Brief information on economic cooperation

There is 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 January 2023, the Joint Declaration on Enhanced Strategic Partnership 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 Labor and Social Protection of Population, Sahil Babayev and from the Hungarian side is the Minister of Foreign Affairs and Trade, Péter Szijjártó. Up to now ten meetings of the Commission have been held.

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 a Regional Datacenter in Azerbaijan. In recent years cooperation in the field of improving food quality has come to the 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 efficient cooperation between Azerbaijan's SOCAR and Hungarian MOL oil companies. MOL company is a shareholder in Azeri-Chirag-Guneshli field and Baku-Tbilisi-Ceyhan main export oil pipeline projects. Hungarian MVM company acquired a stake in Shahdeniz field in 2024.

The business forums, organized in Azerbaijan and Hungary contribute to the expanding of economic relations and the growth of trade turnover. "Hell Energy" company of Hungary is building its new factory in Azerbaijan. 

The government of Azerbaijan established the Trade Representation for Central European Countries, as well as for Hungary located at the Embassy of the Republic of Azerbaijan in Poland. The Trade Representative is Nemat Nagdaliyev.

Also, the representation of the Hungarian National Trade House functions in Azerbaijan.

Azerbaijan-Hungary trade turnover (US $ million)

Source: State Customs Committee of the Republic of Azerbaijan

Note: Significant increase in the volume of exported goods from Azerbaijan to Hungary in 2014 resulted in the export of crude oil and crude oil products worth $ 71 million.

Documents signed in the economic field

• Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Hungary on economic - trade relation - 02.09.1993
• Protocol on cooperation between the State Customs Committee of the Republic of Azerbaijan and the Customs and Finance Guard of the Republic of Hungary - 03.02.2006
• Memorandum of Understanding on Cooperation between the Ministry of Finance of the Republic of Azerbaijan and the Ministry of Finance of the Republic of Hungary - 22.03.2007
• Agreement between the Republic of Azerbaijan and the Republic of Hungary for the promotion and reciprocal protection of investments - 18.05.2007
• 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 - 18.05.2007
• Agreement on cooperation between the Ministry of Labour and Social Protection of Population of the Republic of Azerbaijan and the Ministry of Social Affairs and Labour of the Republic of Hungary - 25.09.2007
• Convention between the Government of the Republic of Azerbaijan and the Government of the Republic of Hungary for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital - 18.02.2008
• Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Hungary on Economic Cooperation - 18.02.2008
• Agreement between the Ministry of Industry and Energy of the Republic of Azerbaijan and the Ministry of Economy and Transport of the of the Republic of Hungary on cooperation - 18.02.2008
• Agreement on cooperation between the Ministry of Agriculture of the Republic of Azerbaijan and the Ministry of Agriculture and Rural Development of the Republic of Hungary - 07.07.2008
• Agreement on the cooperation in the field of information technology and  communications between the Ministry of Communications and Information Technologies of the Republic of Azerbaijan and the Ministry of Transport, Telecommunications and Energy of the Republic of Hungary - 07.07.2008
• Agreement between the State Statistical Committee of the Republic of Azerbaijan and the Hungarian Central Statistical Office on the cooperation in the field of statistics - 07.07.2008
• Memorandum between the Ministry of Taxes of the Republic of Azerbaijan and the Ministry for National Economy of the Republic of Hungary for the cooperation in the field of tax administration - 11.11.2011
• Memorandum of understanding between the State Committee on Standardization, Metrology and Patents of the Republic of Azerbaijan and Hungarian Trade Licensing Office of the Republic of Hungary on technical cooperation in the field of metrology - 11.11.2011
• Air Services Agreement between the Government of the Republic of Azerbaijan and the Government of Hungary - 11.11.2014
• Agreement between the Ministry of Communications and High Technologies of the Republic of Azerbaijan and the Ministry of National Development of Hungary on cooperation in the field of establishing Regional Datacenter in the Republic of Azerbaijan and application of innovative technologies - 11.11.2014
• Agreement between the Ministry of Culture and Tourism of the Republic of Azerbaijan and the Ministry for National Economy of Hungary on cooperation in the field of tourism - 11.11.2014
• Memorandum of Understanding between the Ministry of Agriculture of the Republic of Azerbaijan and the Ministry of Agriculture of Hungary on cooperation in the field of animal health - 11.11.2014
• Memorandum of Understanding between the Ministry of Labour and Social Protection of Population of the Republic of Azerbaijan and the Ministry for National Economy of Hungary - 05.03.2016
• Memorandum of Understanding on cooperation in the field High Tech Ecosystem between the Ministry of Communications and High Technologies of the Republic of Azerbaijan and the Ministry of Foreign Affairs and Trade of Hungary - 05.03.2016
• Agreement between the Government of the Republic of Azerbaijan and the Government of Hungary on the international transport of passengers and goods by road - 08.12.2017