Minister: Over 20 companies with Hungarian capital operating in Azerbaijan

Azerbaijani Minister of Labour and Social Protection of Population Sahil Babayev has said that there are currently 26 companies with Hungarian capital in Azerbaijan.

Babayev made these remarks during a ceremonial event celebrating Hungary's National Day, commemorating the revolution of 1956, Caliber.Az reports via local media.

"To date, more than 60 agreements have been signed between Azerbaijan and Hungary, establishing a solid legal framework for bilateral cooperation. Our countries support each other in international and regional organisations and share similar views on global and regional issues,” he said.

"The economic ties between our two nations show a robust growth trend, highlighted by a 30 per cent increase in trade turnover over the past eight months," Babayev noted. 

He emphasised that cooperation in traditional and renewable energy sectors has also reached a new level.

"Azerbaijan anticipates Hungary's active participation in COP29. We are confident that our Hungarian friends will make a significant contribution to the success of this conference," the minister added.

The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. This decision was made at the COP28 plenary session in Dubai on December 11, 2023. 

During two weeks, Baku will become a global hub, welcoming around 70,000 to 80,000 international guests. The United Nations Framework Convention on Climate Change (UNFCCC) is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992, aimed at preventing dangerous human interference with the climate system. 

The abbreviation COP means "Conference of the Parties" and refers to the highest decision-making body responsible for overseeing the implementation of the UNFCCC. The Convention has 198 member states. Unless otherwise decided by the parties, the COP is held annually. The first COP event was held in Berlin in March 1995, and its secretariat is based in Bonn.

By Naila Huseynova