SEOUL, September 15 (AJP) - South Korean President Lee Jae Myung and Turkmen President Serdar Berdimuhamedow agreed Tuesday to expand cooperation in investment, infrastructure, shipbuilding and public security as the two countries signed 13 agreements and memorandums of understanding.
Lee met Berdimuhamedow, who is on a state visit to South Korea, at Cheong Wa Dae in Seoul ahead of the inaugural Korea-Central Asia Summit.
The agreements cover investment protection, chemical and plant industries, construction, transportation and logistics, water resources, railways and efforts to combat transnational crime.
Among them was an investment promotion and protection agreement concluded after 16 years of negotiations. The pact establishes protections for investors, including fair and equitable treatment, provisions on investor-state dispute settlement and guarantees concerning the transfer of investment-related funds.
The two leaders also agreed to broaden cooperation beyond the energy and plant sectors into railway modernization, shipbuilding, smart cities, water management, forestry, artificial intelligence and science and technology. Lee asked Berdimuhamedow to support the participation of Korean companies in Turkmenistan's railway modernization projects.
Lee thanked Turkmenistan for helping South Korean nationals and their families evacuate from Iran through its territory amid heightened tensions in the Middle East.
In March, more than 30 South Koreans crossed by land into Turkmenistan, with Ashgabat providing special immigration arrangements for them.
South Korea and Turkmenistan established diplomatic relations on Feb. 7, 1992, and formed what Seoul describes as a "mutually beneficial partnership" in 2008. Economic ties have focused heavily on Turkmenistan's vast natural gas resources and South Korea's engineering and industrial capabilities.
Korean companies have participated in major Turkmen energy projects, including the Kiyanly gas chemical complex, built by a consortium involving Hyundai Engineering and LG International. During a 2024 summit, the two countries also signed a Trade and Investment Promotion Framework, while Hyundai Engineering reached agreements related to the Galkynysh gas field and the Kiyanly plant.
More recently, the two governments have sought to extend cooperation into transportation infrastructure and shipbuilding. Turkmen officials said in May that Korean companies were already making significant contributions to the country's gas chemical industry, transport infrastructure and shipbuilding projects.
Berd Berdimuhamedow's visit comes as Seoul hosts the first Korea-Central Asia Summit, bringing together the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan on Sept. 16-17.
AJP Takeaways
- South Korea and Turkmenistan agreed to broaden economic cooperation at a summit in Seoul, with 13 agreements and memorandums covering investment, infrastructure, logistics and public security.
- The two countries finalized a long-negotiated investment protection agreement, providing a stronger legal framework for companies operating in each other's markets.
- Seoul and Ashgabat are seeking to expand ties beyond energy and plant construction into railways, shipbuilding, smart cities, water management, AI and other emerging sectors.
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