the Karabakh region, who invited Hungarian entrepreneurs to get acquainted with the dynamically developing economy and favourable investment environment of the country and to benefit from this potential.

Sevda Aliyeva, Adviser to the chairman of the Azerbaijan Tourism Board, highlighted Azerbaijan's tourism sector, rich cultural heritage and unique tourism routes.

As part of the forum, a Memorandum of Understanding was signed between the Azerbaijani company "Hieronica Limited" and the Hungarian Export Promotion Agency (HEPA).

The business forum also featured meetings between entrepreneurs, with discussions focusing on future cooperation. More than 90 companies, including 30 from Azerbaijan, joined the business forum.