WAIPA, THE WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, IS A GENEVA-BASED GLOBAL NETWORK FOSTERING INTERNATIONAL INVESTMENT AND ECONOMIC DEVELOPMENT.

WHAT ARE THE PRIORITIES OF RELATIONS BETWEEN KOREA AND TURKMENISTAN?

The relationship between Korea and Turkmenistan has been steadily developing since the establishment of diplomatic ties in 1992, primarily focusing on energy and plant cooperation. The Korean Embassy in Turkmenistan was opened in 2007, and a mutually beneficial partnership was formed in 2008. Significant visits have occurred, including those by the Korean President to Turkmenistan in 2014 and 2019, and visits by Gurbanguly Berdimuhamedov to Korea in 2015 and 2022. The two countries' aim to expand the horizons of cooperation beyond energy and plants to include broader and more diverse areas such as healthcare, shipbuilding, transportation, culture, and humanities. There is also a priority on mutual personnel exchanges to enhance understanding between the two nations.

Turkmenistan is a resource-rich country with the world’s fourth largest natural gas reserves. According to the government statistics, Turkmenistan has achieved a high level of economic growth, exceeding 6% over the past three years. The country has the capability to produce polyethylene, polypropylene, urea, and ammonia from its abundant methane resources, and it is well-positioned to produce future energy sources such as hydrogen. Additionally, Turkmenistan is rich in other energy and mineral resources such as oil and iodine, indicating great potential for continuous economic development. International credit rating agency Fitch has noted that the Turkmenistan administration has been more active in international relations, the climate-transition agenda, and promoting investment opportunities over the last year, with a high level of policy continuity observed. Turkmenistan's policies aim to diversify industries and export destinations, complementing Korea’s extensive experience in industry development and high construction capabilities. This creates numerous opportunities for cooperation between Korea and Turkmenistan.

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HOW IMPORTANT WAS THE RECENT STATE VISIT OF THE PRESIDENT OF KOREA?

The recent State Visit of President Yoon Suk Yeol of the Republic of Korea to Turkmenistan on June 10-11, 2024, marked a significant milestone in the bilateral relations between Korea and Turkmenistan. President Yoon Suk Yeol and President Serdar Berdimuhamedov had a one-to-one meeting followed by an expanded format meeting. During the visit, a Korea-Turkmenistan Business Forum was attended by President Yoon and National Leader of Turkmen people and Chairman of the Halk Maslahaty Gurbanguly Berdimuhamedov, along with over 200 businessmen from both countries. During a speech at the Forum, President Yoon highlighted the potential for cooperation between Turkmenistan, with its vast natural gas reserves, and Korea, with its extensive industry experience. He emphasized the need for expanding air routes and cooperation in the shipbuilding industry. Following the Forum, President Yoon and Gurbanguly Berdimuhamedov held a meeting where the National Leader described the visit as an important milestone in developing a comprehensive cooperative relationship in politics, economy, and culture. This state visit further deepened and developed the mutually beneficial partnership between Korea and Turkmenistan. Eight cooperation MOUs were signed in the fields of energy, plant, and health care. These MOUs facilitated the Joint Commission of Cooperation, established a Framework on Trade and Investment Promotion, and fostered cooperation on infrastructure and New City Development between Ashgabat and the Ministry of Land, Infrastructure, and Transport of Korea. The visit led to agreements between medical institutions and banks from both countries, as well as significant projects involving Hyundai Engineering Co., Ltd. for the development of gas fields and polymer plants. The signing of these MOUs laid a foundation for Korean companies to participate in the gas field development project of Turkmenistan and the stable operation of the Kiyanly polymer plant. Both countries agreed to make joint efforts to expand trade and investment, enhance mutual information sharing, and cooperate in transportation, infrastructure, and new city development.

Turkmenistan supported the “K-Silk Road” initiative, which aims to bolster cooperation in resources, development, and culture with Central Asia, linking Korea's innovative capabilities with Central Asia's development potential and abundant resources. Turkmenistan also supported the idea of holding the Korea-Central Asia Summit in 2025 and acknowledged the importance of the Korea-Central Asia Parliamentary Speakers’ Conference in promoting cooperation. The two countries are actively cooperating to successfully hold the 2nd Korea-Central Asia Parliamentary Conference in Ashgabat later this year.