Economist: participation of Hungarian companies in reconstruction of Garabagh, deserves appreciation

Releasing posts on his X account, the Hungarian historian and politician, who currently serves as Secretary of State for Public Diplomacy and Relations Zoltán Kovács shed light on the working visit of the Azerbaijani Economy Minister Mikayil Jabbar that took place on September 11, 2023. It is worth noting that within the framework of the visit, Mikayil Jabbarov held meetings with state officials including the PM of Hungary Viktor Orban, and Hungarian FM Péter Szijjártó. Despite natural gas and gas supplies being the main topics of the meetings, discussions over the expansion of activities of Hungarian companies in Azerbaijan and the involvement of Hungarian companies in the reconstruction and restoration works in Azerbaijan's liberated territories caused interest.

In his post, Zoltán Kovács noted that at the meeting between the Azerbaijani Economy Minister and the PM of Hungary Viktor Orban “[the sides] also discussed successful Hungarian company expansions in Azerbaijan and potential future Hungarian investments. In relation to the reconstruction of Garabagh, an Azerbaijani town has been designated for potential reconstruction by Hungarian companies.”

In his next post over the meeting between Mikayil Jabbarov and Péter Szijjártó, he gave more detailed information. “Hungary will participate in the reconstruction of the Garabagh region starting next year, with a consortium of major Hungarian construction companies involved in rebuilding Soltanli. The Azerbaijani government has approved the plans, and some contracts have already been signed,” Zoltán Kovács wrote.

Relating to the issue, Azernews asked the opinion of Economist Eldaniz Amirov. The expert noted that Hungary has invested nearly $400m in Azerbaijan. This investment covers various fields from the non-oil sector to the oil sector. He added that one of the sectors which draws the attention of Hungarian companies in Azerbaijan is agriculture. As is known, agriculture is one of the main priority areas in the non-oil sector in Azerbaijan. This area requires a lot of investment and has a lot of potential.

“As for works in Garabagh, it should be noted that all reconstruction and restoration works in the liberated territories are carried out at Azerbaijan’s own expense. Of course, there are exceptions. For example, the bp company is building a 240-megawatt Shafaq Solar Power Plant in the Jabrayil district. The Azerbaijani Government and the company has reached an agreement but, concrete investment has not yet been made here. It is being worked on. In addition, the Uzbek government built a school in the Fuzuli district. In other cases, the companies located in the liberated territories participate as contractors in large-scale projects implemented by the government of Azerbaijan. However, the activity of these companies here, including the participation of Hungarian companies in the reconstruction of the Soltanli village, deserves appreciation. Because the more companies from different countries operate in the liberated territories, the more experience and know-how they can share with Azerbaijan, and the more strategic partners we can get,” E. Amirov noted.

He emphasized that various perspectives of cooperation are discussed in the international meetings held at a high level. He added that progress is being made in many aspects, from the possibilities of Hungarian investment in the financial sector to the oil sector, including activities in the free economic zone.