Budapest, March 5 (MTI) – Recent global economic and political developments require Hungary to restructure its economic cooperation with Azerbaijan, foreign minister Péter Szijjártó told journalists in Baku on Saturday.

Because of the continued fall in oil prices, the downturn of the Russian economy and the devaluation of the rouble, Hungary must shift its exports to Azerbaijan from simple products to ones with higher value added, such as IT solutions and services, Szijjártó said, while travelling with Prime Minister Viktor Orbán’s delegation during a two-day official visit to Baku.

Hungary will sign an agreement during the visit establishing 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 dollars of farm developments, he said. Hungarian companies in the water management business have contracts worth 2 million euros in Azerbaijan and are looking for more work, he added.


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

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

Photo: MTI


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