SK Group is striving to beef up its presence in Turkey and Thailand as one of Korea’s largest conglomerates seeks to cash in on growing business opportunities in the two fast-growing markets.

The corporation said 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.  


On Monday, Chey signed a memorandum of understanding with Dogus Group, a major Turkish industrial group engaged in multiple sectors including auto, finance, energy, and construction, to forge a strategic partnership. The two corporations also agreed to create a $500 million 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 ongoing project to establish a thermal plant in the Eurasia 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 Bosphorus Strait, which connects the European and Asian continents.

During the weeklong 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.

In Thailand, the chairman 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 jointly enter new industries and overseas markets including Myanmar, SK officials said.

Chey also met with Thai Prime Minister Yingluck Shinawatra to discuss partnerships in flood warning systems and other information and communication technology areas.

Shinawatra toured SK Hynix’s semiconductor plant in Icheon, Gyeonggi Province, during her visit to Seoul for the Nuclear Security Summit in March.

Turkey has emerged as a strategic region for SK due to 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 Southeast Asian nation’s growing potential for energy and infrastructure development.

By Chung Joo-won (joowonc@heraldcorp.com)