Hungarian ambassador highlights expanding ties with Azerbaijan in key sectors

Hungary and Azerbaijan are exploring extensive collaboration, particularly in transport infrastructure, with Hungarian Ambassador to Azerbaijan, Tamás Torma, highlighting several areas for potential expansion of bilateral ties.

According to Torma, key drivers of economic relations include strategic sectors such as energy, pharmaceuticals, and agriculture, Caliber.Az reports per local media.

However, he also highlighted the potential for growth in water resource management and information technology.

Torma added that new opportunities are emerging in the space industry and defence sector, referring to the signing of a memorandum of understanding on April 24 between Hungary's largest private company, 4iG, and Azərcosmos, Azerbaijan's space agency, as a significant milestone.

“Future cooperation could extend to transport infrastructure, including railway and road projects. Hungary is also involved in the reconstruction of liberated territories, with a Hungarian company working on the restoration of the village of Soltanly in the Jabrayil district. We see further potential for effective collaboration in this area,” Torma concluded.

Note that, relationship between Azerbaijan and Hungary reached a key milestone in January 2023 when the two nations upgraded their cooperation to an "enhanced strategic partnership," reflecting mutual trust and shared objectives.

In June 2024, Hungary’s state-owned MVM acquired a 5% stake in Azerbaijan’s Shah Deniz gas field, securing access to 1.5 billion cubic meters of natural gas annually, thereby strengthening Hungary’s energy security. The two countries also signed a memorandum of understanding between Hungary and Azerbaijan’s SOCAR to advance exploration at the Shamakhi-Gobustan block, further cementing their energy collaboration.

A central component of this partnership is the Southern Gas Corridor (SGC), which facilitates the transport of Azerbaijani natural gas to Europe. Hungary’s involvement in the project enhances its energy security by diversifying supply routes. Both countries are also collaborating on the Caspian-Black Sea-Europe Green Energy Corridor, a project focused on exporting renewable energy from Azerbaijan to Europe.

Economic ties span several sectors, with Hungarian companies like MOL Group and MVM engaged in Azerbaijani energy projects, while others explore opportunities in transportation, pharmaceuticals, and education.

Diplomatically, Hungary has consistently supported Azerbaijan, notably with Prime Minister Viktor Orbán’s 2023 congratulation of President Ilham Aliyev on Azerbaijan's control over Karabakh, underscoring Hungary’s commitment to regional stability.

By Aghakazim Guliyev