ASHGABAT, President Yoon Suk Yeol said Tuesday that South Korea’s industrial know-how and technology, if combined with Turkmenistan’s abundant resources, can create economic synergy between the two countries particularly in sectors such as energy and resource development.
Yoon made the remarks at a business forum attended by 200 government officials and business leaders from both nations in Ashgabat on the second day of his state visit to Turkmenistan.
“Turkmenistan, the world’s fourth-largest holder of natural gas, and South Korea, with its industrialization experience and advanced technology, have many areas to collaborate on in the future,” Yoon said in his keynote address.
Yoon highlighted the growing business ties in the energy and plant engineering sectors and vowed to establish economic frameworks aimed at facilitating trade and investment between the two countries. He encouraged Korean companies to actively participate in Turkmenistan’s energy and plant projects.
“The two countries need to furthe
r advance cooperation in the energy resources sector,” Yoon said.
Yoon also expressed hope for increased business ties through expanding direct flights and cooperation in the shipbuilding sector. Last week, South Korea and Turkmenistan agreed to expand direct flights between Incheon and Ashgabat from the current two to five a week.
In September 2023, the Korea Marine Equipment Association and Balkan Shipyard signed a US$42 million contract to build two 6,100-ton multipurpose carrier-class vessels, which are currently being constructed at Turkmenistan’s state-owned shipyard in Balkan.
On Monday, Yoon had a summit with Turkmen President Serdar Berdimuhamedow and adopted a joint declaration outlining their cooperation for Seoul’s “K-Silk Road Cooperation” initiative, which focuses on expanding ties with Central Asia.
The two sides also signed the Trade and Investment Promotion Framework to pave the way for comprehensive economic cooperation, making Turkmenistan the third Central Asian country to sign such a
deal with South Korea, following Uzbekistan and Kazakhstan last year.
Alongside the meeting, Hyundai Engineering Co. signed two agreements with Turkmenistan’s state-run companies to build a desulfurization facility and resume operations at a chemical plant. Daewoo Engineering and Construction Co. is bidding for a project to build two fertilizer plants.
The combined contracts expected to be secured by the two Korean companies are estimated to be worth approximately $6 billion, according to the presidential office.
Following the forum, Yoon will meet with former President Gurbanguly Berdimuhamedow, the father of the incumbent president and national leader and chairman of the People’s Council.
Yoon and first lady Kim Keon Hee will then head to Kazakhstan, the second leg of his three-nation Central Asia trip that also includes Uzbekistan.
Source: Yonhap News Agency
