Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's industry ministry said Wednesday that it has signed six memorandums of understandings (MOUs) with its Turkmen counterpart that center on broadening bilateral economic and industrial ties.

The Ministry of Trade, Industry and Energy said the MOUs that cover different areas ranging from trade to natural resources came on the occasion of President Moon Jae-in's three-day state visit to the Central Asian country.

South Korea and Turkmenistan agreed to expand cooperation in the transportation segment. South Korea's Hyundai Corp. earlier inked a deal with Turkmenistan's transportation authority to supply 900 buses, with 500 of them having already been shipped.

The two countries also agreed to bolster technological cooperation in the cloth processing and synthetic textile industries.

Separately, South Korean firm LG International Corp. and Turkmengas signed an MOU to establish a firm that sells products made at the Kiyanly petrochemical plant, which was built by an international consortium led by South Korean plant builder Hyundai Engineering Co.

colin@yna.co.kr

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Source: Yonhap News (April 17, 2019)