This issue was raised during a meeting in Ashgabat by Turkmen Foreign Minister Rashid Meredov with his Hungarian counterpart Peter Szijjarto.

An exchange of views took place on a number of important directions for the development of bilateral ties in the political, trade, economic and cultural fields, the report said.

On May 20, the Hungarian foreign minister was received by Turkmen President Gurbanguly Berdimuhamedov. The opportunities for improving bilateral economic partnership were in the center of discussion.

In one of its banks, Hungary has allocated a credit line of $46 million to finance direct commercial relations and projects, Szijjarto told reporters.

He said that the issues of economic cooperation with Turkmenistan are under consideration, one of the forms of which may be the manufacture of pharmaceutical products, as state-owned pharmaceutical companies, which are among the biggest in the European market, operate productively in Hungary.

As for transport, drafts of two agreements in the field of civil aviation and road transport are being worked out, he noted.

The Hungarian foreign minister also drew attention to the fact that his country is ready to support effective activities in improving irrigation systems and water resources management.

Diplomatic relations between the two countries were established in 1992.

Hungary is interested in increasing imports of products of the chemical industry, oil and gas processing from Turkmenistan.

In June 2016, the two countries signed an intergovernmental convention on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income and capital.