Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex Baymyrat Annamammedov and Minister of Trade, Industry and Energy of the Republic of Korea Dukgun Ahn yi held talks in Seoul on April 18 and discussed bilateral cooperation in the field of factories.

Before the negotiations, a signing ceremony was held for a Framework agreement on a 700 million USD mineral fertilizer plant project. This project will be implemented by order of the State Concern Turkmenhimiya, and the Korean company Daewoo E&C will participate as a contractor.

When completed by 2029, the plant will process phosphorus to produce fertilizers, which is expected to help increase the productivity of Turkmenistan's industry and agriculture and diversify the country's export portfolio.

During the talks, Minister Ahn proposed the early conclusion of a final agreement on the project of the Turkmenabat plant for the production of mineral fertilizers and called on Turkmenistan to continue to support Korean companies to ensure their participation in additional plant construction projects in the future, the Ministry of Trade, Industry and Energy of South Korea said on Friday.

Daewoo Engineering was named the preferred bidder for the project in October 2024, and both sides intend to conclude the contract by the end of this year.