The Korean company Daewoo Engineering & Construction, a long-time partner of Turkmenistan, opened a branch in Ashgabat, the capital of Turkmenistan, on October 31. It will become a forward base for expanding activities in Central Asia, the company's press service reports.

 The event was attended by representatives of the Korean Ministry of Foreign Affairs, including Chairman of Daewoo Engineering & Construction Jong Won-Joo, Foreign Minister Park Jin, Ambassador to Turkmenistan Ji Gyu Taek and Director of European Affairs Choi Tae-ho. The Turkmen side was represented by Vice-Chairman for Energy, Industry and Construction Baymyrat Annamammedov.

 At the opening ceremony of the branch, Chairman Jong Won-Joo said, “I would like to express my sincere gratitude to the governments of Turkmenistan and Korea, as well as officials, for their active support in establishing the Daewoo E&C branch as more than a private company.  This is a bridge between Korea and Turkmenistan”.

 The Korean company Daewoo E&C signed a Memorandum of Understanding with the State Concern “Turkmenchemistry” in November last year and joint projects are being implemented on the basis of this document.  The first project is the construction of an ammonium-urea plant in the Balkan velayat.  The second project is a phosphate fertilizer plant with a capacity of 300,000 tons per year.  Projects are financed with funds raised from credit agencies in Korea and Europe.

 According to the company, Daewoo E&C is also expected to participate in the second stage of the project to build the smart city Arkadag.