BAKU: Economic relations between Azerbaijan and Hungary are showing strong growth, underscored by the operation of 26 Hungarian-capital companies in Azerbaijan, according to Labor and Social Protection Minister Sahil Babayev.

According to Trend News Agency, Minister Babayev highlighted these details during a celebratory event marking Hungary’s national holiday, which commemorates the Hungarian Revolution of 1956. He outlined the robust legal framework supporting these bilateral ties, with more than 60 documents signed to date enhancing cooperation. Babayev pointed out that the two nations support each other in various international and regional platforms and hold similar positions on many global issues.

The minister noted a significant 30 percent increase in trade turnover over the past eight months, demonstrating the dynamic economic engagement between the two countries. “The rise in trade turnover is a testament to the vigorous economic relationship that our countries enjoy,” said Babayev.

Additionally,
Babayev revealed advancements in energy cooperation, particularly in traditional and green energy sectors, which have entered a new phase. Looking forward, Azerbaijan anticipates Hungary’s active involvement in the upcoming COP29, expecting a meaningful contribution from Hungary to the success of the conference.