Sooeun-Mubo-Turkmen Foreign Economic Bank, Tripartite Business Agreement

The Export-Import Bank of Korea (KEXIM) announced on the 11th that it has signed a tripartite Memorandum of Understanding (MOU) with the Korea Trade Insurance Corporation (K-SURE) and the Turkmenistan Foreign Economic Bank (TFEB). TFEB serves as the external financial transaction window for the Turkmenistan government.

According to KEXIM, on the 10th (local time), KEXIM President Yoon Hee-sung met with K-SURE President Jang Young-jin and TFEB President Rahimberdy Jepbarov in Ashgabat, Turkmenistan, to sign the tripartite MOU aimed at revitalizing financial cooperation between the two countries. The meeting was attended by President Yoon Suk-yeol and Turkmenistan President Serdar Berdymukhammedov.

[Image source=Yonhap News]

The MOU signed by the three institutions includes joint discovery of cooperative projects in Turkmenistan, mutual cooperation for financial support when Korean companies win government-commissioned projects in Turkmenistan, and information sharing on Turkmenistan government projects.

Turkmenistan is a country with high growth potential based on abundant natural resources, including the world's fourth-largest natural gas reserves. Since supporting the Kiyanly gas chemical plant project in Turkmenistan with $770 million and $1.1 billion in financing by KEXIM and K-SURE respectively in 2014, they have maintained a friendly cooperative relationship with the Turkmen government and TFEB.

KEXIM promoted this MOU to solidify the mutual financial cooperation foundation between the two countries and to further enhance the competitiveness of Korean companies in winning Turkmenistan government projects. Accordingly, it is expected that Korean companies' participation will increase not only in gas and petrochemical projects but also in eco-friendly energy sectors such as blue ammonia and smart new town development projects.

President Yoon stated, “With the signing of this agreement, the economic cooperation foundation between the policy financial institutions representing the two countries will be further strengthened,” adding, “KEXIM will serve as a bridgehead to actively support Korean companies’ entry into Turkmenistan’s energy and infrastructure markets.”

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