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Ashgabat, Seoul agrees to eliminate double taxation

29 November 2016 [18:25] - TODAY.AZ

By Azernews


By Gunay Hasanova

Turkmenistan and South Korea are showing willingness to reinforce the economic relations between the two countries.

The two countries have exchanged letters on the ratification of the intergovernmental convention on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income,  the "Oil and Gas Complex" of the country reported.

Some big South Korean companies are successfully operating in Turkmenistan. In particular, LG International and Hyundai Engineering Co.LTD implemented a big project on Galkynysh hydrocarbon deposit development in Turkmenistan upon the service conditions in the amount of $1.2 billion. This field has the biggest natural gas reserves in the country.

In addition, this consortium has received a project at the refinery in Turkmenbashi.

The bilateral relations cover trade, economic, scientific, and technological cooperation. The total volume of trade turnover of Turkmenistan and South Korea in recent years has increased from $200 million up to $1.9 billion.

Two countries pay special attention to cooperation in the transport sector in the context of transit and logistics infrastructure along the East-West and North-South with access to the European and Middle Eastern markets.

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 South Korea 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/156452.html

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