KCCI, Turkmen Business Forum
Yoon and Turkmen Supreme Leader Attend Together for the First Time
Among the five Central Asian countries, Turkmenistan, where Korean companies have secured the most orders over the past decade, saw businesspeople from both countries agree to strengthen cooperation in infrastructure, digital sectors, and more.
President Yoon Suk-yeol and Gurbanguly Berdimuhamedow, the Supreme Leader of Turkmenistan, are shaking hands at the conclusion of the "Korea-Turkmenistan Business Forum" held at the Chamber of Commerce in Ashgabat, Turkmenistan, on the morning of the 11th (local time). [Photo by Yonhap News]
The Korea Chamber of Commerce and Industry (KCCI) announced on the 11th that it jointly held the 'Korea-Turkmen Business Forum' with the Turkmen Chamber of Commerce and Industry in Ashgabat, Turkmenistan.
The forum was attended for the first time by President Yoon Suk-yeol and Gurbanguly Berdimuhamedow, Chairman of the Turkmen Senate and National Leader (former president and current president's father), who encouraged the businesspeople. About 250 participants including businesspeople and government officials from both countries attended.
Key private-sector attendees from Korea included Park Il-jun, Executive Vice Chairman of KCCI; Hong Hyun-sung, CEO of Hyundai Engineering; Jung Won-joo, Chairman of Daewoo E&C; Ji Hyung-geun, Vice President of Samsung C&T; and Lee Sung-yeol, Executive Director of Doosan Enerbility. From the government and related organizations, about 100 people attended, including Ahn Duk-geun, Minister of Trade, Industry and Energy; Park Sang-woo, Minister of Land, Infrastructure and Transport; Yoon Hee-sung, President of the Export-Import Bank of Korea; and Kim Chang-hak, Chairman of the Korea Plant Industry Association. On the Turkmen side, more than 150 people attended, including National Leader Berdimuhamedow and Mergen Gurdov, Chairman of the Chamber of Commerce.
Turkmenistan is the world's fourth-largest oil and gas country. Korean companies have been actively securing plant business orders here. Over the past decade, the order amount reached $4.99 billion (approximately 6.9 trillion KRW), ranking first among the five major Central Asian countries. The order amount is more than ten times the trade volume. The Turkmen gas desulfurization facility project secured by Korean companies was carried out during the development of the Galkynysh gas field, one of the world's top five gas fields, in 2009. It is the largest plant project in Turkmen history. Other achievements include the Turkmenbashi refinery in 2012, the Kiyanly crude oil processing plant construction in 2014, and the recent signing of an agreement for the construction of the fourth Galkynysh desulfurization facility.
In his greeting, Executive Vice Chairman Park Il-jun said, "I hope that the forum will bring a wave of cooperation not only in energy but also in shipbuilding, digital, medical, and various other fields." He added, "As Turkmenistan is promoting smart city construction as a key task alongside plants as part of its government-led growth strategy, I hope to discover various joint projects that combine Korea's strengths with Turkmenistan's growth potential."
Discussions were also held on overall economic cooperation, including energy, plants, smart cities, shipbuilding, and small and medium-sized enterprises. Minister Park Sang-woo, who spoke on behalf of the Korean government, introduced Korea's strengths in his presentation titled "Korea's Smart City Strategy," saying, "Korea has world-class information and communication technology (ICT) infrastructure and global leading companies in semiconductors, electronics, and automobiles such as Samsung, LG, and Hyundai Motor. The education level of the people and their adaptability to IT technology are very high."
Kim Chang-hak, chairman of the Korea Plant Industry Association, stated in his presentation on plant cooperation measures, "Korea's proven plant EPC (Engineering, Procurement, and Construction) companies have built many achievements and a good reputation worldwide." He added, "We have already demonstrated high technical skills in Turkmenistan through projects such as the desulfurization facility in 2010 and the Kiyanly gas chemical plant project in 2014."
Lee Sung-woo, Director of the International Trade Headquarters at KCCI, said, "Turkmenistan has continued its growth based on political stability and abundant resources and is actively responding to the global energy supply chain restructuring through diversification of natural gas exports." He added, "I hope the forum will become a solid stepping stone for public-private cooperation to secure energy and infrastructure orders for our companies."
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