Korea, Turkmenistan to boost energy ties

President Moon Jae-in speaks during a summit with Turkmenistan President Gurbanguly Berdimuhamedow, at the latter's presidential palace in the country's capital of Ashgabat, Wednesday. Yonhap

By Lee Min-hyung

President Moon Jae-in agreed Wednesday to expand energy-related business partnerships with Turkmenistan during a summit with the latter's President Gurbanguly Berdimuhamedow, Wednesday.

“We expect more Korean companies to participate in energy and plant businesses led by the Turkmenistan government,” Moon said in a post-summit joint press release there.

Turkmenistan is the first destination of Moon's trip to three Central Asian countries, including Uzbekistan and Kazakhstan. Moon will stay in the country for three days until Thursday.

In particular, Moon cited a petrochemical plant at Kiyanly, located on the west coast of Turkmenistan, as a successful example of the economic partnership between the two countries. A consortium led by Korean firm Hyundai Engineering completed the construction of the plant last year.

“The Kiyanly case shows Turkmenistan is the optimum partner for Korea,” Moon said. “I was encouraged by the Turkmenistan president's words that he will place importance on partnerships with Korean companies. Both countries will continue making the second and third Kiyanly models.”

Turkmenistan is best-known for having the world's fourth-largest gas reserves. Korea believes Turkmenistan will become a crucial partner in future economic cooperation.

Both sides also agreed to enhance ties in a variety of business areas, such as telecommunications and smart medical systems.

“Korea has strength in the telecommunications sector, with the country recently launching the world's first commercial fifth-generation network,” Moon said. “We hope Korean companies can play a part in expanding the digital infrastructure in Turkmenistan.”

The two countries signed six memorandum of understanding for partnerships in areas such as energy and plant businesses.

This is the first time that Moon has visited the country, so the government expects the summit to build a foundation for the two countries to continue boosting exchanges in business.

After the summit, President Moon was a guest at a state banquet organized by his Turkmenistan counterpart.