Baku. TurkicWorld:

The opportunities provided by Azerbaijan's Alat Free Economic Zone (FEZ) offer broad prospects for both local and foreign investors, including those from Hungary, Minister of Economy of Azerbaijan Mikayil Jabbarov said, TurkicWorld reports.

He made the remark while meeting Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó.

Minister Jabbarov highlighted that a project on the construction of an aluminum plant implemented jointly with Hungar is expected to be built in the Alat FEZ using advanced technologies, with an annual production capacity of 700 million units of aluminum beverage cans.

"This project will contribute to strengthening cooperation between the business communities of our countries, promoting continuous growth in Azerbaijan's non-oil sector, supporting local production, and generating employment opportunities. Azerbaijan-Hungary relations, based on mutual respect, are developing in an upward trajectory, with expanding trade and economic partnership. There are great prospects for cooperation with Hungary in trade, industry, energy (including renewable energy), investment, and other areas," added Jabbarov.

In turn, Péter Szijjártó emphasized that Azerbaijan is a reliable partner and highlighted the importance of the continuous development of political and economic relations between the countries, business partnerships, and the implementation of joint projects.

An agreement has been signed between Azerbaijan Investment Holding CJSC and Hell Energy for the joint construction of the plant. According to the agreement, a new plant will be built in the Alat FEZ, based on advanced European technologies, with an annual production capacity of 700 million aluminum beverage cans. At the initial stage, the annual capacity will be 415 million cans. The project aims to create over 300 jobs.