Trade and economic cooperation as an important component of Turkmen – Korean relations was one of the main subjects of the talks of President Gurbanguly Berdimuhamedov with President Moon Jae-in in Oguzkhan Palace Complex.
Turkmenistan has rich natural resources, developing industrial and transport infrastructure and agrarian complex while the Republic of Korea has modern technologies and production, Turkmen leader said, having noted that our country considers for beneficial cooperation with Korean business circles on creation of new industrial facilities based on advanced and eco-friendly technologies.
Leading Korean companies participating in the implementation of the projects of construction and modernization of oil refining and petrochemical complexes were brought as an example of efficient joint activity. It includes gas processing plant at Galkynysh field and petrochemical complex for polymers production in Kiaynly settlement in Balkan Velayat.
In this context, President Gurbanguly Berdimuhamedov made proposal on detailed review of the implementation of joint energy projects in Turkmenistan in near future.
The most important of them were discussed recently in Seoul at the seventh session of Intergovernmental Turkmen – Korean Commission for trade, economic, scientific and technological cooperation. In this regard, it was proposed to have talks between Korean companies and relative structures of Turkmenistan on detailed discussion of the subjects related to organization of joint work in May – June this year.
Transport sphere was outlined as one of the main directions of bilateral cooperation. Big Korean transport, logistic and ship building companies as well as facilities producing modern high-class vehicles, locomotives and wagons would be able to take part in the development of transport and communication infrastructure f Turkmenistan as an important element of international cooperation in the sphere of sustainable transport.
For example, ship-building plant operates in the structure of Turkmenbashy International Seaport, which was put into operation in May last year. In case of the interest of profile Korean companies, Turkmen side is willing to establish close cooperation in this new field – the construction of sea ships for their use in Caspian Sea.
Partnership in supply of vehicles from the Republic of Korea with the opening of trade, service and maintenance bases of Korean vehicle building companies seems to be perspective in the partnership between our countries.
Turkmen side said about the willingness to detailed discussion of the main terms of cooperation in the sphere of railroad transport. Study of the capabilities of Korean companies in supply of relative equipment as well as their participation in modernization of railways in Turkmenistan is very current in this sphere.
Turkmenistan is also willing to develop joint projects in electronic industry having rich intellectual potential, wide financial and material resources for its development. Participation of Korean companies, which have high technologies, in creation of this industry in Turkmenistan can be another direction of the partnership. Advanced technologies of light industry of the Republic of Korea can be used in further development of Turkmen textile industry.
Systematic introduction of digital technologies in all spheres is strategically important for social and economic growth of our country, President Gurbanguly Berdimuhamedov said. In this regard, Turkmen side looks forward the exchange of practice with Korean colleagues in the sphere of digital economy and express the willingness to the establishment of direct contacts with relative government structures, institutes and companies of two states.
President Gurbanguly Berdimuhamedov proposed to establish joint Turkmen – Korean Business Council for strengthening of trade relations, coordination of existing and perspective joint economic projects and expansion of the spheres of the partnership. It composition may include Turkmen and Korean industrial facilities, trade companies, banks, financial and industrial institutes, centres of economic information. The Head of Turkmenistan has also expressed the confidence that regular and systematic communication of entrepreneurship structures under the above-mentioned Council would support significant promotion of bilateral trade and economic cooperation.
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