Hungarian companies have invested approximately 2 billion US dollars in Azerbaijan's economy, said Tamas Torma, Hungary's Ambassador to Azerbaijan, during a speech at an event dedicated to the 70th anniversary of the 1956 Hungarian Revolution.

Axar.az reports, citing АPA, that the Ambassador noted that Hungary is one of Azerbaijan's most significant investors. Hungarian companies have acquired stakes in the country's major oil-condensate and natural gas fields.

The diplomat emphasized that cooperation between Azerbaijan and Hungary also extends to the renewable energy sector. He stated that both countries are collaborating on the "green energy corridor" project, and that the Hungarian company MVM is participating in Azerbaijan's Shafag Solar Power Plant project.

The Ambassador added that economic cooperation between the two nations is also developing in sectors such as agriculture, pharmaceuticals, and water management.