Ashgabat, Seoul mull prospects for trade and economic partnership
Ashgabat, Turkmenistan, Jan. 24
By Huseyn Hasanov - Trend
Turkmen President Gurbanguly Berdimuhamedov has received newly appointed Korean Extraordinary and Plenipotentiary Ambassador Jin Ki Hoon, the Turkmen government said in a message Jan. 24.
The diplomat stressed the Korean businessmen’s interest in strengthening the positions in the promising Turkmen market.
The views on the prospects for cooperation in the trade and economic sphere, including construction, energy and transport, were exchanged at the meeting.
The prospects of partnership in education, tourism, sports and modern IT were also discussed.
Seoul hopes for partnership with Turkmenistan in such spheres as development of gas fields, creation of petrochemical and gas infrastructure.
Presently, South Korean LG and Hyundai, as well as Japanese Toyo corporation are building a polyethylene and polypropylene production complex in Kiyanly settlement (near the Turkmen coast of the Caspian Sea). The total cost of the project is more than $3.4 billion. The complex is planned to be commissioned 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.
The total trade between Turkmenistan and South Korea has recently grown from $200 million to almost $2 billion, according to the Turkmen side’s data.