Azerbaijan, Hungary mull joint production of medicines

Minister of Economy of Azerbaijan Mikayil Jabbarov and Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto discussed the expansion of partnership in the field of pharmaceuticals and the promotion of joint production of medicines in a meeting held in Budapest, Report informs.

As noted, this can be encouraged by the favorable infrastructure created in Azerbaijan and the applicable concessions.

The parties emphasized that Azerbaijan-Hungary relations are based on the principles of strategic partnership, and the leaders of both countries attach special importance to the development of cooperation and the effective use of existing potential.

At the meeting, it was noted that a multifaceted legislative framework was created to expand the partnership and develop economic and trade cooperation. Azerbaijan-Hungary trade turnover is increasing, and mutually beneficial investment cooperation is being implemented as an indicator of mutual interest in expanding the cooperation between the two countries. It was stated that energy, industry, transport, information technology, agriculture, trade, education, etc., opportunities for strengthening relations in these fields are great, and Azerbaijan is taking necessary measures to realize this potential.

The Minister of Economy also informed his counterpart about the possibilities of transport corridors passing through the territory of Azerbaijan, Baku International Sea Trade Port, and Alat Free Economic Zone, and invited Hungarian companies to take advantage of the favorable business environment and transit potential of Azerbaijan.

The meeting also discussed directions for strengthening economic cooperation.