There is a sustainable economic development in the relations between Azerbaijan and Hungary. The visit of the President of the Republic of Azerbaijan Ilham Aliyev to Hungary in November 2014, the Joint Declaration on Strategic Partnership and a number of documents, covering the economic sphere signed within the framework of the visit, as well as the visit of the Prime Minister of Hungary Viktor Orbán to Azerbaijan in March 2016 plays an important role in expanding the bilateral economic cooperation between the two countries.
The Azerbaijani-Hungarian Intergovernmental Joint Economic Commission is an important mechanism for the development of economic relations. The co-chairman of the commission from the Azerbaijani side is the Minister of Economy Shahin Mustafayev and from Hungarian side is the Minister of Foreign Affairs and Trade Péter Szijjártó. Up to now six meetings of the Commission have been held. The 7th meeting of the Commission is planned to be held in Budapest.
Also the established working groups function efficiently to expand ties in the fields of agriculture and food industry, communications and information technology. On November 11, 2014 the Ministry of Communications and High Technologies of the Republic of Azerbaijan and the Ministry of National Development of Hungary signed an Agreement on cooperation in the field of establishing Regional Datacenter in Azerbaijan. In the recent years the cooperation in the field of improving food quality and safety control has come to fore.
Both sides are interested in the development of cooperation in the field of energy security as well. Hungary shows an interest in the Southern Gas Corridor, which is being implemented with the initiative and the direct involvement of Azerbaijan. There is also an efficient cooperation between Azerbaijan's SOCAR and Hungarian MOL oil companies.
The business forums, organized in Azerbaijan and Hungary contribute to the expanding of economic relations and the growth of trade turnover.
The government of Azerbaijan established the Trade Representation for Central European Countries, as well as Hungary located at the Embassy of the Republic of Azerbaijan in Poland. The Trade Representative is Nemat Nagdaliyev.
Also the representation of Hungarian National Trade House functions in Azerbaijan.