Hyundai Engineering Co. Secures Deals in Turkmenistan's Energy Sector

Hyundai Engineering Co. Secures Deals in Turkmenistan's Energy Sector
The speech of President Yoon Suk Yeol at the Turkmen-Korean Business Forum, June 11, 2024, Ashgabat, Turkmenistan

Hyundai Engineering Co. has signed two pivotal agreements with Turkmenistan's state-owned enterprises to construct a desulfurization facility and recommence operations at a chemical plant, Yonhap news agency reports.

Daewoo Engineering & Construction Co. is actively pursuing a bid to establish two new fertilizer plants in Turkmenistan.

South Korean President Yoon Suk Yeol highlighted these agreements during a business forum attended by 200 government officials and business leaders from both countries, emphasizing the potential for future cooperation in various fields, including energy, plant engineering, and shipbuilding. This forum, held on the second day of his state visit, reflects the deepening ties and shared economic goals between Turkmenistan and South Korea.

These agreements are part of a broader framework of economic cooperation, including the recently signed Trade and Investment Promotion Framework, making Turkmenistan the third Central Asian country to enter such an agreement with South Korea.

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