Turkmenistan, Ashgabat, Nov. 10 / Trend H. Hasanov /
Turkmenistan and Hungary have signed bilateral agreements after joint governmental negotiations took place in Ashgabat, the Turkmen government said on Thursday.
The Joint Declaration between Turkmenistan and Hungary, the Agreement on Cooperation between the Turkmen Chamber of Commerce and the Hungarian Chamber of Commerce, the Protocol on Cooperation between the Turkmen Foreign Ministry and the Hungarian Foreign Ministry are among those signed.
According to the Turkmen Institute of Strategic Planning and Economic Development, the two countries are rapidly developing trade and economic relations. Technological machinery, equipment and drugs are being imported from Hungary to Turkmenistan. On the other hand, oil refining and petrochemical products, home textiles and other items are in demand for export to Hungary.
Currently, three companies backed by Hungarian capital are registered in Turkmenistan. Six projects with Hungarian capital worth over $ 34 million have also been registered in Turkmenistan.
Diplomatic relations between the two countries were established in May 1992. Hungary has been a member of the Council of Europe since 1991 and a member of the European Union since 2004.