S. Korea, Turkmenistan clinch investment protection deal after 16 years, sign 13 pacts

President Lee Jae Myung held a bilateral summit Tuesday with visiting Turkmenistan President Serdar Berdimuhamedov and concluded a long-stalled investment protection agreement 16 years in the making. The two countries agreed to broaden their traditionally energy- and plant-focused cooperation into railways, shipbuilding, new town construction, smart water management and public security, signing a total of 13 agreements and memoranda of understanding.

Cheong Wa Dae Chief Spokesperson Kang Yu-jung said in a written briefing that Lee met Berdimuhamedov — in Seoul for the first Korea-Central Asia Summit — for a bilateral meeting at Cheong Wa Dae.

At the talks, Lee expressed gratitude for Turkmenistan's assistance in safely evacuating South Korean nationals and their families who had been in Iran during sudden escalations in Middle East tensions in June last year and in March this year. Berdimuhamedov said he trusted South Korea and valued the development of friendly cooperation with it, calling the visit meaningful and expressing hope it would mark an important turning point in bilateral relations.

The two leaders agreed to diversify the plant-sector achievements built since establishing a mutually beneficial partnership in 2008 into railway infrastructure, shipbuilding, new town development, water resources, forestry, and AI and science and technology. Lee asked that South Korean companies be given particular attention and support to ensure their continued participation in large-scale plant and railway modernization projects. The two sides signed separate MOUs on cooperation in the chemical industry and plant sector, and on infrastructure cooperation.

Most notably, an investment protection agreement — aimed at safeguarding investors from both countries and promoting bilateral investment — was finalized and signed after 16 years of negotiations. The two sides also concluded a customs mutual assistance agreement and a comprehensive MOU on intellectual property cooperation, reinforcing the institutional foundation for economic collaboration. They further agreed to expand transportation infrastructure cooperation linked to Turkmenistan's "Revival of the Great Silk Road" vision for Caspian Sea logistics, as well as shipbuilding cooperation including joint vessel construction.

Cooperation on the environment and public security was also strengthened. The two countries agreed to establish their first official cooperation channel between law enforcement authorities to bolster responses to transnational crime. They also agreed to apply South Korea's smart water management technology and ICT-based digital forestry management expertise to Turkmenistan's efforts to combat desertification and modernize water resource infrastructure. Groundwork was also laid to expand youth and university exchanges.

On Korean Peninsula affairs, Berdimuhamedov said Turkmenistan, as a permanently neutral state, consistently supports the South Korean government's Korean Peninsula policy. Immediately after the summit, the two countries held a signing ceremony for all 13 agreements and MOUs — covering plant, infrastructure, institutional and environmental cooperation — in the presence of both leaders.