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Baku hosts meeting of Azerbaijan-Hungary intergovernmental commission - PHOTOSESSION

Baku hosts meeting of Azerbaijan-Hungary intergovernmental commission - <font color=red>PHOTOSESSION</font>

11 November 2011 12:40 (UTC +04:00)

The event is organized within the framework of President of Hungary Pal Schmittâ€™s official visit to Azerbaijan,.

Delivering speech at the event, Economic Development Minister of Azerbaijan, co-chair of Azerbaijan-Hungary intergovernmental commission Shahin Mustafayev spoke about the existing economic relations between the two countries and noted that the trade turnover between Azerbaijan and Hungary for the first 9 months of this year increased by 2.5 times compared to the same period 2010: â€œNevertheless, there is great potential for further expansion of the existing economic relationsâ€.

Mustafayev gave information about Azerbaijan’s economy, expansion of business activities, as well as on the measures implemented to improve business and investment environment. He noted that Azerbaijan was actively involved in ensuring energy security of Europe.

Speaking about the country’s economic development Mustafayev noted that the country’s GDP in 2004-2010 years increased by 3 times, the non-oil sector - 2 times the average monthly salary - 4.3 times turnover - by 5.4 times, strategic currency reserves - 18.4 times the poverty level decreased by 5 times: â€œSince independence, Azerbaijan’s economy invested more than $ 100 billion, half of them - foreign investments. Among the CIS countries and Eastern Europe, Azerbaijan holds significant position in GDP per capitaâ€, he added.

In turn, the Secretary of State speaking at a meeting of the Ministry of National Economy of Hungary, co-chair of Azerbaijan-Hungary intergovernmental commission Rose Nagy noted that the official Budapest attaches great importance to the existing relations and is interested in expanding cooperation.

At the meeting the sides exchanged views on development of small and medium business, industry, agriculture, construction, transport, ICT, etc.

Following the meeting, a protocol was signed. The document was signed by Economic Development Minister, Co-Chair of the intergovernmental commission Shahin Mustafayev and Secretary of the Ministry of National Economy of Hungary Rose Nagy. The Protocol provides for expansion of cooperation in such fields as industry, agriculture, construction, transport, ICT, science and education, tourism, culture, environmental protection, finance and banking, health care.

Moreover, within the framework of the meeting, the State Committee on Standardization, Metrology and Patents of Azerbaijan and the Hungarian Trade Licensing Office signed a memorandum of understanding on technical cooperation in the field of metrology.