Hungary has invested about $2 billion in Azerbaijan — ambassador

Hungary has invested about $2 billion in Azerbaijan's economy and is one of the country's major investors, Hungarian Ambassador to Azerbaijan Tamas Torma said.

According to Report, the ambassador made the remarks at a reception marking Hungary's National Day and the 70th anniversary of the 1956 Revolution.

Torma noted that Azerbaijan and Hungary have maintained an enhanced strategic partnership since 2023.

According to him, the two countries cooperate in energy, agriculture, pharmaceuticals and water management. Baku and Budapest also continue their cooperation within international organizations.

"Companies MOL and MVM have acquired stakes in major oil, condensate and natural gas fields. Hungary, which has invested approximately $2 billion in Azerbaijan's economy, is one of the country's important investors," he said.

Torma stressed that bilateral cooperation also covers renewable energy.

"Azerbaijan and Hungary participate in the same green energy corridor project. In addition, MVM is a shareholder in the Shafag solar power plant," the ambassador said.

Speaking about Azerbaijan's international role, the diplomat highlighted the country's contribution to Europe's energy security and its participation in major international transport projects.

"Having fully restored its territorial integrity and sovereignty, Azerbaijan today is a strong, reliable and duly respected member of the international community. The country makes a significant contribution to Europe's energy security, while its strategic position between East and West places it at the center of connectivity projects of global importance," Torma said.

According to the ambassador, Azerbaijan uses its strategic position responsibly to promote peace, stability and security.

He also highlighted the country's initiatives in combating climate change, developing sustainable urban environments and promoting dialogue between cultures and civilizations.