President of Korea Yoon Suk Yeol said 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.
The remarks were made at the joint Turkmen-Korean business forum in Ashgabat, which brought together 250 government and company officials from both sides discussed the future business partnership. The event was jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and its Turkmenistan counterpart.
“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. [Yonhap]
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.
“Korean firms’ construction capabilities are the world’s top level and they have been recognized in Turkmenistan for carrying out multiple plant projects,” he said. “We hope more Korean firms participate in more plant projects in Turkmenistan.”
Turkmenistan is a major business partner for Korea after companies from the latter have won accumulated plant project orders worth $4.99 billion (6.87 trillion won) over the past decade. The amount tops the list among Korea’s five major trade and business partners in Central Asia.
“The two countries need to further 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.
Both sides also agreed to level up their ties in infrastructure, energy and a string of other business areas, such as smart cities and shipbuilding, so they can build more future-oriented and comprehensive business partnerships, according to the KCCI.
“Turkmenistan is pushing for diverse government-driven projects, including plant and smart city construction, as part of its key growth strategy, so both countries are expected to deepen their exchanges and partnerships in a variety of areas,” Park Il-jun, executive vice chairman at the KCCI, said. “We expect both countries to push ahead with diverse joint projects by combining Korea’s core strengths and Turkmenistan’s growth potential.” [The Korea Times]
Leaders from Korea’s leading construction firms — such as Hyundai Engineering and Daewoo Engineering & Construction — also attended the event along with government officials. They include Industry Minister Ahn Duk-geun and Land Minister Park Sang-woo.
The Korean land minister also delivered a speech on the theme of the nation’s smart city strategy.
“Korea secures the world’s top-level ICT infrastructure and is home to multiple global firms, such as Samsung, LG and Hyundai Motor,” the minister said.
He noted Korea, with its technological prowess, has carried out a number of smart city projects in 23 countries, adding that Korea hopes to boost such partnerships with Turkmenistan.