Visiting Turkmen President Gurbanguly Berdimuhamedow (L) and his Hungarian counterpart Janos Ader attend a press conference after their meeting in Budapest, Hungary June 18, 2014. Berdimuhamedow is paying a two-day official visit to Hungary. (Xinhua/Attila Volgyi)

Turkmen President Gurbanguly Berdimuhamedow and his Hungarian counterpart Janos Ader discussed opportunities for boosting trade at a meeting in Budapest on Wednesday.

Ader noted at a press conference that Turkmenistan had the world's fourth largest natural gas reserve and that the European Union had reached an energy accord with Turkmenistan three years ago.

Berdimuhamedow underlined his country's readiness to improve energy security in Europe. He also pointed out how important Turkmenistan considered stability and security.

Turkmenistan is a neutral country, he said, and is therefore grateful for Hungary's support in international bodies such as the United Nations.

Ader also spoke about Turkmenistan's lack of water and offered Hungarian expertise in water management issues.

Berdimuhamedow proposed cooperation in the oil and gas industries and called for an intergovernmental committee to support economic cooperation as well as a joint business council to work directly with small and medium sized enterprises.

During the visit, both countries' officials signed an economic cooperation accord that includes the elimination of dual taxation, an educational, scientific, and cultural cooperation agreement, and a foreign relations cooperation accord.

Turkmen president began his two-day official visit to Hungary on Wednesday.