The first state visit by President of the Republic of Korea Yoon Suk Yeol to Turkmenistan, ranked as the highest in the diplomatic practice, naturally shows the importance that both capitals attach to the development and strengthening of bilateral cooperation and understanding of its value.
There is every reason for this today. Turkmenistan is well aware of the potential of the Republic of Korea, the level of its economic and technological development. In turn, Korean partners are aware of the opportunities and prospects of Turkmenistan, its resource wealth and geo-economic advantages. So, the combination of these realities gave birth to an objective and mutually beneficial process for the benefit of development of the two states.
Economy and investments are the flagships of cooperation. Turkmenistan and the Republic of Korea have a long-standing experience of cooperation that brings concrete results. Trade turnover is growing steadily. It grew by over 66 percent as of March 2024, year-on-year.
Investment cooperation is successfully developing. Korean companies such as LG, Hyundai, Daewoo, LS Cable&System have for many years been operating in the oil and gas, transportation and communication sectors of Turkmenistan’s economy. A lot of major projects have been implemented, the largest of which are:
– desulfurization plant at the Galkynysh field, which was built in 2013 with participation of Hyundai Engineering and LG International as part of a consortium;
– installation and further consulting services of road safety systems in Ashgabat with participation of SK Networks;
– turnkey construction of a gas chemical complex with participation of Korean corporations Hyundai Engineering and LG International as part of a consortium for production of polyethylene and polypropylene in Kiyanly settlement with the annual capacity of 386,000 tons of polyethylene, 81,000 tons of polypropylene and 49,000 tons of pyrogasoline;
– delivery of a significant number of motor vehicles (1,630 buses, 300 cars) under the government order.
At the same time, Ashgabat is guided by the fact that trade and economic cooperation should be a two-way street. Turkmenistan is also interested in expanding its presence in the market of the Republic of Korea and ready to offer Korean partners high-quality textiles, products of the agro-industrial and fuel and energy complexes with high added value.
In terms of intensifying investment partnership, the sides are looking for ways to co-finance projects in the sphere of small and medium-sized businesses, as well as joint ventures in the territories of both countries.
The transport sector is the most important strategic area. This is about creating transcontinental transport and transit corridors from the Asia-Pacific region to Europe, the Near and Middle East.
Turkmenistan sees it as the revival of the Great Silk Road, emphasizing the historical continuity of the unique nature of the relationship between the states located along it. In this context, Turkmenistan views the Republic of Korea as an important and promising partner, cooperation with which can become a significant constructive part of building the modern architecture along the East-West and South-North routes and give an effective impetus to creating multi-vector economic, energy, transport and transit corridors, establishing interconnected production cycles and industrial belts of the Eurasian partnership.
There are great opportunities for joint work in implementing projects in knowledge-intensive industries, including in the telecommunications and space sectors, as well as water desalination.
There are also great prospects for partnership with the Republic of Korea in creating a new look of Turkmen cities. Daewoo Engineering and Construction has expressed interest in joining the implementation of the urban development project “Ashgabat City”.
During the talks, the sides noted the importance of cooperation between Central Asia and the Republic of Korea. This format is promising and meets the interests of all stakeholders. In 2023, Turkmenistan chaired the 16th Central Asia – Republic of Korea Cooperation Forum in Ashgabat that discussed a broad range of issues. The forum showed that consistent strengthening of relations, building up the economic potential of cooperation, logistical capacities, establishment of effective cooperation schemes in science, education, medicine, environmental protection, joint development of projects in industry, agriculture and high technology is in the interest of all six states participating in this format.
Inter-parliamentary relations are an integral part of interstate relations. The visit by Chairman of the Khalk Maslakhaty of Turkmenistan Gurbanguly Berdimuhamedov to the Republic of Korea in November 2022 was a landmark event that gave these relations a powerful impetus
In the sphere of foreign policy, Turkmenistan, as a neutral state, believes that together with the Republic of Korea it can effectively contribute to achieving the goals of international and regional development in conditions of peace and stability and creating a relevant environment and political climate for this purpose.
In this context, President Serdar Berdimuhamedov briefed the leader of the Republic of Korea on Turkmenistan’s recent initiative for development of a Global Security Strategy at the UN and adoption by the UN General Assembly of Turkmenistan-initiated resolution declaring 2025 the International Year of Peace and Trust.
Ashgabat also promotes an active and broad dialogue with Seoul on other topics, including sustainable development, transport connectivity, energy security, climate and food agendas.
As part of his state visit to Ashgabat, Yoon Suk Yeol met with the National Leader of the Turkmen People, Gurbanguly Berdimuhamedov. The two politicians also took part in a bilateral business forum that was intended to emphasize the continuity of relations and attention to the trade and economic cluster as the foundation and locomotive of bilateral cooperation.
At the business forum, the sides emphasised development of partnership in the energy sector. As Gurbanguly Berdimuhamedov noted in his statement, a framework agreement between the State Concern T"urkmengaz and Hyundai Engineering Co. Ltd. was prepared for signing as part of the state visit by the President of the Republic of Korea. It provides for cooperation in constructing the IV stage of the Galkynys gas field inclusive of design, construction on the condition of full readiness of wells, commercial gas preparation facilities with the production capacity of 10 billion cubic meters per year and its purchase.
A cooperation agreement was also signed between the State Concern T"urkmenhimi'ya and the Korean company Hyundai Engineering Co. Ltd. on implementation of necessary measures for the successful commissioning and stable functioning of the polymer plant in Kiyanly. Agreements were also reached on expanding cultural, humanitarian, scientific, educational and sports cooperation.
In general, as noted by members of both delegations, the state visit by the President of the Republic of Korea to Turkmenistan became an important milestone in the history of the two peoples and states and confirmed the intention of the two countries to build long-term and sustainable partnership relations and availability of serious mutual potential for this.