Daewoo Considering Central Asia Market Entry Via Turkmenistan

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

Chairman Jeong expressed gratitude for Turkmenistan's warm welcome and keen interest, and expressed hope for a strong cooperative relationship. He stated that Daewoo E&C aspires to foster sustainable growth by leveraging Turkmenistan's economic development potential, which is supported 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.