Korea, Turkmenistan pledge to elevate ties in infrastructure, plant projects, energy

President Yoon Suk Yeol delivers a speech on the sidelines of the Korea-Turkmenistan Business Forum at the headquarters of the Chamber of Commerce and Industry of Turkmenistan in the country's capital, Ashgabat, Tuesday. Yonhap

Korea pledged to elevate its partnership with Turkmenistan in infrastructure, plant projects and energy by taking advantage of the latter's geopolitical stability and extensive reserves of natural resources, Korea's largest business lobby said Tuesday on the sidelines of their bilateral business forum.

A group of 250 government and company officials from both sides discussed the future business partnership during the Korea-Turkmenistan Business Forum — jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and its Turkmenistan counterpart.

"Korea still has many things to do with Turkmenistan, whose gas reserves are the world's fourth-largest," President Yoon Suk Yeol said during a keynote speech at the forum.

Yoon urged Korean companies to join bids for more plant projects from Turkmenistan.

"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.

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.

Hyundai Engineering CEO Hong Hyeon-sung, second from right, talks with Maksat Babayev, third from right, head for Turkmengaz, during the Korea-Turkmenistan Business Forum at the headquarters of the Chamber of Commerce and Industry of Turkmenistan in the country's capital Ashgabat, Tuesday. Yonhap

"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."

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.

Gurbanguly Berdimuhamedow, chairman of the People's Council of Turkmenistan, and Mergen Gurdov, chairman of the Chamber of Commerce and Industry of Turkmenistan, also joined the forum to discuss future ties with the Korean government and companies.

The Korean business lobby expected both countries to expand their business ties into more untapped areas.

"Korea and Turkmenistan have long strengthened their partnerships with a focus on the energy industry," the KCCI vice chairman said. "We look forward to boosting their collaboration not only in the energy sector but also in shipbuilding, digital and even medical treatment."

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.