Apr 25, 2024 (MENAFN via COMTEX) --
(MENAFN - Trend News Agency) BAKU, Azerbaijan, April 25. The Hungariangovernment plans to extend financial aid to its companies, aimingto expand business in Azerbaijan while also seeking EU financialsupport for pivotal initiatives within the country, HungarianMinister of Foreign Affairs and Trade PeÌter SzijjaÌrtoÌ said duringthe Business Forum in Baku, Trend reports.
He mentioned that the Hungarian government will allocate fundsto Hell Energy to establish a factory producing aluminum containersfor beverages in the Alat Free Economic Zone, marking the firstsignificant investment in Azerbaijan's non-oil sector.
Hell Energy's project is estimated at $211 million and concernsthe production of aluminum containers for beverages (the productionvolume at its peak was 700-800 million cans per year).
An informed source told Trend that the Hungarian side holds a 51 percent stakein this project, with the anticipated commencement of plantoperations expected in late 2025 to early 2026.
To note, The Azerbaijani-Hungarian Business Forum takes placewithin the 10th session of the Joint Commission on EconomicCooperation between the governments of Azerbaijan and Hungary heldin Baku.
The one-on-one meeting was attended by a delegation headed byHungarian Minister of Foreign Affairs and Trade PeÌter SzijjaÌrtoÌ anda delegation headed by Azerbaijani Minister of Labor and SocialProtection Sahil Babayev. The parties discussed the present statusof relations between the two nations and the topics slated for themeeting agenda.
Stay up-to-date with more news at Trend News Agency'sWhatsApp channel
MENAFN25042024000187011040ID1108138884
COMTEX_451433627/2604/2024-04-25T22:17:36
