Korea-Turkey cooperation expanding in nuclear energy, defense industry – The Korea Times

Korea-Turkey cooperation expanding in nuclear energy, defense industry  The Korea Times

Mehmet Fatih Oztarsu Turkish President Recep Tayyip Erdogan’s visit to Seoul from Monday to Wednesday marked an important moment in relations between Korea and Turkey. His meeting with Korean President Lee Jae Myung demonstrated that the two countries are increasingly looking beyond their traditional diplomatic ties toward cooperation in strategically important industries. For Korea, the significance of the visit lies not simply in strengthening ties with a long-standing partner, but in gaining a stronger economic and technological foothold in a country connecting Europe, the Middle East and Asia. Among the outcomes, nuclear energy deserves particular attention. Turkey has ambitious plans to expand its nuclear power capacity, including the construction of a second nuclear power plant in Sinop on the Black Sea coast.

Korea, with its established nuclear engineering capabilities and experience in international projects, has emerged as a serious potential partner. The summit brought the two countries a step closer to cooperation on this project, although a final construction contract has yet to be awarded. The most significant development was the signing of a memorandum of understanding between the Export-Import Bank of Korea and the Turkey Nuclear Energy Company (TÜNAŞ). The agreement establishes a framework for examining financing options for Turkish nuclear power projects, including financial modeling, potential funding structures and regular technical consultations. A dedicated working group will facilitate