BUDAPEST: Hungary and Turkmenistan signed a double taxation avoidance agreement on Wednesday, the economy ministry said.
The agreement ensures a more favourable and transparent business and legal foundation for investors from both countries, the ministry said, adding that it is expected to foster economic ties and increase capital investments.
The signing came a day after the second meeting of the Hungarian-Turkmen Economic Cooperation Intergovernmental Committee and a forum of business leaders from both countries in Budapest. Bazarov Batyr, Turkmenistan’s economy and development minister told the forum on Tuesday that bilateral trade volume had exceeded 37 million dollars in 2015, which he said was a significant increase on 2014.
He said Hungarian firms currently doing business in Turkmenistan include pharmaceutical companies, transport and logistics companies and tech companies.
