Korean Companies Undertake $11 Billion Projects in Turkmenistan

Korean Companies Undertake $11 Billion Projects in Turkmenistan
Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov speaks at the Turkmen-Korean Business Forum, June 11, 2024, Ashgabat, Turkmenistan.

National Leader of the Turkmen people and Chairman of the Halk Maslahaty of Turkmenistan, Gurbanguly Berdimuhamedov, highlighted during the Turkmen-Korean Business Forum in Ashgabat on Tuesday that there are 14 investment projects in Turkmenistan involving Korean companies, with a total value exceeding $11 billion, as reported by the official media of Turkmenistan.

“These projects include the construction of a gas desulfurization plant at the Galkynyş field; the building of a gas chemical complex for the production of polyethylene and polypropylene in Gyyanly; the modernization of the Turkmenbashi oil processing complex; and the procurement of 1,630 buses and 300 Hyundai taxis,” emphasized the National Leader.

Berdimuhamedov also noted that the construction of two cargo ships continues at the Balkan shipyard and ship repair plant with the participation of Koryo Shipbuilding Industry Technology Co., Ltd.

According to the Chairman of the Halk Maslahaty, 105 documents have been signed between Turkmenistan and the Republic of Korea, encompassing various sectors, including 26 interstate and intergovernmental agreements and 79 interdepartmental agreements.

The National Leader mentioned that there are currently 13 enterprises in Turkmenistan with South Korean capital.

Turkmen President Serdar Berdimuhamedov and South Korean President Yoon Suk Yeol held extended talks on June 10, 2024, in Ashgabat, which resulted in the signing of bilateral documents.