Armenia is set to strengthen its economic ties with Hungary. During its December 19 session, the Armenian government approved a draft agreement on bilateral cooperation encompassing a wide range of sectors, including pharmaceuticals and agriculture.
The new agreement includes the establishment of a joint intergovernmental economic commission to coordinate collaboration between the two countries. Special emphasis will be placed on developing partnerships in tourism, energy, transportation, logistics, innovative research, and environmental projects.
The agreement aims to create a favorable environment for businesses in both nations while fully utilizing the potential of their economic partnership. Both sides stress the importance of equal and mutually beneficial cooperation.
Recent statistics show positive trends in economic relations between the two countries, which only recently resumed diplomatic ties.
In the first ten months of 2024, trade turnover between Armenia and Hungary reached $29.2 million, marking a 10.8% increase compared to the same period last year. Hungarian imports to Armenia accounted for the majority, growing by 11.5% to $28.2 million.
At the same time, there has been a slight decline in Armenian exports to Hungary, which dropped by 6.8% to $1 million over the same period.
