South Korea and Turkmenistan exchange 13 agreements and memorandums
In Seoul, South Korean President Lee Jae Myung and Turkmenistan’s President Serdar Berdimuhamedov agreed to expand economic cooperation to infrastructure, shipbuilding, new city development, water management, artificial intelligence and science. Following the talks, the sides exchanged 13 agreements and memorandums, Korea Herald reports.
The meeting took place during Berdimuhamedov’s state visit to South Korea. It was his first state visit to the country since taking office in March 2022. Lee Jae Myung said the talks should mark a new beginning for cooperation between the two countries across a broader range of sectors.
Infrastructure and shipbuilding
The heads of state agreed to develop a partnership that since 2008 has focused primarily on energy and industrial facilities. In particular, Seoul and Ashgabat are to step up cooperation in developing logistics and transport infrastructure, including railways.
The leaders also agreed that Turkmenistan’s concept of the “Revival of the Great Silk Road” could become a new driver of regional growth. It envisages turning the country into a logistics hub connecting Central Asia, the Caspian Sea and east-west trade routes. In shipbuilding, the sides will consider a model of jointly building vessels in Turkmenistan with the participation of South Korean engineers and Turkmen workers.
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Investment protection and legal cooperation
One of the summit’s main outcomes was the signing of an investment protection agreement. Its purpose is to strengthen guarantees for investors and stimulate bilateral investment. The countries began work on this document 16 years ago.
In addition, Seoul and Ashgabat signed memorandums on expanding cooperation in the chemical and industrial sectors, as well as infrastructure. They cover energy, construction, transport, logistics, smart cities and digital infrastructure. The sides also established an intergovernmental cooperation mechanism in the railway sector to identify new projects and expand opportunities for South Korean companies.
Separate documents provide for cooperation between law enforcement and legal bodies, including working contacts to combat transnational organized crime. The countries also agreed to strengthen cooperation in customs, intellectual property protection and water resource management, including on modernizing the Karakum Canal using South Korean technologies.
