Aliyev calls for Hungarian investments

Azerbaijani President Ilham Aliyev called on Hungarian businessmen to make hefty investments in the fast-growing South Caucasus republic on Tuesday as the two countries’ entrepreneurs gathered in Budapest to explore avenues for economic cooperation.

“Azerbaijan is a country open for investments, and foreign investments exceeding $10 billion have been made in our country to date. These investments are protected well,” President Aliyev told the business forum that followed Monday’s talks with Hungarian leader Laszlo Solyom.

Aliyev said that Azerbaijan, which is flush with hydrocarbon resources, was successfully cooperating with Hungary in the energy sector.

Aliyev said his country was also placing an emphasis on the non-oil sector that has already attracted considerable investments. “Moreover, our country’s revenues are growing. According to the World Bank estimates, Azerbaijan’s profits will reach $200 billion within the next 15 years.”

The president said Azerbaijan was seeking to do business abroad as well. “We are interested in making investments in the economies of friendly countries.”

Solyom said in his remarks that Budapest and Hungarian entrepreneurs were interested in close cooperation with Azerbaijan.

“The oil and gas industry is key in this respect, as Hungary, just like the rest of Europe, is looking to diversify the supplies of fuel. This diversification, according to politicians, should not affect the country’s economy, which prompts European Union states to seek suppliers of gas that would agree to sell their hydrocarbons below the price set in European markets,” the Hungarian president said.

Solyom pointed to the importance of establishing an Azeri-Hungarian inter-governmental economic commission. He said that despite great potential for boosting trade between the two countries, bilateral commodities turnover is below desired level.

The business forum, attended by 30 Azerbaijani companies, was followed by bilateral meetings between the two countries’ entrepreneurs. A memo for the purchase of raw materials worth $14 million was signed in conclusion of talks between local NJT 2000 company and Hungarian BorsodChem.

Following the forum, President Aliyev met with Hungarian Prime Minister Ferenc Gyurcsany. The two stressed the importance of cooperation in the energy sector as well as the non-oil sector, including the humanitarian field.

During Aliyev’s meeting with Parliament Speaker Katalin Szili, the parties cited the need for broadening inter-parliamentary cooperation.

The Azerbaijani leader also paid tribute to the memorial honoring Hungarian national heroes.

President Aliyev concluded his two-day visit to the Eastern European country by inaugurating a new building of the Azerbaijani embassy.

On Monday, Aliyev had private and broad meetings with his Hungarian counterpart that focused on both political and economic cooperation. In a joint statement adopted by the two leaders in conclusion, Hungary voiced support for the settlement of the Armenia-Azerbaijan Upper (Nagorno) Garabagh conflict in accord with the UN Security Council resolutions on unconditional withdrawal of the Armenian armed forces from the occupied Azeri land.

Other key clauses of the statement indicated mutual support for global efforts at safeguarding peace and security worldwide. The two countries also backed cooperation with the Council of Europe in promoting democratic reforms, human rights, the rule of law, and good governance.

The two presidents underscored the importance of the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum oil and gas pipelines as well as the NABUCCO conduit that will take Caspian gas to world markets for European energy security.

Afterwards, Azerbaijan and Hungary signed three agreements – on economic cooperation and on industrial collaboration, as well as a document on lifting double taxation. Moreover, the two countries’ foreign ministries signed a joint declaration.*