Hungarian pharm firms seek to expand activity in country

Hungarian pharmaceutical companies intend to expand their activity on the Azerbaijani market, by increasing supply of products.

Pharmaceutical production, one of the major areas of the Hungarian economy, is the main direction of Hungary’s exports to the east, including Azerbaijani market.

Hungary supplies 135 kinds of medicines to Azerbaijan, but there is even bigger potential for the development of cooperation in this sector. Hungarian companies have previously voiced readiness to participate in the development of pharmaceutical production in Azerbaijan and setting up joint ventures.

Hungarian companies intend to present their offers during the meetings to be held in October of 2017, as a part of the scheduled meeting of the Intergovernmental Commission on trade and economic cooperation between two countries, according to Trend.

Specific projects and proposals will be discussed during the meeting of the intergovernmental commission.

An official delegation led by Azerbaijani Minister of Economy Shahin Mustafayev, co-chairing the commission from the Azerbaijani side, will leave for Budapest to attend the meeting.

Hungarian Minister of Foreign Affairs Peter Szijjarto is the co-chairman of the commission from the Hungarian side.

Current bilateral economic relations and prospects for expanding economic cooperation will be discussed during the meeting.

Azerbaijan and Hungary outlined promising areas of cooperation during the negotiations at the level of foreign ministers, within the framework of Azerbaijani foreign minister’s official visit to Budapest last week.

The sides expressed interest in amplifying cooperation in such areas as transportation, agriculture, industry, education, pharmaceutics, etc.

The trade turnover between Azerbaijan and Hungary amounted to $16.308 million in January-June of 2017, $361,900 out of that amount accounted for exports from Azerbaijan, $15.95 million – for import, according to the Azerbaijani Customs Committee.