Hungarian Export-Import Bank Plc (Eximbank) plans to open a credit line for Azerbaijan’s PASHA Bank OJSC in the amount of $5 million, which will contribute to further development of cooperation between the two countries, said Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto.       He made the remarks  in Baku during the 6th meeting of the Azerbaijani-Hungarian intergovernmental commission on economic cooperation.Szijjarto said Eximbank has already opened a credit line in the amount of 200 million euros for the development of cooperation between the two countries’ companies. In general, speaking about the cooperation between Hungary and Azerbaijan, Szijjarto noted that the political ties established between the two countries in recent years gave a great impulse to the development of cooperation in trade and economy. As for the dynamics of the trade turnover, we can consider it as positive, but in general we can’t be satisfied with the figures, said Hungarian minister. Thus, it is necessary to identify the key areas, in which our cooperation can develop even more intensively. He added that there are opportunities for cooperation in the spheres of energy, ICT, agriculture and others. We will be glad, if the devaluation of the national currency in Azerbaijan does not affect the decrease in import volume of agricultural products from Hungary, said Szijjarto. We think that the export of agricultural and food products has always been a driving force in bilateral trade turnover. Trade is a very important part of the cooperation, which can be strengthened by using the benefits of business migration. Hungarian Residency Bond Program offers great opportunities for those, who want to be part of this special initiative.   Hungary to explore possibility to finance North-South railway project   Hungarian Export-Import Bank Plc (Eximbank) will explore the possibility of providing financial support to implementation of the North-South railway corridor, designed to connect Northern Europe with South-East Asia through Azerbaijan. An agreement on this issue was reached at a meeting of Azerbaijan’s Economy Minister Shahin Mustafayev with Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto in Baku. Azerbaijan’s Economy Ministry told that the Hungarian side is also interested in rendering engineering services and services in the equipment supply. The North-South transportation corridor is aimed to connect Northern Europe with South-East Asia, as well as to connect railways of Azerbaijan, Iran and Russia. At the initial stage, it is planned to transport five million tons of cargo via the corridor, expandable to more than 10 million tons of cargo in the future. (Photo: Szabó Árpád/KKM, kormany.hu)

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