Azerbaijani and Hungarian companies have signed memorandums of understanding on cooperation as the two countries` businessmen came together for a joint forum as part of Hungarian Prime Minister Viktor Orban`s official visit to Baku.

The forum saw the signing of MoUs between Azerbaijan`s RR Group of Companies and Hungarian Project Service Venture, Azerbaijani Sinam and Hungarian Toll Service, local Komtec and Hungary`s European Parking System, Azerbaijani East Stream and Hungarian Umirs Europe.

The business forum brought together a total of more than 200 entrepreneurs from both countries specializing in a vast array of areas, including industry, agriculture, ICT, construction, energy, tourism, pharmaceutics, education, aviation and consulting.

In his remarks at the forum, Azerbaijani Minister of Economy, co-chair of the Joint Intergovernmental Commission on Economic Cooperation Shahin Mustafayev hailed the economic and political relations between Azerbaijan and Hungary. “Reciprocal visits by the heads of state and their meetings contribute to the development of the bilateral cooperation. Our ties have already reached the level of strategic partnership, and the joint commission plays an important role here. We have signed around 40 documents so far. This March we restored Baku-Budapest-Baku flight. The two countries also maintain successful cooperation in the fields of healthcare, tourism, ICT and water supply.”

Mustafayev highlighted the government`s reforms to improve business and investment climate in Azerbaijan.

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said his country attached great importance to its relationship with Azerbaijan. “We are interested in expanding our cooperation, he said, describing Azerbaijan as “a strategic partner” of Hungary.

Szijjarto said there were wide opportunities for enhancing the bilateral economic ties.