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Daewoo E&C Aims for Central Asian Market Entry via Turkmenistan

Daewoo Engineering & Construction (E&C) announced on May 31 that Chairman Jeong Won-ju met with President Serdar Berdimuhamedow at the Presidential Palace in Ashgabat, Turkmenistan’s capital on May 29 (local time).

Chairman Jeong conveyed his gratitude for Turkmenistan’s warm reception and keen interest, expressing hope for a solid cooperative relationship. He indicated that Daewoo E&C aspires to foster sustainable growth by harnessing the economic development potential of Turkmenistan, underpinned by its vast natural gas resources.

According to a representative from Daewoo E&C, the Turkmenistan side pledged to actively consider Daewoo E&C’s proposal for the fertilizer plant project, expressing hopes for the company’s involvement in highway, water treatment, desalination, and gas projects. They also alluded to the possibility of further collaboration in smart city development and management, as well as the renewable energy sector. They recognized Korea as a potential economic partner for establishing a long-term, strategic relationship and are awaiting diverse cooperation proposals.

During this meeting, Chairman Jeong and Daewoo E&C’s executive team were granted permission to visit Arkadag, a new city that the Turkmenistan government is actively promoting. Guided by the mayor of Arkadag, they had the opportunity to tour the new city firsthand. There was also desire expressed for Daewoo E&C’s participation in the city’s second development phase.

A spokesperson from Daewoo E&C stated, “With the ongoing fertilizer plant construction projects and potential new city development initiatives, we aim to promote localization and transform Turkmenistan into a hub market in Central Asia.”

Source: Business Korea