An agreement on economic cooperation was signed between Hungary and Turkmenistan by State Secretary for Foreign Affairs and External Economic Relations Péter Szijjártó and Turkmen Deputy Foreign Minister Berdi Matiyev in Budapest.

At a press briefing following the signing ceremony, State Secretary Szijjártó said building more dynamic business ties with Central Asia is crucial in Hungary's Opening towards the East Policy.

Turkmenistan offers ample opportunity for Hungarian businesses, he said, highlighting the sectors of agriculture or food industry. He added that further agreements are expected to be signed in June, during a visit to Hungary by the President of Turkmenistan, which will ensure investment protection and eliminate double taxation.

According to the pact, a joint economic committee will be established, which will have its first session in autumn 2014.

There are on-going negotiations on exchange programmes as well, within the framework of which Hungarian universities will host 20 students as of September 2014, the State Secretary announced.

Download

He also stressed Turkmenistan may play an important role in Europe’s energy security since the county is holding talks with the European Commission on the construction of a gas pipeline.

Deputy Foreign Minister Berdi Matiyev said that a business forum will be organised on the sidelines of the upcoming presidential visit.

Turkmenistan has the world’s third-fourth largest natural gas reserve and its government wishes to modernise its oil and gas industries in which Hungarian firms will be welcome to get involved.

Turkmenistan is Hungary’s third most important trading partner in the Central Asian region. A number of Hungarian companies are successful in the country, for instance, Richter has leading position in the Turkmen pharmaceutical industry.

(Prime Minister's Office)