South Korea and Turkey signed an agreement to explore financing for Turkish energy projects following talks between their presidents in Seoul. South Korean President Lee Jae Myung wants his country’s companies to take part in Turkey’s planned second nuclear power plant. The project is located in Sinop, on the Black Sea coast.
The Export-Import Bank of Korea and Turkey Nuclear Energy Inc signed the agreement. They will examine possible funding arrangements and create a working group to exchange information. Turkey has not yet selected a partner for the Sinop project, although Lee said cooperation was progressing well and site assessments were already under way.
Turkish President Recep Tayyip Erdoğan said early studies had been conducted with South Korea’s state-run electricity company, KEPCO. Technical and economic assessments are continuing. Before making a decision, Turkey will consider financing, electricity production costs, and benefits to its economy, while also examining options involving other countries.
The leaders also agreed to expand joint defense production and technology cooperation. Separate agreements cover renewable energy, hydrogen, and important minerals, and an annual energy forum will review joint projects. Trade between the countries exceeded $11 billion last year, and the leaders discussed their existing $15 billion target. They also addressed trade imbalances, import restrictions, and customs delays.
