Business circles of Turkmenistan and Korea identified promising areas for cooperation

Ashgabat hosted a business forum attended by business communities of Turkmenistan and the Republic of Korea. In addition, a regular meeting of the Intergovernmental Turkmen-Korean Commission for Trade, Economic, Scientific and Technological Cooperation was held.

A representative delegation of the friendly country, including about 40 executives and specialists of the Financial Exchange, the leading Korean companies and corporations, as well as large educational and scientific centers of the Republic of Korea arrived in the Turkmen capital to take participation in these meetings. For the Turkmen part a forum was represented by officials from the trade and financial-economic complex of the country, a number of higher educational institutions, as well as members of the Union of Industrialists and Entrepreneurs.

During a forum business emphasis was made on a great potential for development of cooperation in the fields of economy, and increasing trade turnover and investments, which reflects a great interest among business circles of the Republic of Korea in the Turkmen market.

Presentations made by representatives of the Turkmen party provided the indicators demonstrating the impressive resource and export potential of the national economy. The comprehensive programs, which are implemented at present, are aimed at the complete modernization of the economy, creating the high-capacity industrial infrastructure, introducing advanced technologies, and assimilating the best world experience and practice. Thus, the Ministry of Industry and the Company “POSCO – DAEWOO” discussed the opportunities for cooperation in the field of metallurgy development.

In turn, representatives of the companies of the Republic of Korea, who stressed the importance of cooperation in creating the high-tech industries based on processing local raw materials, in particular, in the fields of gas and petrochemicals, chemistry, electric power, agriculture and other industries, presented their projects and proposals.

The interest was expressed in establishing closer cooperation in the fields of ecology, construction, transport, communications, education and sports. The guests confirmed their readiness to provide their latest scientific and industrial developments for the implementation of joint projects of national and regional importance. The expediency of establishing direct contacts between the leading Turkmen and Korean universities was noted.

Within the framework of bilateral meetings between representatives of ministries, departments, the Union of Industrialists and Entrepreneurs of Turkmenistan and members of the delegation of the Republic of Korea, more detailed plans for further cooperation were outlined.

A business forum, organized by the Chamber of Commerce and Industry jointly with the Korea International Trade Association, was held for the third time. The business meetings of this format were initiated during the mutual visits of the Presidents of Turkmenistan and the Republic of Korea in 2014 and 2015.

For several years, the Korean companies have been successfully operating in various economic sectors in Turkmenistan. The major projects which were carried out with their participation include the construction of a natural gas desulfurization plant at the Galkynysh deposit, the modernization of an oil refineries complex in the city of Turkmenbashi, the construction of a gas chemical complex for the production of polyethylene and polypropylene in Kiyanly village. Among the joint projects in design stage are the second modernization phase of the Turkmenbashi Complex of Oil Refineries and the construction of a plant for processing natural gas into liquid fuels, et al.

Today a regular session of the Intergovernmental Turkmen-Korean Commission for Trade, Economic, Scientific and Technological Cooperation has been held, the two-day agenda of which includes the issues of implementing the previously reached agreements, further development of cooperation in promising areas.