News

On 3-6 May, the third meeting of negotiations on the bilateral investment promotion and protection agreement between Lithuania and Turkmenistan was held in Ashgabat, during which the text of the investment promotion and protection agreement between the Government of Lithuania and the Government of Turkmenistan was agreed upon and initialled.

The agreement lays down a legal mechanism for the movement of capital between the two countries, consolidating principles of non-discrimination and the most favoured nation treatment for investors of the two countries, the free transfer of investment-related funds, framework for settlement of investment disputes and other investment protection mechanisms. The agreement aims to achieve the objective of free movement of capital between the countries and to provide favourable conditions for private investment.

Currently, Lithuania has adjusted and prepared for signing three agreements with Turkmenistan: investment promotion and protection agreement, double taxation avoidance agreement and economic cooperation agreement.

The latter agreement would provide for the establishment of a Lithuania-Turkmenistan intergovernmental commission and representatives from associated business structures would be invited to join it.

Agreements are intended to be signed in the short run. The signing of economic agreements with Turkmenistan will facilitate and give impetus to the promotion of mutual economic and commercial ties.

Since 2010, Turkmenistan has pursued an open door policy that is expected to attract foreign investment.