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Iteca Caspian - Hungary offers new technologies to Azerbaijan

Hungary offers new technologies to Azerbaijan
25.11.2016

News

Hungary offers Azerbaijan new technology for electronic fare collection in transport, the introduction of electronic systems in the areas of agricultural production, urban planning, power supply, as well as the water industry, the Hungarian Ambassador to Azerbaijan Imre Laszloczki told Trend.

"We also offer new technologies in the field of agricultural processing and for the food industry. In these areas, Hungary possesses the world-level technical solutions," the diplomat said.

The both countries are interested in creation of the joint enterprises, including those in the sphere of high technology, according to Laszloczki.

"Hungarian companies have already started to implement a number of joint projects with Azerbaijan. One of the latest proposals is to create a plant for processing of medicinal plants and production of spices in one of Azerbaijan’s southern regions through the new investment incentives provided to the Azerbaijani industrial parks and clusters," said Laszloczki.

He added that Hungary also considers a possibility of creating a pharmaceutical plant in Azerbaijan.

The diplomat noted that over 50 percent of the Hungarian trade with the South Caucasus region accounts for Azerbaijan.

"Hungarian exports amounted to $72.3 million in 2014, which is eight percent higher than previous figures. In 2015, exports amounted to $65.8 million (a decrease by 8.8 percent), but this fall can be attributed to changes in the exchange rate of the dollar against the European currency," said the ambassador.

"In the last year, Hungarian positions in the Azerbaijani market have only strengthened. In 2016, due to the lowing of the manat’s rate a decline in Hungarian exports to Azerbaijan is expected," Laszloczki said. "However, Azerbaijan may increase its import in Hungary, which means that the total turnover between our countries in 2016 can maintain the level of the previous years."