BAKU-BUDAPEST:NEW MILESTONES IN PARTNERSHIP

- What are the prospects for economic cooperation between Hungary and Azerbaijan?

- The development of economic cooperation between our two countries is based on long-term, bilateral relations. Cooperation in the petrochemical and chemical industries, establishing production of raw materials for pharmaceuticals and the manufacture of chemical and electronic equipment are the most beneficial for both sides. It would also be productive to have an exchange of information and experience on economic issues and encouraging investment, on the organization of joint production and on joint research and development, in particular in the following areas: small and medium-sized production; investment policies, the development and regulation of enterprise in the energy, industrial, agricultural, transport and vehicle sectors; and participation in the Azerbaijani economy's modernization programme. This applies to the development of agriculture, improvement of the industrial and transport infrastructure and joint research in the banking sector, tourism and service sector.

- In what sectors is Hungary interested in cooperating with Azerbaijan?

- The energy sector is one of the major areas for cooperation with Azerbaijan. This concerns the refining, transport and storage of oil products and natural gas, the rehabilitation of the coastal area, research into new oil fields and their development and renewable sources of energy. Another sector for fruitful collaboration is information technology and telecommunications. As well as being an oil country, Azerbaijan has great agricultural potential. Bringing modern technology into agricultural production and its export system, food processing, the rational use of water resources combined with protecting the environment, flora and fauna and the development of husbandry and poultry farming in particular are areas of interest for both Hungary and Azerbaijan.