Turkmenistan-South Korea trade turnover greatly increases

Business Materials 23 March 2015 18:11 (UTC +04:00)
The trade turnover between Turkmenistan and South Korea has recently increased from $200 million to $1.9 billion.
Turkmenistan-South Korea trade turnover greatly increases

Ashgabat, Turkmenistan, March 23

By Huseyn Hasanov- Trend:

The trade turnover between Turkmenistan and South Korea has recently increased from $200 million to $1.9 billion, Neutral Turkmenistan newspaper reported.

A joint business forum has been recently held in Ashgabat.

It was organized by the Chamber of Commerce of Turkmenistan and the Korea International Trade Association.

The intensified activity of the South Korean businesses testifies to the effective nature of the cooperation between the countries.

Such companies as LG International Corp., Hyundai Engineering Co., Ltd, DAEWOO INTERNATIONAL CORPORATION, SK C & C, DGI (Digital Graphics Incorporation), Clobal Azia Trading Co., KYUNGWON TRADING CO, SUN WOO Co.Ltd, SN Engineering, HSnK Architecture & Engineering, HS INTERNATIONAL INC, NAE WOI KOREA., LTD and others were represented at the business-forum.

The importance of cooperation in the establishment of high-tech facilities based on processing of local raw materials, particularly, in the power engineering, agriculture, textile industry and other areas was stressed at the event.

The representatives of South Korea's business circles have expressed interest in intensifying the cooperation in such priority areas as the ecology, construction, transportation, communication, alternative energy sources.

South Korean President Park Geun-hye visited Ashgabat for the first time in June 2014 as part of her regional tour of Central Asia. A package of intergovernmental documents was signed following her visit.

Some big South Korean companies are successfully operating in Turkmenistan. In particular, LG International and Hundai Engineering Co.LTD implemented a big project on Galkynysh hydrocarbon deposit development in Turkmenistan upon the service conditions in the amount of $1.2 billion. This field has the biggest natural gas reserves in the country.

It was reported in October that the South Korean corporation Dongil Construction offered a draft of the 15th stage of construction in Ashgabat. It envisages the construction of a complex of social and cultural facilities, comfortable residential buildings upon the order of the country's ministries and departments.