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Turkmenistan – South Korea relations expand

31 March 2015 [12:46] - TODAY.AZ

/By AzerNews/

By Laman Sadigova

Turkmenistan and South Korea are showing their willingness to reinforce the relations between the two countries. The meeting between the two leaders will be held in Seoul, South Korea on April 10.

The bilateral relations cover various aspects of both countries' interactions, including trade, economic, scientific and technological cooperation.

Turkmenistan and South Korea have signed a $4 billion agreement to build natural gas-processing plants in the Central Asian state in 2014. It was their biggest deal and it pulled the countries to expand the scope and scale of their cooperation in the future.

A number of South Korean companies felicitously run in Turkmenistan. LG International and Hyundai Engineering Co.LTD implemented a project for development of the Galkynysh field for $1.2 billion on service conditions. It should be noted that Galkynysh field has the largest gas reserve in the country.

All projects in the field of oil and gas chemistry will be implemented in the framework of the "Program for the Turkmen oil and gas industry development until 2030". It involves the use of oil and gas in the country's interests. The program expects greater investments in the expansion of the oil and gas sector of the country.

During the last meeting of the Cabinet of Ministers, Turkmen President Gurbanguly Berdimuhammadov stressed the great importance of comprehensive developments of cooperation with countries of the Asian-Pacific region, including South Korea.

Indeed, the fact that Turkmenistan has energy resources and that South Korea has hi-tech development plays a huge role in the desire of cooperation for both parties.

The total trade turnover between the two countries has increased from $200 million to 1.9 billion over recent years.

Turkmenistan raises its influence in the region, successfully using its energy resources to pave the way for progress. The growing interest of such huge players as the EU, Russia and Iran in retaining an impact in Central Asia has pushed them to look for cooperation with Turkmenistan, the region’s most promising country and best strategic position. It is no wonder, that South Korea considers future relations development with Turkmenistan favorably.

URL: http://www.today.az/news/regions/139489.html

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