...

Ashgabat, Seoul mull prospects of economic co-op

Business Materials 22 January 2018 12:05 (UTC +04:00)

Ashgabat, Turkmenistan, Jan. 22

By Huseyn Hasanov– Trend:

Ashgabat city hosted a meeting of Turkmen Foreign Minister Rashid Meredov with the delegation of the South Korean Parliament, the Turkmen Foreign Ministry said in a statement Jan. 22.

The sides noted importance of the work of the intergovernmental commission on trade, economic and scientific-technological cooperation and discussed prospects of ties between business circles of the two countries. The parties showed great interest in cooperation in the fields of energy, construction and transport.

“Joint efforts for disarmament, combating the proliferation of weapons of mass destruction and the initiative to create a nuclear-weapon-free zone were also noted,” the statement said.

It was earlier reported that Seoul counts on partnership with Turkmenistan in such areas as the development of gas fields, the creation of petrochemical and gas infrastructures, and the modernization of industry.

South Korean LG and Hyundai with Japanese TOYO are building a polyethylene and polypropylene production complex in the village of Kiyanly, near the Turkmen coast of the Caspian Sea.

The total cost of the project is more than $3.4 billion. The facility is scheduled for commissioning in September 2018.

Meanwhile, Ashgabat and Seoul pay special attention to the transport sector in the context of development of transit and logistics infrastructure along the East-West and North-South routes, giving access to European and Middle Eastern markets.

According to the Turkmen side, the total trade between Turkmenistan and South Korea in recent years has grown from $200 million to almost $2 billion.

Tags:
Latest

Latest