South Korea and Turkey have agreed to examine financing options for Turkish energy projects as Seoul seeks involvement in the planned nuclear power plant at Sinop on the Black Sea coast. Turkey has not yet chosen a partner for the project.
The memorandum was signed on Tuesday by the Export-Import Bank of Korea and Turkey Nuclear Energy Inc., after talks in Seoul between South Korean President Lee Jae Myung and Turkish President Recep Tayyip Erdoğan. Turkey’s energy ministry said the organisations would review possible funding arrangements and form a working group to exchange information. No funding amount was announced.
Lee said cooperation on Sinop was progressing smoothly, with site assessments and a joint working group already under way. He added that the agreement could support South Korean companies seeking to participate in Turkish nuclear projects.
The pact follows a nuclear cooperation memorandum signed in November 2025 by Turkey Nuclear Energy Inc. and South Korea’s state-run Korea Electric Power Corporation, or KEPCO. Erdoğan told Yonhap that preliminary feasibility studies had been conducted with KEPCO and technical and economic assessments were continuing. He said Turkey would weigh financing, electricity generation costs and benefits to its economy before deciding, while considering all options in line with its national interests.
The leaders also agreed to expand defence production and technology cooperation and explore opportunities for companies from both countries to work together in overseas markets. South Korea’s presidential office said the plans would build on existing cooperation on Turkey’s Altay main battle tank programme.
Separate agreements cover renewable energy, hydrogen and critical minerals. Turkey’s energy ministry said the countries would establish an annual energy transition forum to review joint projects.
Erdoğan said bilateral trade exceeded $11 billion last year, and that the two leaders discussed progress toward their existing $15 billion target. South Korea’s presidential office said they also addressed trade imbalances, import restrictions and customs delays. The countries agreed to raise their joint free trade agreement committee to ministerial level and signed a separate investment cooperation memorandum.
Sources: Euronews English.