Hungary's growing interest in Azerbaijan: New horizons of cooperation
By Sabina Alizade
Deep-rooted and enduring ties exist between Azerbaijan and Hungary. Recognized as a strategic ally, Hungary stands as one of Azerbaijan's most steadfast partners within the European Union. The nations are engaged in robust cooperation across various sectors, consistently supporting each other in both bilateral settings and international platforms. Azerbaijan and Hungary both boast substantial economic potential, paving the way for enhanced collaborative endeavors in the economic sphere.
The fortification of bilateral and multilateral relations with Central and Eastern European nations, including Hungary, remains a pivotal element of Azerbaijan's foreign policy. The political rapport and dialogue between the two countries are notably strong, with interactions showing a positive and upward trend.
It is worth highlighting that the 10th Azerbaijan-Hungary Intergovernmental Commission meeting recently convened in Baku. At this meeting, Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó, remarked that the trade turnover between the two countries had surpassed $120 million last year, marking a significant milestone.
"The robust trade figures provide a solid foundation for broadening our partnership, particularly in the energy sector. Our collaborative efforts are crucial for bolstering the security of our national energy supplies, a matter of increased importance in today's context," stated Minister Szijjártó, noting plans for Hungary to increase its purchases of natural gas from Azerbaijan.
Furthermore, Minister Szijjártó disclosed Hungary's intentions to partake in the reconstruction efforts in the liberated regions of Karabakh. Hungarian firms have expressed keen interest in these initiatives, proposing several projects.
"A detailed plan will be finalized by November this year, which will delineate the specific sectors Hungarian enterprises will engage in," he added. In addition, Hungary has contributed 25,000 euros to aid mine clearance operations in the newly liberated areas, demonstrating its ongoing commitment to supporting Azerbaijan's recovery efforts.
Recently, during his visit to Baku for the "COP29 and Green Perspective for Azerbaijan" international forum, Hungarian professor Laszlo Vasa, Chief Advisor and Lead Scientific Researcher at István Széchenyi University and the Hungarian Institute for International Relations, underscored the high-level strategic cooperation between Azerbaijan and Hungary. Professor Vasa pointed out that while trade relations are advancing, they have yet to fully capitalize on their potential.
Azerbaijan and Hungary have embarked on innovative collaborations, building upon their robust strategic partnership. Alongside traditional energy transport methods, such as pipelines, the countries, in conjunction with Georgia and Romania, have initiated an underwater cable project. It has been reported that trade turnover with Hungary in January-February 2024 surged by 40.49% compared to the same period in the previous year.
Regarding gas supplies, Hungary's extensive underground storage facilities could significantly enhance the storage and trading of Azerbaijani gas in European markets. Additionally, frequent cargo flights between the nations' airports have bolstered Baku and Budapest's roles as key hubs. There is also an increasing demand for more direct flights between Baku and Budapest.
Professor Vasa emphasized that hosting COP29 in Baku marks a significant triumph for Azerbaijani diplomacy. The event will draw major players and stakeholders in climate change, providing Azerbaijani researchers, experts, companies, and policymakers with opportunities to integrate into high-level networks, access new knowledge, and participate in cutting-edge projects and technologies. "Undoubtedly, this will also enhance Azerbaijan’s country brand, boosting its reputation and prestige," he noted.
Furthermore, Laszlo Vasa highlighted that COP29 will not only spur tourism and highlight Azerbaijan's scenic beauty but also stimulate investments in the hospitality sector. "COP29 presents an exceptional opportunity to promote and exhibit the unique green projects of Karabakh," Vasa remarked.
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