Trade Turnover with Hungary Still Leaves Much to Be Desired
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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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