On 5 September 2024, a high-level Turkmen delegation led by Deryageldi Orazov, Chairman of the Arkadag City Construction Committee, met with Daewoo E&C CEO Baek Jung-wan in Seoul. The delegation included Rahimberdi Jepbarov, Chairman of the Foreign Economic Bank, and Begench Durdiyev, Turkmenistan Ambassador to South Korea, according to Korean news outlets’ reports.
During the meeting, CEO Baek expressed interest in securing two fertilizer plant projects for Daewoo E&C. He highlighted the company’s successful track record in constructing new cities and high-rise buildings, emphasizing its ability to deliver high-quality projects in Turkmenistan.
In turn, Deryageldi Orazov responded positively to Daewoo E&C’s proposals, indicating a willingness to explore future collaborations. “We hope for continuous consultations as reliable partners on both sides,” he said, indicating a positive outlook for ongoing and future projects between Daewoo E&C and Turkmenistan.
A Daewoo E&C official emphasized the strategic importance of Turkmenistan, a resource-rich country with significant investments in infrastructure and urban development.
“Based on Daewoo E&C’s excellent business competitiveness and construction technology, we will do our best to pioneer the Turkmenistan market”, the official added.
Daewoo E&C, a leading South Korean construction and engineering firm, has a history of successful global projects. Its interest in Turkmenistan aligns with the country’s efforts to diversify its economy and develop new cities.
In June 2024, Daewoo E&C CEO Baek Jung-wan met with President Serdar Berdimuhamedov to discuss potential collaboration sectors, including gas and chemical industries, transport, high technology, investment, and smart city development.
In October 2023, the company established a branch in Ashgabat to strengthen its presence in Turkmenistan.