In economic relations between two countries progress is observed. The trade turnover between Azerbaijan and Hungary was 5.7 million USD in 2003, 10.2 million USD in 2004, 16.6 million USD in 2005 and 28.3 million USD in 2006.
In order in increase trade turnover between Azerbaijan and Hungary the Embassy organized Business forum. There was held Business forum between businessmen of Azerbaijan and Hungary in Budapest on November 22, 2005. 11 companies from Azerbaijan side and about 40 companies from Hungarian side participated in this forum.
Embassy would like to organize Business forums between businessmen of two countries on the spheres, such as Information and Communication Technologies, tourism, bank sector, logistics, and agriculture.
The Embassy on a regular basis prepares and distributes press releases on Azerbaijani economy, investment opportunities and related information.
During the visit of Samir Sharifov, Minister of Finance of the Republic of Azerbaijan “Cooperation Agreement between the Ministry of Finance of the Republic of Azerbaijan and Ministry of Finance of the Republic of Hungary” was signed.
By the invitation of Mrs. Monika Lamperth, Minister of Social Affairs and Labour of the Republic of Hungary, Mr. Fuzuli Alakbarov, Minister of Labour and Social Protection of the Republic of Azerbaijan visited Hungary on September 23-25, 2007. During the visit “Agreement on Cooperation between the Ministry of Labour and Social Protection of the Republic of Azerbaijan and Ministry of Social Affairs and Labour of the Republic of Hungary” was signed.
During the visit of Dr. Göncz Kinga, Minister of Foreign Affairs of the Republic of Hungary, “Agreement between the Republic of Hungary and the Republic of Azerbaijan for the Promotion and Reciprocal Protection of Investments” and “Agreement between the Ministry of Economic Development of the Republic of Azerbaijan and the Ministry of Economy and Transport of the Republic of Hungary on Cooperation” were signed.
By the invitation of Mr. Natig Aliyev, Minister of Industry and Energy of the Republic of Azerbaijan, Mr. János Koka, Minister of Economy and Transport of the Republic of Hungary will visit to Azerbaijan on November 22-23, 2007.
Delegation of “MOL Hungarian Oil and Gas Plc.” leaded by Mr. J.Toth, Senior adviser of the company visited Azerbaijan to discuss cooperation issues between two countries on September 13-15, 2005.
The representatives of “MOL Hungarian Oil and Gas Plc.” and State Oil Company of Azerbaijan have already started the negotiations on cooperation and actively continue this cooperation.
There was held Conference on the topic of “Energy of CIS countries – cooperation with Europe” on February 10, 2006. Ambassador Hasan Hasanov made a report about oil strategy of Azerbaijan, and called Hungary to cooperate with Azerbaijan in energy sphere.
Embassy met with Hungarian officials regarding with “Nabucco” gas project, which considers the diversification of European energy, and expressed Azerbaijani readiness to participate in the security of European energy.
To discuss bilateral cooperation Mr. Natig Aliyev, Minister of Industry and Energy of the Republic of Azerbaijan visited Budapest by the invitation of Mr. János Koka, Minister of Economy and Transport of the Republic of Hungary on September this year.