Korea's SK Group tightens ties with Thailand and Turkey
SK Group is striving to beef up its presence in Thailand and Turkey as one of South Korea's largest conglomerates seeks to cash in on growing business opportunities in the two fast-growing markets.
The corporation said on Wednesday that chairman Chey Tae-won recently visited the two countries to expand the group’s operations in the regions and reinforce business networks there.
Chey discussed cooperation with Pailin Chuchottaworn, chief executive of PTT Group, on the Thai energy giant’s oil storage and transport projects. The two industry leaders also sought ways to enter new industries jointly as well as overseas markets including Myanmar, SK officials said.
Chey also met with Prime Minister Yingluck Shinawatra to discuss partnerships in flood-warning systems and other information and communications technology areas.
Yingluck toured SK Hynix’s semiconductor plant in Icheon during her visit to Seoul for the Nuclear Security Summit in March.
On Monday, Chey signed a memorandum of understanding with Dogus Group, a major Turkish industrial group engaged in multiple sectors including automobiles, finance, energy and construction, to forge a strategic partnership. The two corporations also agreed to create a $500-million (Bt15.7-billion) co-investment fund and establish a joint venture for electronic commerce.
He met with Turkish Energy Minister Taner Yildiz earlier in the day and requested cooperation and support for SK’s project to establish a thermal plant in the nation’s southeast. SK has been working with Turkey’s state-owned EUAS and Korea South-East Power on the $2-billion project since February.
SK E&C, the group’s construction arm, won a $697-million contract to build a coal-fired power station in the southeastern city of Tufanbeyli in 2010. Since 2008, the builder has also been constructing a two-level submarine tunnel at the Bosporus Strait, which connects the European and Asian continents.
During the week-long visit, Chey participated in the World Economy Forum on the Middle East, North Africa and Eurasia in Istanbul on Tuesday. He met with Turkish Prime Minister Recep Tayyip Erdogan at the event and shared views on various business issues, the group said.
Turkey has emerged as a strategic region for SK because of its rapidly growing economy and role as a bridge between Europe and Asia. The conglomerate has also been seeking new business partners in Thailand, eyeing the Kingdom’s growing potential for energy and infrastructure development.
