S. Korea mulls further trade & economic co-op with Turkmenistan

Ashgabat, Turkmenistan, Jan. 15

By Huseyn Hasanov – Trend:

Turkmenistan’s Foreign Ministry hosted a meeting with Ambassador Extraordinary and Plenipotentiary of the Republic of Korea Chin Ki Hoon.

The ministry said in a message that the parties exchanged views on intensifying the interstate cooperation and expressed commitment to interaction within international organizations.

The two sides spoke about the great prospects for trade and economic cooperation, and also discussed the possibility of establishing close ties between the business structures of the two countries.

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. Its capacity is estimated at 5 billion cubic meters of gas a year, 386,000 tons of polyethylene and 81,000 tons of polypropylene.

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.