Hungarian soft drinks producer Hell Energy to build factory in Azerbaijan

According to a ministry statement, the minister said that the foundations for "another joint success story" between the two countries were being laid today with the signing of an agreement between the Hell Energy Group and the Azerbaijan Investment Company to jointly invest $211 million to establish a manufacturing unit in the South Caucasus state.

It is planned that the plant, which will be inaugurated in 2025, will produce 700-800 million aluminium cans per year,

about half of which will be filled, mainly to meet the needs of local and regional brands, but the company, which is a market leader in Hungary and several other countries, also plans to serve its own local and regional markets from there, he said.

He pointed out that demand for Hell Energy's products is growing rapidly, with the company's turnover increasing by roughly 50% last year, with the international market accounting for two-thirds of this growth.

In this context, he underlined that the company is ranked 12th in the global ranking of soft drink exports, with the sector's export revenue in Hungary increasing 5.5 times in ten years.

The Minister stated that the Government supports foreign investments by competitive Hungarian companies, as they lead to further growth in exports and the revenues of the companies concerned, and thus to the domestic utilisation of part of the profits.

We are particularly happy to support these investments if they are made in countries that we consider strategic partners, with which our cooperation is based on mutual respect, which have always offered fair conditions to Hungarian companies, and Azerbaijan is just such a partner,

he said, calling the investment "another bridge between Eastern and Western economies".

Cover photo: Ákos Stiller/Portfolio