Daewoo E&C CEO meets Turkmen leader, eyes expansion

Daewoo Engineering & Construction said Thursday its CEO Lee Kang-seok met with Turkmen President Serdar Berdimuhamedov earlier this week as the Korean builder seeks to expand its business in the Central Asian country.

According to Daewoo E&C, it was the only Korean company invited to events marking the 35th anniversary of Turkmenistan’s independence.

Lee visited the Turkmen capital city of Ashgabat for the celebrations and held talks with Berdimuhamedov on bilateral relations and cooperation in construction and infrastructure. It was his first overseas business trip since he was named the CEO in August.

During the meeting, held Monday, Lee congratulated Berdimuhamedov on the independence anniversary and reaffirmed Daewoo E&C’s commitment to developing a long-term partnership with Turkmenistan.

“Following the signing of the MOU on the modernization of the Karakum Canal, Daewoo E&C is continuing discussions and consultations on concrete ways to cooperate based on the agreement,” Lee said during the meeting with the Turkmen president.

The Daewoo E&C CEO added that the company would continue working to contribute to expanding economic, construction and infrastructure cooperation between the two countries.

Berdimukhamedov welcomed Lee’s visit, saying it would provide fresh momentum to bilateral relations and Daewoo E&C’s ongoing projects in Turkmenistan, according to the Korean builder.

The meeting came less than two weeks after Daewoo E&C signed a memorandum of understanding with Turkmenistan’s State Committee for Water Management on cooperation to modernize the Karakum Canal on the sidelines of the the Korea-Turkmenistan Business Forum in Seoul last month.

The company is looking to take part in the reconstruction and engineering upgrade of a section of the canal spanning about 250 kilometers. The Karakum Canal runs roughly 1,100 km across Turkmenistan and is a key waterway for irrigation and water supplies.

Daewoo E&C said the MOU marked a potential expansion of the builder's Turkmenistan business beyond its existing focus on industrial projects into water resources and environmental infrastructure.

The builder said it plans to further strengthen its ties with the Turkmen government and explore additional infrastructure opportunities, including projects linked to the modernization of the Karakum Canal.