On September 5, 2025, a high-profile Hungary-Azerbaijan Business Forum took place on the sidelines of the 11th session of the Intergovernmental Economic Cooperation Committee. The event was organized by the Ministry of Foreign Affairs and Trade of Hungary and HEPA Hungarian Export Promotion Agency.
The forum was attended by Mr. Sahil Babayev, Minister of Finance of Azerbaijan; Mr. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary; Ms. Katalin Bihari, Deputy State Secretary for External Economic Affairs at Ministry of Foreign Affairs and Trade of Hungary and CEO of HEPA; and Mr. Dr. Gábor Péter Artner, Deputy CEO of HEPA.
In line with the objectives set out in Hungary’s National Export Strategy, achieving a better balance between exports within and outside the European Union is of key importance. To this end, HEPA has already concluded three cooperation agreements with Azerbaijan, and at this event we were proud to sign a fourth memorandum of understanding with Hieronica Limited, a company active in the construction sector.
In his opening remarks, Minister Szijjártó emphasized that Hungarian-Azerbaijani relations rest on solid foundations, as evidenced by the participation of 30 Azerbaijani and 61 Hungarian companies. He praised the energy partnership, which has enabled Hungarian companies to acquire ownership stakes in some of the world’s largest oil and gas fields. He also highlighted the success of Hungarian pharmaceutical companies in the Caucasus region through contract manufacturing. Furthermore, he underscored the importance of cooperation in agriculture and the food industry, as well as in higher education, which provides scholarships for 200 Hungarian students to study in Azerbaijan. In closing, he encouraged businesses to seize the opportunities offered by the open Azerbaijani market.
Minister Babayev noted that Hungarian-Azerbaijani trade relations have shown a consistent upward trend over the years, and both parties are committed to deepening these ties. He emphasized the strategic role of Azerbaijan’s international trade corridors, which serve as gateways to Central Asian markets, and referred to the cooperation within the Organization of Turkic States, in which Hungary has participated as an observer since 2018.
Following the conclusion of the business forum, representatives of the 91 participating companies engaged in B2B meetings, providing further opportunities for partnership development and strengthening business relations.