OREANDA-NEWS. November 11, 2011. The Turkmen-Hungarian business forum was held at the Mizan Business Centre in Ashgabat in the framework of the top level talks between President of Turkmenistan Gurbanguly Berdimuhamedov and President of the Republic of Hungary Pal Schmitt. The organizer of the business meeting is the Chamber of Commerce and Industry of Turkmenistan.

A high-level delegation of the Republic of Hungary consisting of heads of government institutions and businessmen had arrived in Ashgabat to participate in the forum. They represented thirty leading companies and firms of the friendly country operating in the fuel and energy and agricultural sectors, the water and pharmaceutical industries, the spheres of land reclamation, agricultural chemistry, tourism, etc.

The participation of President of the Republic of Hungary Pal Schmitt gave a special status to the business forum that was to specify main areas of Turkmen-Hungarian partnership in the new historical period and identify major steps to implement the potential of collaboration on a long-term basis. Turkmenistan was represented at the forum by cabinet ministers, heads and specialists of ministries and departments concerned and the Union of Industrials and Entrepreneurs.

In his opening remarks the President of the Republic of Hungary highly evaluated the effectiveness of the bilateral top level talks underlined the significant role of the forum in presenting the capabilities of Turkmenistan as a country with the tremendous economic and energy potential to the Hungarian business community. Emphasis was put on the topicality of this forum in connection with enhanced bilateral cooperation well as the actively develop dialogue between Turkmenistan and the European Union. The distinguished guest focused on the significantly increased interest of the international community in Turkmenistan that consistently pursued the policy of peace, constructive endeavour and social progress.

The business forum provided Hungarian guests with an opportunity to learn about the economic potential and achievements of independent neutral Turkmenistan, the promising options for cooperation given the development priority of the Turkmen state. The important issues put on the forum agenda was the modernisation of Turkmen financial and banking laws.

Forum participants emphasized that fruitful partnership could be intensified further through implementing investment projects that our country indissolubly interconnected with economic diversification and active involvement of major international financial and business structures which our country had accumulated profound experience of collaboration with in a number of important areas over recent years.

In this regard it was noted that substantial resources to promote Turkmen-Hungarian partnership existed. Turkmenistan is interested in attracting big investment, advanced agricultural technologies, delivery of state-of-the-art machinery and equipment from Hungary. In their turn Turkmen producers are ready to export petrochemicals and oil products, competitive commodities manufactured in Turkmenistan, including textiles, mineral fertilizers, to the Republic of Hungary.

From the start the forum turned into a businesslike, constructive exchange of views. The representatives of Magyar Vizipari Klaszter, Vikuv, Agro-Kemi and other companies expressed the high readiness to enhance mutually advantageous trade and economic, scientific and technical cooperation and promote partnership in the petrochemical, agricultural, construction, banking and education sectors, the building materials and mineral fertilizers industry.

A focus of the thorough discussion was the aspects of cooperation in modernization of the water industry where Turkmenistan and the Republic of Hungary had accumulated positive experiences. The ambitious project of the Turkmen Lake Altyn Asyr opened up qualitatively new opportunities and prospects for developing the agricultural sector, improving water use efficiency and ensuring environmental security of the region. The large Hungarian companies specialising in hydraulic engineering, groundwater hydrology, irrigation, water conservation technology development and construction of water treatment facilities expressed the willingness to cooperation with Turkmenistan.

Much attention was paid to partnership in the tourism industry. This sector is deemed to be very promising given the ongoing ambitious project of the Avaza national tourism zone in Turkmenistan and the Lake Balaton with thermal waters in the Republic of Hungary.

Trade and economic cooperation between private businesses and entrepreneurs has a great potential. Currently, the share of the private sector constitutes 40 percent in the gross domestic product in Turkmenistan; this indicator is expected to be increased to 70 percent by 2020. International conferences, fairs, conferences, business forums conducted on a regular basis should become an effective mechanism for cooperation between the entrepreneurial circles

The options for further collaboration were considered during bilateral meetings of Hungarian guests with specialists of Turkmen ministries and departments and top managers of the Union of Industrials and Entrepreneurs of Turkmenistan.