Ambassador Myrat Mammetalyyev of the Republic of Turkmenistan in Seoul said that the Republic of Korea is one of the most important investment partners of Turkmenistan and that a good example of this is the successful activity of the largest Korean companies that operate in various fields of Turkmenistan, especially in the oil and gas industry and the chemical industry.
Speaking at a seminar at the Korea Chamber of Commerce and Industry in Seoul on June 21, 2016, Ambassador Mammetalyyev said, “Multibillion new contracts are now being negotiated in Turkmenistan with the participation of Korean companies.”
The seminar was attended from the Turkmeni side by Deputy Chairman of the State Concern Turkmengaz Babayev and Deputy Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan Kurbandurdiev as well as the ambassador and other senior members of the Embassy.
The seminar was attended by an estimated 70 participants from both sides, including the representatives from the business world and the media as well as from the Embassy, to seek ways to increase bilateral cooperation and exchange in the economic, industrial and various other areas. They included the representatives of the State Concern Turkmengaz, the State Bank for Foreign Economic Affairs of Turkmenistan, the Embassy of Turkmenistan, the Korea Chamber of Commerce & Industry, the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Economy, and a number of Korea’s leading business companies.
The program included a Turkmenistan-Korea business seminar, where welcoming remarks were given by the Vice President of KCCI and words of greeting by the Ambassador of Turkmenistan in Seoul.
Presentations was given by the representatives of the International Cooperation of MOTIE, the Deputy Chairman of TurkmenGaz (on "International cooperation & investment in the gas industry of Turkmenistan") and Deputy Chairman of SBFEAT (on “The experience of the State Bank for Foreign Economic affairs of Turkmenistan in the investment projects financing”). Excerpts of speech by Ambassador Mammetalyyev follow:
Excerpts from the speech of Ambassador Mammetalyyev:
First of all, let me welcome you to today's business seminar.
I would like to give specials thanks to Mr. Kang Ho-min, vice chairman of the Chamber of Commerce and Industry of the Republic of Korea, representatives of the Ministry of Trade, Industry and Energy and the Ministry of Foreign Affairs of the Republic of Korea.
Taking this opportunity, I would like to speak briefly about the strategy of development of modern Turkmenistan, where the main core is the modernization of the country’s economic potential. Many international experts say that Central Asia is gaining strength as political, energy and industrial center. And Turkmenistan is among Central Asian countries that have key places in terms of its richest energy resources and unique geographical position at the crossroads of transport routes, being a kind of "gateway" to Central Asia.
The attractiveness of the Turkmen market is largely determined by the policy of neutrality and the socio-political stability in the country. Under the leadership of the esteemed President large-scale transformations in Turkmenistan are carried out, which should reform the economy and ensure the country consistently high growth rates. This factor, as well as the availability of abundant natural resources, ensures the existence of serious prospects for profitable capital investments.
The dynamics of the Turkmen economy, in spite of the negative trends in the world, consistently shows a positive trend. Thus, macroeconomic indicators for 2015 confirmed the sustainable development of all sectors of the economy. During this period, the GDP growth of Turkmenistan amounted to 106.5 percent.
These results are confirmed reports by the International Monetary Fund experts, the World Bank, the European Bank for Reconstruction and Development, who visited Turkmenistan and got acquainted with the achievements of our country. Noting the high dynamics of economic growth and the effectiveness of the reforms, representatives of the major international institutions predict a further gradual growth of the Turkmen economy, improving the country's investment rating.
Today the decisive factor of the Turkmen economy has been is the increase in output of goods-producing industries. An example of this is the steady growth of foreign investment, much of which is directed to the manufacturing sector. Turkmenistan, which relies on the introduction of advanced technology, is very interested in the latest R&D developments of leading Korean companies.
The Republic of Korea is one of the most important investment partners of Turkmenistan. A good example of that is a successful activity of the largest Korean companies that operate in various fields of Turkmenistan, especially in the oil and gas industry, the chemical industry. Multibillion new contracts in Turkmenistan with the participation of Korean companies are now being negotiated.
Particular emphasis should be placed on the fact that the absolute priority in all projects is given to innovation, advanced technologies and best international experience. In this context, it is interesting for us and to use the professional experience and great potential of Korean companies.
I would like to note that Turkmenistan considers the Republic of Korea as one of its priority partners with intention to build relations on a long-term and strategic perspective. This is confirmed by our Heads of States at their recent summits.
I regard this meeting as another important step towards the establishment of a strong and long-term trade, economic and investment ties with the Korean business circles of our country. I invite you, dear friends, to a wide, full cooperation corresponding vast mutual potential.