Elvira Kadyrova
South Korea and Turkmenistan signed an agreement on the promotion and protection of investments on Tuesday, 15 September 2026, aimed at providing additional safeguards for investors and expanding opportunities for Korean businesses in Turkmenistan. The agreement was signed in Seoul on the occasion of the first Korea-Central Asia Summit.
South Korean Foreign Minister Cho Hyun and Turkmenistan’s Deputy Chairman of the Cabinet of Ministers Hojamyrat Geldimyradov signed the agreement, Yonhap reports.
The agreement provides national treatment and most-favored-nation treatment for investments, establishes rules and compensation standards in cases of expropriation, and sets out procedures for the settlement of investor-state disputes.
According to South Korea’s Ministry of Foreign Affairs, the agreement is expected to strengthen bilateral economic and trade cooperation, and enhance investment stability for Korean companies, expanding opportunities for them to enter promising sectors in Turkmenistan and the broader region, including new city construction, shipbuilding, and gas, chemical and fertilizer plants.
13 Agreements and Memorandums
Following talks between South Korean President Lee Jae Myung and Turkmenistan President Serdar Berdimuhamedov, the two sides exchanged 13 agreements and memorandums of understanding covering a wide range of areas, according to The Korea Herald.
The documents provide for expanded cooperation in chemical and industrial projects, energy, construction, transport and logistics, as well as infrastructure development, smart cities and digital infrastructure.
The two sides also established a government-to-government framework for cooperation in the railway sector, aimed at identifying new projects and expanding opportunities for South Korean companies to participate in the development of Turkmenistan’s railway infrastructure.
Three separate documents were also signed on law enforcement and legal cooperation, including the establishment of working-level channels to combat transnational organized crime.
South Korea and Turkmenistan further agreed to strengthen cooperation in customs, intellectual property rights and water management. In particular, the two sides are considering the modernization of the Karakum Canal using Korean smart water-management technologies.
From Energy and Chemicals to Infrastructure and New Industries
A key focus of the presidential talks was the expansion of the traditional economic partnership, which has largely been built around energy and industrial projects since the two countries established a mutually beneficial partnership in 2008.
South Korean President Lee Jae Myung and Turkmen President Serdar Berdimuhamedov agreed to broaden bilateral cooperation across a wide range of sectors, from railways and other infrastructure to shipbuilding, new city development, water management, forestry, artificial intelligence, science and technology.
The two leaders agreed to turn the potential for cooperation, particularly in railways and new city development, into concrete projects and tangible results.
Particular attention was paid to transport and logistics infrastructure. The two leaders shared the view that Turkmenistan’s “Revival of the Great Silk Road” vision, which seeks to turn the country into a logistics hub connecting Central Asia with the Caspian Sea and broader East-West trade routes, could become a new engine of economic growth for the region.
Against this backdrop, Seoul and Ashgabat agreed to step up cooperation in developing transport and logistics infrastructure.
Shipbuilding was also identified as a promising area for cooperation. The two sides are considering a model under which South Korean engineers and Turkmen specialists would jointly build vessels in Turkmenistan.
President Lee Jae Myung expressed South Korea’s readiness to support Turkmenistan’s economic development and help turn the country’s natural resources into a foundation for high-value-added industries and new jobs.
“The Republic of Korea will work alongside Turkmenistan so that its abundant resources can lead to high-value-added industries and jobs, and so that its land linking the Caspian Sea and Central Asia can become a new hub for logistics and trade,” the South Korean President said.
Lee Jae Myung also thanked the Turkmen government for helping South Korean nationals and their families evacuate through Turkmenistan amid heightened tensions in the Middle East this year and last year. He said the support extended during a difficult period demonstrated the deep trust and friendship between the two countries.
President Serdar Berdimuhamedov, for his part, emphasized the importance of further coordinating the two countries’ foreign policy positions, including within the United Nations.
He noted that Turkmenistan attaches importance to cooperation with South Korea in a number of priority areas, with diplomatic cooperation being of particular significance.
Berdimuhamedov reiterated Turkmenistan’s support for President Lee Jae Myung’s E.N.D. Initiative, a concept aimed at moving the Korean Peninsula away from confrontation toward peaceful coexistence and shared prosperity.
For President Serdar Berdimuhamedov, the current trip marked his first state visit to South Korea since taking office in March 2022. He described the visit as an important opportunity to further advance bilateral cooperation.
State Luncheon
Following the talks and signing ceremony, President Lee Jae Myung hosted a state luncheon in honor of President Serdar Berdimuhamedov. About 50 government, political and business figures from the two countries attended the event.
The Turkmen side was represented by Deputy Chairman of the Cabinet of Ministers and Foreign Minister Rashid Meredov; Deputy Chairman of the Cabinet of Ministers for Economy and Finance Hojamyrat Geldimyradov; Deputy Chairman of the Cabinet of Ministers for the Oil and Gas Sector Guvanch Agajanov; Chairman of the State Concern “Turkmenhimiya” Resul Myradov; and Chairman of the State Bank for Foreign Economic Affairs Rahimberdi Jepbarov.
The South Korean side included, among others, Daewoo Engineering & Construction Chairman Jung Won-ju, Hyundai Corporation President Chang Ahn-seok, Export-Import Bank of Korea President Hwang Ki-yeon and Korea National Railway Chairman Chung Jin-hyuk.///nCa, 15 September 2026 (Photo credit: Yonhap)