The Korea International Trade Association held the first Korea-Turkmenistan business council with the Turkmenistan Chamber of Commerce on Thursday in Seoul as a follow-up to the summit between the two nations held in April.

The council was held to discuss how Korean companies can enter into promising fields in Turkmenistan such as energy, transportation, water environment and industries, including textiles, information and communications technology and shipbuilding, KITA said. 

The plenary session was attended by Korean construction companies such as Hyundai Engineering, GS E&C and Doosan Heavy Industries & Construction as well as companies related to railroads, water resources and shipbuilding.

During the meeting, KITA Chairman Kim Young-joo and Turkmenistan’s chamber of commerce head Dovletgeldi Rejepov signed a memorandum of understanding to run the council regularly. The two organizations plan to expand bilateral exchanges and economic cooperation through the council.

“The council will be a window for private cooperation between the two countries, by sharing information on energy and infrastructure projects as well as investment incentives in Turkmenistan,” Chairman Kim said in an opening speech.

“We will also expand our cooperation in new fields such as transportation and water environment energy through continuous development of the agenda,” he added.

Rejepov said Turkmenistan has high growth potential centered on energy plants, as the nation has the world’s fourth-largest gas reserves of 14.6 billion tons, following Russia, Iran and Qatar.

He went on to say, “Recently, we are seeking industrial diversification based on national social and economic development programs, and we expect close cooperation with Korean companies with competitiveness in transportation infrastructure, manufacturing and ICT industries.”

Hyundai Engineering executive Um Hong-seok said the firm has successfully carried out six projects in Turkmenistan worth 5.5 trillion won ($4.7 billion), including the upgrading of gas and chemical plant facilities.

“We also expect active exchanges and additional project orders through the business council platform,” he said. 

By Shin Ji-hye (shinjh@heraldcorp.com)