Baku hosted the sixth in a row meeting of the Azerbaijani-Hungarian Intergovernmental Commission on Economic Cooperation.
In his welcoming remarks, the Minister of Economy of Azerbaijan Shahin Mustafayev said on the activity of only six companies with 100% Hungarian capital in Azerbaijan, advising businesses from Central Europe to actively invest in local businesses.
According to him, there is progress in this matter - for the time more than 40 cooperation agreements have been signed, including the promotion and mutual protection of investments and avoidance of double taxation. Today, they have been added another document - the Memorandum of Understanding between the Association of Industrial Research and Innovative Technological Parks in Hungary and Sumgait Chemical Industrial Park.
"On the figures - by 1 June of this year, the bilateral trade increased by 62%," the Minister said, ashamed to call the volume of trade unsatisfactory and saying the potential is not used even half-heartedly.
"I would also like to note that Azerbaijan first exported transformers to Hungary, and the Hungarian Eximbank will examine the possibility of providing financial support for the implementation of the rail corridor North-South, as was agreed in principle at a meeting with my colleague - Minister of Foreign Affairs and External Economic Relations Peter Hungary Siyyarto," Mustafayev said. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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