Hungarian FM happy for the flourishing relationship with this Caucasian country

All conditions are in place for Hungarian and Azeri businesses to profit from the strategic partnership between the two countries, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday.

Addressing a Hungarian-Azeri business forum in Budapest, Szijjártó said reliable and predictable partnerships like that of Hungary and Azerbaijan were even more important today. “We would like for more Hungarian and Azeri economic players to profit from the strategic partnership between the two countries,” the foreign ministry quoted Szijjártó as saying, in a statement. “Especially now when the global economy has turned upside down for the second time in a very short period.”

Detailing the necessary conditions for cooperation among economic players, Szijjarto welcomed that there were no unresolved political issues between Hungary and Azerbaijan. Financial conditions are also in place, he said, noting that Hungary’s Eximbank has opened a 140 million dollar credit line to finance cooperation between Hungarian and Azeri businesses.

As regards legal conditions, the minister said agreements between the two countries were secure thanks to an investment protection agreement that is in effect.

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Concerning the need for interpersonal ties, Szijjarto noted that Hungary offers scholarships to 200 Azeri university students each year. In terms of “physical links”, he noted two weekly flights Hungarian low-cost carrier Wizz Air operates between Budapest and Baku.

Szijjártó said the progress in bilateral economic cooperation was demonstrated by Hungarian oil and gas company MOL’s significant investments in Azerbaijan as well as drugmaker Richter’s increased presence on the Azeri market. Hungarian soft drink maker Hell is also establishing a presence on the country’s energy drink market, he added.

Meanwhile, Szijjártó said the mutual trust and friendship between the two countries was also demonstrated by the fact that Azerbaijan will soon become a contributor to Hungary’s energy security, as Hungary is set to start receiving Azeri natural gas this year.

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Source: MTI