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 September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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