Session of Turkmen – Korean Business Council is held

Perspectives of expansion of trade and economic cooperation were the main subjects of discussion at the session of joint Turkmen – Korean Business Council held in video conference format.

Representatives of Trade and Industrial Chamber, number of ministries and departments including fuel and energy complex, transport section, textile industry, water management and other took part in the forum from Turkmen side. Heads of Türkmendeňizýollary Agency, Balkan Shipbuilding and Repair Yard OJSC, Deňiz söwda floty CJSC have been invite to participate in the session.

Korean side was represented by Korean International Trade Association and companies specialized in different spheres, in particular in oil and gas, textile industries, logistic, shipbuilding and water management spheres.

The business council was established by initiative of President Gurbanguly Berdimuhamedov proposed during the talks with President of the Republic of Korea Moon Jae-in who came to our country on official visit in April last year.

This decision was aimed at strengthening of trade relations, coordination of existing and perspective joint economic projects, intensification of spheres of cooperation, attraction of investments, expansion of range of bilateral trade and enforcement of activity of business communities of both countries.

The sides stated that agreements reached at high level meetings have brought Turkmen – Korean interstate dialog on new level, having opened real opportunities for strengthening of partnership in number of directions.

Taking unprecedented by scale and importance measures for technical rearmament and modernization of the main branches of national economy, our country relies on wide achievements of scientific and technical progress and active attraction of the best international practice.

Leading Korean companies, which are recognized leaders in high technologies in the world market, express the willingness to present their latest scientific and production developments. Their experience will be used for realization of joint projects of construction of facilities of production infrastructure and national and regional significance.

Significant activation of Korean business structures observed in the last years, which successfully work in petrochemical, gas processing, road transport and other fields, indicates efficient character and high dynamics of development of cooperation between Turkmenistan and the Republic of Korea.

Construction of gas treatment plant at Galkynysh deposit, installations for production of high-octane gasoline at Turkmenbashy Refinery Complex as well as polymeric plant in Kiyanly, Balkan Velayat specialized in production of polyethylene and polypropylene can be brought as examples.

Representatives of Korean companies including Hyundai Engineering, LG International, GS E&C have made new specific proposals on cooperation for modernization and strengthening of equipment and facility base of fuel and energy complex.
According to unanimous opinion, cooperation in transport sphere in the context of the formation of multimodal transit and transport corridors in North – South and East – West direction as well as integrated logistic infrastructure seems to be perspective.

By the way, biggest part of public transport fleet of our country includes Korean made vehicles at present and partnership in this sphere will be continued.

Scientific and research institute of maritime equipment of Korea “ KOMERL” has spoken for improvement of legal base of cooperation by development of new joint documents and proposed its services in organization of seminars and supply of equipment for maritime fleet of Turkmenistan.

Doosan Heavy Industry specialized in water management and energy expressed willingness to implement new joint projects, especially in construction of drinking water plant in Caspian Sea.

It was highlighted that big role in realization of the strategy of social and economic development is given to introduction of digital technologies where Turkmenistan also hopes to exchange practice with Korean colleagues. It is expected that the Republic of Korea will take part in development of digital infrastructure of the country based on the Memorandum of Understanding for cooperation in the sphere of information and communication technologies signed one year ago.

Thus, representatives of Korean International Trade Association introduced the work of online trading platform TradeKorea, which gives opportunity for sale of commodities, during the session.

Noting the importance of joint Business Council in solution of current issues for intensification of traditional relations, which are based on the principles of trust, equality and respect, the sides have spoken for regular organization of bilateral business forums, round tables and meetings.

Korean side has also proposed initiatives on organization of familiarization trips, organization of training courses and seminars for specialists of different spheres.

Members of online meeting expressed confidence that regular contacts would support further promotion of multidimensional interstate dialog meeting long-term interests of two friendly nations, strengthening of trade and economic relations and fruitful partnership between business structures of Turkmenistan and the Republic of Korea.

Source: Turkmenistan State News Agency-TDH

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