KITA hosts a meeting with corporate representatives from Turkmenistan

Corporate representatives from Turkmenistan and officials from Korean companies discussed possible avenues of expanding economic cooperation

The Korea International Trade Association (Chairman: Christopher Koo) invited Gurbanguly Berdimuhamedow, the Chairman of the People's Council of Turkmenistan, to a business meeting with corporate representatives from Turkmenistan and officials from Korean companies, which was hosted by KITA on November 29th at the Lotte Hotel in downtown Seoul. The meeting was organized to encourage discussions to discover possible avenues to bolster economic cooperation between Korea and Turkmenistan. Korea was represented by Chairman Koo and 15 officials from 13 major companies and institutions, including Hyundai Corporation, Hyundai Engineering and Daewoo E&C.

Aside from Chairman Berdimuhamedow, Turkmenistan was represented by 14 officials from state-owned companies and government institutions, including the Chairman of Turkmenhimiya (Turkmen Chemicals), the Chairperson of the Union of Entrepreneurs of Turkmenistan, the Head of the State Bank for Foreign Economic Affairs of Turkmenistan. In his opening remarks, Chairman Koo mentioned, “The two countries, which will be celebrating the 30th anniversary of establishing diplomatic ties, have maintained economic cooperation in the energy and plant sectors as mutually beneficial partners.” He also suggested, “Building on the successful cooperation based on each other’s economic structure beneficial for each other, I propose the two countries to expand the scope of cooperation into future-oriented sectors, including public health, medicine, information technology and environment sectors.”

After the business meeting, a ceremony took place to sign memorandum of understandings (MOUs) aimed at boosting economic cooperation between the two nations. During the ceremony, a total of six MOUs were signed between KITA and the Union of Entrepreneurs of Turkmenistan, including a) an MOU to share information in the trade and investment sectors & exchange economic delegations, b) an MOU to strengthen joint cooperation between the two countries. Investing efforts to vitalize cooperation between Korea and Turkmenistan is not new. In 2019, KITA launched the Korea ？ Turkmenistan Business Council and KITA has been acting as a channel to expand bilateral economic cooperation and boost exchanges between enterprises ever since.

[This news is provided by Newsis]