High-ranking members of the Turkmen delegation held a meeting with the leadership of Daewoo Engineering & Construction on the sidelines of the World Smart City Expo 2024.

Head of the State Committee for Construction of Arkadag City under the President of Turkmenistan Deryageldi Orazov and Head of the Board of the State Bank for Foreign Economic Activity of Turkmenistan Rahymberdy Jepbarov discussed with CEO Daewoo E&C Baek Jung-wan about the prospects of joint projects. Ambassador Extraordinary and Plenipotentiary of Turkmenistan to South Korea Begench Durdiyev also attended the meeting.

According to the press service of the Korean company on 5 September, Baek Jung-wan expressed great interest in two fertilizer plant construction projects in Turkmenistan in which Daewoo E&C is involved. He also highlighted the company's successful completion of new city projects and numerous high-rise buildings, adding that with its advanced technologies and experience, Daewoo E&C hopes to participate in the construction of landmark buildings in Turkmenistan in the future.

Deryageldi Orazov expressed optimism about future cooperation, noting the importance of continued consultations between the parties as reliable partners, and pointed to positive prospects for current and future projects between Daewoo E&C and Turkmenistan.

A Daewoo E&C official commented to Business Korea on Turkmenistan's strategic importance: “Turkmenistan is a representative resource-rich country in Central Asia that is actively investing in economic development through infrastructure and new city construction projects,” he said. He added: “Based on Daewoo E&C's excellent business competitiveness and construction technologies, we will make every effort to develop the Turkmen market.”

Daewoo E&C, a major South Korean construction and engineering company, has a history of successful projects worldwide, utilizing its advanced technologies and extensive experience. The company's interest in Turkmenistan aligns with its strategy of expanding its presence in resource-rich regions that are actively investing in infrastructure and urban development.

Turkmenistan, known for its vast natural gas reserves, is focused on diversifying its economy through significant investments in infrastructure and new urban development projects, such as the new city of Arkadag. This initiative is a key part of Turkmenistan's broader economic plans aimed at creating modern and sustainable urban spaces.

On 31 October, 2023 Daewoo Engineering & Construction branch was opened in Ashgabat, through which the Korean company plans to enter the Central Asian market.

Daewoo E&C anticipates securing contracts for the construction of an ammonia and urea plant in the Balkan region and a phosphate fertilizer plant in Turkmenabat. Additionally, the company has expressed its readiness to participate in the second phase of the new Arkadag city project.

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