South Korea and Turkmenistan Sign 13 MOUs and Agreements on Investment and Industry

The governments of South Korea and Turkmenistan signed 13 government-to-government agreements and memorandums of understanding (MOUs) today (the 15th), coinciding with the summit between President Lee Jae-myung and President Serdar Berdimuhamedow.

First, South Korea's Foreign Minister and Turkmenistan's Deputy Prime Minister for Economic Affairs concluded the Agreement on the Promotion and Protection of Investments.

The agreement establishes an institutional foundation to promote investment and protect investors by granting most-favored-nation treatment for investments in each other's countries, stipulating procedures for compensation in the event of expropriation and the settlement of investor-state dispute settlement (ISDS), and guaranteeing free remittances.

A number of MOUs aimed at strengthening cooperation in the industrial sector were also signed.

Through the MOU on infrastructure cooperation, South Korean companies are expected to secure facilitated entry into major projects in the oil, gas, chemical, construction, transportation, and logistics sectors. Additionally, the MOU on water resource management cooperation is expected to vitalize the support of South Korea's water management technology for the modernization of Turkmenistan's Karakum Canal.

With the conclusion of the MOU on cooperation in the chemical industry and plant sector, as well as the MOU on railway transportation cooperation, foundations have been laid for South Korean businesses to expand into these fields.

Furthermore, cooperation in crime response between the two countries is projected to strengthen through the signing of the MOU on cooperation to eradicate transnational organized crime and the MOU on police cooperation between the Korean National Police Agency and the Ministry of Internal Affairs of Turkmenistan.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.