The Republic of Hungary and the Republic of Kazakhstan (hereinafter referred to as the "Contracting Parties"),

Desiring to intensify economic cooperation to the mutual benefit of both States,

Intending to create and maintain favourable conditions for investments of investors of one State in the territory of the other State, and

Conscious that the encouragement and reciprocal protection of investments, according to the present Agreement, stimulates the business initiatives in this field,

Have agreed as follows: