Hungary’s foreign minister discusses economic cooperation in Azerbaijan – Photos

Baku, June 28 (MTI) – Hungary sees Azerbaijan as a major partner in economic relations and from the point of view of Europe’s energy security, Foreign Minister Péter Szijjártó said on Tuesday.

Azerbaijan is ready to become a key destination for Hungarian companies, Szijjártó told MTI by phone after talks in Baku.

There are four special areas for cooperation between the two countries, the minister said. The first concerns the involvement of Hungarian companies in the construction of a missing 162-kilometre stretch of the railway link between northern Europe and the Gulf region. The investment will likely cost around half a billion euros, Szijjártó said. Hungary’s Eximbank has already begun talks on financing part of the project.

Another area for cooperation is the inclusion of Hungary’s Mol in Azeri state oil company Socar’s exploration efforts in land and on the sea, which Szijjártó said would open up new international business opportunities for Hungarian oil companies.

Concerning agricultural ties, the two countries agreed that Azerbaijan would increase its imports of Hungarian cattle.

The fourth area involves the planning and construction of water reservoirs in Azerbaijan, Szijjártó said.