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 economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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