'Gas Powerhouse' Turkmenistan Explores New Projects in Shipbuilding, ICT, and Railways

Sung Yun-mo, Minister of Industry, Holds Video Conference to Support Korean Companies' Turkmenistan Orders
Video Conference Held Between Senior Representatives of Korea-Turkmenistan Economic Joint Committee
"Discussing Support for Korean Companies' Plant Orders and Enhancing Bilateral Cooperation in Medical, Textile, and ICT Sectors"

Sung Yoon-mo, Minister of Trade, Industry and Energy. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] South Korea will jointly explore new projects in shipbuilding, information and communication technology (ICT), and railroads with Turkmenistan, a gas powerhouse in Central Asia.

On the 24th, Sung Yun-mo, Minister of Trade, Industry and Energy, held a video conference with Muratgeldi Meredov, Deputy Prime Minister of Turkmenistan in charge of oil and gas, and the chief representative of the Economic Joint Committee.

Amid restricted movement due to the novel coronavirus disease (COVID-19), the joint committee discussed ways to enhance economic cooperation and South Korean companies' contract activities in Turkmenistan.

This was the first high-level video meeting between South Korea and Turkmenistan since COVID-19.

Turkmenistan is the world's fourth-largest gas powerhouse, with 19.5 trillion cubic meters of natural gas reserves. From our perspective, it is a key country in the 'New Northern Policy.'

Our companies have entered Turkmenistan's energy plant and construction sectors, securing contracts worth 10 billion dollars.

Both countries evaluated the bus supply contract for 400 buses (approximately 60 million dollars) signed in March between Hyundai Corporation and the Turkmen Transport Agency as a concrete achievement of economic cooperation.

They agreed to continue cooperating on Turkmenistan's transportation infrastructure improvement projects going forward.

They also agreed on the urgency of maintaining trade and investment and expanding economic exchanges to minimize the negative impact of COVID-19.

They confirmed the need to steadily promote ongoing cooperative projects in textiles, plants, land, and healthcare.

Furthermore, they decided to discover new cooperative projects in shipbuilding, ICT, and railroads.

In particular, Minister Sung emphasized the need to promptly conclude contracts for major projects currently at the negotiation stage due to COVID-19.

The projects include the annual 230 million dollar sales rights for the Kiyanly plant products, 300 million dollars for Kiyanly plant operation and maintenance (O&M), and 8.35 million dollars for the land informatization infrastructure construction project.

Minister Sung requested the Turkmen government’s active interest and support to enable South Korean companies to participate in newly ordered projects such as seawater desalination plants.

Additionally, he asked for the Turkmen government’s cooperation regarding future businesspeople’s entry and exit to ensure stable business activities for South Korean companies.

Turkmenistan plans to restrict entry and exit for both its citizens and foreigners until the 20th of next month.

Deputy Prime Minister Meredov expressed that Turkmenistan considers South Korea, which has industrial development experience and technology, a good socio-economic development partner.

He agreed on the necessity of joint efforts to promote cooperative projects for COVID-19 response and to resolve difficulties faced by Korean companies.

Turkmenistan is pursuing industrial diversification such as ▲development of high value-added gas chemical industries ▲promotion of textile and electronics industries ▲diversification of gas exports under the '2011-2030 Socio-Economic Development Program.'

Both countries agreed to hold the '8th Korea-Turkmenistan Economic Joint Committee' in the second half of the year.

This content was produced with the assistance of AI translation services.