On 11 June 2024, a Turkmen-Korean business Forum was held in Ashgabat with the participation of the National Leader of the Turkmen people, Chairman of the Halk Maslahaty Gurbanguly Berdimuhamedov and President of the Republic of Korea Yoon Suk Yeol.
More than 200 representatives of the public and private sectors took part in the forum. The participants included representatives of ministries, departments, financial, banking and business structures of both countries.
Opening the meeting, the National Leader of the Turkmen people noted that over the past period, Turkmen-Korean cooperation has significantly intensified.
As of today, Turkmenistan and South Korea have signed 105 agreements across various sectors, including 26 at the state and government level and 79 between departments.
There are 13 enterprises registered in Turkmenistan with the participation of the Korean capital.
Korean companies are currently involved in 14 investment projects in Turkmenistan, with a total value surpassing US $ 11 billion. They include:
- construction of a sulfur gas purification plant at the Galkynysh field;
- construction of a gas chemical complex for the production of polyethylene and polypropylene in Kiyanli;
- modernization of the Turkmenbashi complex of oil refineries;
- purchase of 1,630 units of buses and 300 units of passenger cars-taxis of the Hyundai brand.
- Construction of two cargo ships continues at the Balkan Shipbuilding and Ship Repair plant with the participation of Koryo Shipbuilding Industry Technology Co., Ltd.
Arkadag focused on the outcomes of 9th meeting of the Intergovernmental Commission, which took place on June 3, 2024 in the format of a videoconference. The discussions centered on potential areas for further collaboration, including trade, investment, the chemical and oil and gas sectors, shipbuilding, transportation and logistics, healthcare and pharmaceuticals, cultural and educational exchange, and fostering strong ties between entrepreneurs from both nations.
“We remain committed to continued financial cooperation with Korean institutions like the Export-Import Bank, the Korea Trade Insurance Corporation, and their Turkmen counterparts, the State Bank for Foreign Economic Activity, to support future projects involving Korean companies,” Turkmenistan’s National Leader emphasized.
Chairman of Halk Maslahaty remarked on the surging interest in Korean language learning among Turkmenistan’s youth. This trend is exemplified by the introduction of Korean language courses and dedicated departments at Turkmen universities, alongside the thriving King Sejong Korean Educational Center in Ashgabat. By strengthening cultural and humanitarian ties, we aim to foster even closer relations between our peoples, he said.
Then the floor was given to the President of Korea, Yoon Suk Yeol.
He stressed that the Republic of Korea attaches great importance to strengthening mutually beneficial partnership with Turkmenistan.
One of the key vectors of Turkmen-Korean cooperation is the gas sector. This year marks the 15th anniversary of the conclusion of a bilateral agreement on the construction of a facility for the purification of natural gas from sulfur at the Galkynysh field.
Highlighting Turkmenistan’s vast hydrocarbon resources, ranking fourth globally in natural gas reserves, President Yoon emphasized the potential for accelerated economic cooperation, particularly in the energy sector, by leveraging Korea’s advanced industrial technologies. He further called for stronger collaboration in trade and investment.
President Yoon also identified opportunities for cooperation in transportation, urging the establishment of direct flights between the two countries. Additionally, he underlined prospects in forging partnerships within the shipbuilding industry.
Currently, Korean and Turkmen engineers are working together on the construction of multipurpose naval vessels at the Balkan Shipbuilding and ship repair plant.
Noting that the Republic of Korea and Turkmenistan demonstrate commitment to a comprehensive constructive partnership, Yoon Suk Yeol expressed confidence that the business forum will serve to strengthen the foundation for the further development of traditional friendship and cooperation relations.
The Turkmen-Korean business forum explored prospects for expanding cooperation across trade, investment, and various economic sectors. Promising areas include oil and gas, energy, transportation and logistics, shipbuilding, industry, construction, agriculture, and environmentally friendly technologies. Both sides see significant potential to boost bilateral trade.
Beyond economic ties, the forum highlighted the importance of humanitarian cooperation in education, science, and culture.
The issues of Turkmen-Korean cooperation in specific sectors were discussed in more detail during meetings of representatives of relevant structures of the two countries organized at the end of the business forum.
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Following the business forum, a luncheon was hosted by Turkmenistan’s National Leader in honor of the Korean President.
Later, they proceeded together to Ashgabat International Airport for the President’s departure.
President Yoon Suk Yeol concluded his state visit to Turkmenistan and departed from Ashgabat.
///nCa, 12 June 2024 (photo credit – Yonhap)