Finance Minister Mihaly Varga – Photo: MTI

Finance Minister: Hungary, Georgia cooperation key to energy security

Georgia is a strategic partner of Hungary in the southern Caucasus and their cooperation is key to Hungary's energy security, Finance Minister Mihaly Varga said after meeting his Georgian counterpart, Lasha Khutsishvili, in Budapest on Tuesday.

The two coutries are planning to hold a joint cabinet session this year, to boost ties based on shared values and interests, he said.

Hungary also supports Georgia in its bid to become a candidate for European Union membership, especially since its views on geopolitics, war and peace are close to Hungary’s, Varga said.

A planned electricity line connecting Georgia and Romania under the Black Sea is key to ensuring European energy security, Varga said. The unique, 1,200km long line could deliver green electricity from Azerbaijan to Hungary via Georgia and Romania, he said. Prime Minister Viktor Orban signed an agreement on the investment last spring, and has supported Georgia in obtaining funding from the World Bank, he said.

Bilateral economic ties between Georgia and Hungary have grown by 40 percent last year, with Hungary exporting mainly pharmaceuticals, vehicles and machines there, he said.

Khutsishvili was briefed on Hungary’s strategies to finance state debt and its bond programme. Hungary has successfully restructured state debt so a large part is now in domestic hands, and Georgia is working to achieve similar results in handling its own, the ministry said.


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