By Azernews

By Ayya Lmahamad

Labour and Social Security Minister Sahil Babayev has outlined positive dynamics of trade turnover between Azerbaijan and Hungary.

He made the remarks at the event dedicated to the 30th anniversary of the establishment of Azerbaijani-Hungarian diplomatic relations.

In his remarks at the event, the minister said that thanks to the political will and efforts of the two countries’ presidents over the past 30 years, Azerbaijani-Hungarian relations have grown to the level of strategic partnership.

“A total of 50 documents signed between the two countries allow for a continuous expansion of cooperation,” he said.

Babayev noted that more than 10 business forums, meetings and other events were held in Baku and Budapest from 2005 to 2021, as well as the 8th meeting of the Joint Commission and the Business Forum in Baku this year and the opening of the Azerbaijan House in Budapest in 2019. In addition. He stressed the special role of the joint intergovernmental commission in the development of economic relations.

The minister also noted with pleasure the willingness of Hungarian companies to participate in the reconstruction carried out in Azerbaijan’s liberated territories.

He mentioned that the Hungarian business circles might be interested in participating in the Alat free economic zone.

Moreover, Hungarian ambassador Victor Szederkenyi emphasized that his country places high value on the development of relations with Azerbaijan and hopes to further strengthen these ties, which are currently at the level of strategic cooperation.

The Azerbaijani-Hungarian trade turnover totaled $35.1 million in 2021, with export amounting to $1.7 million and imports to $33.3 million.