Daewoo Engineering & Construction, a prominent South Korean entity in the construction, industrial, and energy sectors, actively explores expansion prospects in Turkmenistan. During the recent international conference “Development of Construction, Industry, and Energy in Turkmenistan” (CIET 2024), held in Ashgabat from November 3 to 5, Chairman Jung Won-ju engaged in discussions regarding the company’s future in the region with key Turkmen officials, as reported by The Korea Herald on Monday.

A noteworthy development includes securing a contract to construct a mineral fertilizer plant in Turkmenabat. This facility will have an annual production capacity of 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate. The project is nearing completion of its precontract phase, with financing arrangements progressing toward finalization.

During his visit, Chairman Jung met with Deputy Prime Minister Baymyrat Annamammedov and Mayor of Ashgabat Rahym Gandymov. Mayor Gandymov underscored the significance of Daewoo’s involvement in various urban initiatives, including the development of smart city infrastructure, new residential complexes, and high-rise buildings.

Representatives from Daewoo expressed their commitment to supporting these projects, emphasizing Turkmenistan’s considerable potential as a key market. The company perceives this opportunity as a new chapter in its successful endeavors, akin to the Starlake City project in Vietnam.

Daewoo E&C, known for its successful international projects, opened a branch in Ashgabat in October 2023.