Turkmenistan and the Republic of Korea have signed an intergovernmental agreement on trade and economic cooperation. Turkmenistan's Foreign Ministry said this was the result of an official visit by Korean Foreign Minister Park Jin to Ashgabat, where he met with his Turkmen counterpart Rashid Meredov.
"During the talks, it was emphasised that the economic partnership between Turkmenistan and the Republic of Korea is strategic, sustainable and long-term in nature."
The meeting discussed projects on the creation of an industrial cluster in the new city of Arkadag, construction of gas chemical plants, purchase of electric cars and electric buses, use of methods and technologies of seawater desalination and innovations in the rational use of water resources.
The parties also touched upon such issues as diversification of financing, study of Korean experience in the field of green and hydrogen energy, and creation of modern high-tech production facilities.
More than a dozen projects involving South Korean companies have been registered in the local market with a total value of over $11bn.
In 2018, LG and Hyundai, together with Japan's TOYO, commissioned a $3.4bn polymer plant in the Caspian village of Kiyanly. Prior to that, Hyndai and LG provided services for the development of Galkynysh, the largest gas supergiant.
Eziz Boyarov
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