Minister for National Economy Mihály Varga received in his office Azerbaijan’s Minister of Economy and Industry Shahin Mustafayev, where they discussed, among others issues, industrial and healthcare cooperation, the bolstering of tourism relations, the exchange of information on employment policy and SME development.
Shahin Mustafayev visited Hungary to attend the 5th session of the Hungarian-Azeri Inter-Governmental Commission on Economic Cooperation held on 21-22 April 2015. At the meeting, both parties pointed out that the volume of bilateral trade has been on an upward path since 2013. Mihály Varga stressed that steady Hungarian economic growth and up-to-date technologies of Hungarian enterprises may serve as the sound basis for expanding economic relations.
The ministers mutually agreed that partnership in the field of pharmaceuticals and healthcare sector must be further improved, as Hungarian companies are capable of participating in the development of the Azeri pharmaceuticals sector and they also show interest in establishing joint ventures. However, besides enterprises private persons have also been attracted by the country: the number of Azeri tourists visiting Hungary quadrupled last year compared to the level two years ago.
Azerbaijan has been the country with the most dynamically developing economy of the South Caucasus, and Hungary’s number one trade partner in the region. Last year, the volume of Hungarian exports to Azerbaijan was up by some 8 percent, totalling more than USD 72 million.
Half of that amount was constituted by Hungarian pharmaceuticals products. In addition to the high-profile economic diplomacy and trade development relations, the efforts of the Hungarian Trade House, opened in 2012, have also played a major role in driving the bilateral trade of goods.
Thanks to the latter, the export of confectionery products was successfully launched last year, but the House also helped export engineering services.
(Ministry for National Economy)
