Turkmenistan and Hungary to sign Agreement on Promotion and mutual protection of investments
The 5th meeting of the Intergovernmental Turkmen-Hungarian Commission on Economic Cooperation was held on Tuesday, May 16, via videoconference.
The online meeting was chaired by the Minister of Finance and Economy of Turkmenistan Serdar Jorayev and the State Secretary for Bilateral Relations of the Ministry of Foreign Economic Relations and Foreign Affairs of Hungary Tamas Mentzer.
The commission focused on the issues of intensifying trade, economic and investment contacts based on mutual interests.
Thus, in order to further strengthen bilateral economic cooperation between the economic entities of the two countries, an agreement on the promotion and mutual protection of investments has been prepared for signing by the Governments of Turkmenistan and Hungary. The document provides for the creation of a legal framework for cooperation by securing guarantees of investors' rights to carry out investment activities.
The agreement will contribute to improving the investment climate and further development of mutually beneficial trade and economic cooperation between the countries.
The parties also supported the proposal to hold the next Turkmen-Hungarian business forum.
During the meeting, promising areas of cooperation in such areas as energy, transport, agriculture, water resources management, and the humanitarian sphere were discussed.
The Turkmen-Hungarian Commission for Economic Cooperation was established in 2015. Its previous, 4th meeting was held in January 2020 in Budapest. At the same time, a joint business forum was held.
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