The Korean company Daewoo Engineering & Construction, a long-time partner of Turkmenistan, opened a branch in Ashgabat, the capital of Turkmenistan, on 31 October, which will become an advanced base for expansion into Central Asia, the company’s press service reports.
The event was attended by representatives of the Ministry of Foreign Affairs of Korea, including Chairman of Daewoo Engineering & Construction Jung Won-ju, Foreign Minister Park Jin, Ambassador to Turkmenistan Ji Gyu Taek and Director of European Affairs Choi Tae Ho. Deputy Prime Minister for Energy, Industry and Construction Baymyrat Annamammedov was present from the Turkmen side.
At the opening ceremony of the branch in Turkmenistan, Chairman Jong Won-ju said: ““I would like to express my sincere gratitude to the Turkmenistan and Korean governments and officials for their active support in establishing the branch. Daewoo E&C is more than a private company, it is a bridge between Korea and Turkmenistan.”
The Korean company Daewoo E&C signed a Memorandum of Understanding with the State Concern “Turkmenhimiya” in November last year and joint projects are being implemented on the basis of this document. The first project is the construction of an ammonia–carbamide plant in the Balkan province. The second one is a plant for the production of phosphate fertilizers with a capacity of 300,000 tons per year. The projects are financed by funds raised from credit agencies in Korea and Europe.
According to the company, Daewoo E&C is also expected to participate in the second phase of the Arkadag smart city construction project.
Daewoo E&C Chairman Jong Won-ju is visiting Turkmenistan for the second time this year. He previously visited Ashgabat and met with the Turkmen leadership in late May. ///nCa, 3 November 2023