Hungary to restructure cooperation with Azerbaijan

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Recent global economic and political developments require Hungary to restructure its economic cooperation with Azerbaijan, Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó told journalists in Baku on Saturday, Hungarian news agency MTI reported.

Hugaryʼs Minister of Foreign Affairs and Trade Péter Szijjártó and Azerbaijanʼs Minister of Economic Development Shahin Mustafayev at a press conference on Saturday. (Photo: MTI/KKM)

Given the continued fall in oil prices, the downturn of the Russian economy and the devaluation of the ruble, Hungary needs to shift its exports to Azerbaijan from simple products to ones with higher value added, such as IT solutions and services, Szijjártó said, while traveling with Prime Minister Viktor Orbánʼs delegation on a two-day official visit to Baku

Hungary will sign an agreement during the visit to establish a joint development fund that could provide the framework for Hungarian companies to bring IT solutions to the Azeri market, Szijjártó said. In the area of infrastructure development, Hungarian companies have signed contracts to plan and build bridges and roads, and Hungarian companies are already participating in $2.5 million in farm developments, he said. Hungarian companies in the water management business have contracts worth €2 mln in Azerbaijan and are looking for more work, he added.

Hungarian oil and gas company MOL and its Azeri peer Socar are also looking to expand their cooperation, he said.

He noted that Hungarian low-fare airline Wizz Air will launch a direct flight between Budapest and Baku in just a few weeks.

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