It is in Hungary’s best interest to develop economic, trade and energy sector cooperation with Azerbaijan, and we have especially high expectations concerning the expansion of partnership in the field of pharmaceutical and health industries, Minister for National Economy Mihály Varga said, who – as a member of the delegation headed by Prime Minister Viktor Orbán -- met with Azerbaijan’s Minister of Economy and Industry Shahin Mustafayev in Baku.

Azerbaijan has been the country with most dynamically developing economy in the region, Mihály Varga stressed, adding that Hungary’s volume of trade with Azerbaijan has been on the rise since 2013 and despite the significant drop of oil prices we have managed to maintain the level of bilateral trade in 2015. Last year, the volume of Hungarian exports, almost half of which was generated by Hungarian pharmaceutical products, exceeded USD 65 million, the Minister stated. During the talks the Ministers agreed that cooperation in the field of pharmaceutical and health industries must be bolstered. As Mihály Varga pointed out, Hungarian companies are keen to participate in the development of Azerbaijan’s medicine sector and they are also open to launching joint ventures.

The Minister emphasised that re-launching direct flights between Budapest and Baku as of March this year might also help strengthen not only tourism but business relations, too.

In Baku, the Minister and Azerbaijan’s Minister of Labour and Social Protection of Population Salim Muslumov signed a Memorandum of Understanding on establishing and developing active employment relations between the two countries. The two parties also exchanged views on vocational education models and programmes aimed at labour market development and the improvement of the quality of labour. Innovative Hungarian labour market measures, which have resulted in significant achievements in recent years, may be useful for the Azeri government aiming to create a versatile, strong economy.

(Ministry for National Economy)