BAKU, Azerbaijan, September 15. South Korea and Turkmenistan signed an investment protection agreement, strengthening the institutional framework for bilateral investment.
This was announced in a report published by the press service of the President of the Republic of S. Korea on September 15.
According to the report, the agreement, signed after 16 years of work by the two sides, is intended to provide a basis for “protecting investors and promoting investment” between South Korea and Turkmenistan.
South Korean President Lee Jae Myung also asked Turkmen President Serdar Berdimuhamedov to support the continued participation of Korean companies in large-scale plant and infrastructure projects in Turkmenistan.
Lee emphasized that Korean companies could draw on their accumulated experience and technological capabilities in participating in such projects, according to the report.
The two sides also signed agreements on mutual assistance in customs matters and a memorandum of understanding on comprehensive cooperation in intellectual property.
Memoranda on cooperation in the chemical industry, industrial manufacturing and infrastructure were also signed during the summit.
Meanwhile, Turkmen President Serdar Berdimuhamedov is paying a state visit to South Korea and taking part in the first Central Asia-Republic of Korea Summit in Seoul on September 16-17. The summit brings together the leaders of South Korea and the five Central Asian countries - Kazakhstan, Turkmenistan, Uzbekistan, Kyrgyzstan and Tajikistan - marking the first elevation of the Korea-Central Asia dialogue to the leaders’ level. Seoul has said the summit is intended to deepen regional cooperation and produce practical results for the participating countries.
For Turkmenistan, the summit is taking place alongside a state visit and bilateral negotiations with the South Korean leadership. During South Korean President Yoon Suk Yeol's state visit to Turkmenistan in June 2024, the two countries signed a memorandum aimed at strengthening cooperation in areas including the economy and investment, culture, education, communications and human exchanges. Turkmenistan also expressed support for Seoul's K-Silk Road initiative, which South Korea presented as its comprehensive strategy for expanding cooperation with the five Central Asian countries.
The current summit is therefore taking place against the backdrop of an effort by Seoul to elevate its cooperation with Central Asia to the leaders' level.
