Ashgabat, Seoul discuss perspectives of trade, economic co-op
Trend | December 8, 2017- President of Turkmenistan Gurbaguly Berdimuhammedow received Ambassador Extraordinary and Plenipotentiary of the Republic of Korea Jong Tae-In, the Turkmen government said in a message.
An exchange of views took place on the prospects for cooperation in the trade and economic sphere, energy and transport sectors, and in the field of advanced technologies.
“As an illustrative example of effective partnership - active participation of world-renowned Korean companies in large-scale infrastructure projects implemented in Turkmenistan,” said the message.
Seoul looks to partner with Turkmenistan in such areas as development of gas fields, creation of petrochemical and gas infrastructures and the modernization of industry.
At this stage, South Korean LG and Hyundai with Japanese TOYO are building a polyethylene and polypropylene production complex in the village of Kiyanly (near the Turkmen coast of the Caspian Sea).
The total cost of the project is more than $3.4 billion. The facility is scheduled to be commissioned in September 2018. The capacity is estimated to be 5 billion cubic meters of gas per year and production of 386,000 tons of polyethylene and 81,000 tons of polypropylene.
Meanwhile, Ashgabat and Seoul pay special attention to the transport sector in the context of the development of transit and logistics infrastructure along the East-West and North-South lines with access to European and Middle Eastern markets.
According to the Turkmen side, the total trade between Turkmenistan and South Korea in recent years has grown from $200 million to almost $2 billion.