Daewoo E&C opens branch in Turkmenistan

Turkmenistan’s Deputy Prime Minister Baymyrat Annamammedov, left, and Daewoo E&C Chairman Jung Won-ju. [Courtesy of Daewoo E&C]

South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) opened a local office in Ashgabat, the capital of Turkmenistan, on Tuesday, the company said on Friday.

The inauguration ceremony was attended by Daewoo E&C Chairman Jung Won-ju, Korea’s Foreign Minister Park Jin, and Turkmenistan’s Deputy Prime Minister Baymyrat Annamammedov responsible for construction, industry, and the electric power sector.

Jung expressed his gratitude to the governments and stakeholders of both Korea and Turkmenistan for their support in establishing the local office.

“Daewoo E&C will fulfill its role as a bridge between the two nations, going beyond its role as a private enterprise,” Jung said.

During his visit, Jung also attended the Korea-Central Asia Cooperation Forum.

It is Jung’s second visit to Turkmenistan.

Daewoo E&C is committed to finalizing potential contracts for two ongoing projects related to the country’s fertilizer plant construction this year.

In May, Jung met with Turkmenistan’s President Serdar Berdimuhamedow and Chairman of the People’s Council (Khalk Maslahaty) Gurbanguly Berdymuhamedov.

Their discussions revolved around concrete project timelines and securing financing for the fertilizer plant construction.

Furthermore, Daewoo E&C is actively exploring its participation in the Arkadag New City Phase 2 project, which involves the construction of a smart city where 64,000 people will reside, located about 30 kilometers to the southwest of Ashgabat.

“We will use the establishment of this local office as a starting point to pioneer Central Asia and lay the foundation for future growth,” the company’s spokesperson said. “We take pride in being a national representative construction company and will continue to build Daewoo E&C’s reputation in Turkmenistan.”