South Korea and Turkey sign financing pact as Seoul seeks role in planned nuclear power plant

By Dogyu Lee and Euronews Doha bureau Published on 3 November 2026 - 16:21 GMT+1 Share Comments Add Euronews on Google Share Facebook Twitter Flipboard Send Reddit Linkedin Messenger Telegram VK Bluesky Threads Whatsapp Turkey and South Korea are expanding nuclear, defence and trade ties. Their latest agreement explores funding for nuclear projects, while Ankara weighs potential partners for its planned Sinop plant. South Korea and Turkey signed an agreement on Tuesday to explore financing for Turkish energy projects, as Seoul seeks a role in building the country’s planned second nuclear plant at Sinop on the Black Sea coast. ADVERTISEMENT ADVERTISEMENT The memorandum of understanding was signed by the Export-Import Bank of Korea and Turkey Nuclear Energy Inc following talks between South Korean President Lee Jae Myung and Turkish President Recep Tayyip Erdoğan in Seoul. The two organisations will examine possible funding arrangements and set up a working group to exchange information, Turkey’s energy ministry said. Its announcement did not specify a funding amount. Turkey has yet to choose a partner for the Sinop project. Lee said cooperation on the plant was progressing “smoothly”, with site assessments and a joint working group already under way. He said the new financing agreement would support South Korean companies seeking to take part in Turkish nuclear projects. Related North Korea warns South Korea with ballistic missiles as Seoul calls for talks to ease border tensionsSwiss foreign minister makes first North Korea visit since 2003 as diplomatic office reopens The latest agreement builds on a nuclear cooperation memorandum signed in November 2025 between Turkey Nuclear Energy Inc. and South Korea’s state-run Korea Electric Power Corporation, known as KEPCO. In an interview with Yonhap published on Monday, Erdoğan described South Korea as a potential partner for Sinop. He said preliminary feasibility studies had been carried out with KEPCO and that technical and economic assessments were continuing. Ankara would consider financing arrangements, electricity generation costs and benefits to the Turkish economy before making a final decision, he said. “We are taking into account our contacts with other countries and examining all possible choices in light of our national interests,” Erdoğan told Yonhap. Defence, energy and trade The two leaders also agreed to expand joint defence production and technology cooperation, and explore opportunities for companies from both countries to work together in overseas markets. That would build on existing cooperation on Turkey’s Altay main battle tank programme, South Korea’s presidential office said. Separate energy and mining agreements cover renewable energy, hydrogen and cooperation on critical minerals. The countries will establish an energy transition forum to meet annually and review joint projects, Turkey’s energy ministry said. Erdoğan said bilateral trade exceeded $11 billion (€9.8bn) last year and that the leaders discussed how to reach their existing $15 billion (€13.4bn) target. South Korea’s presidential office said the talks 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. Erdoğan’s visit is his first to South Korea since 2018. The countries established diplomatic relations in 1957 and became strategic partners in 2012. Go to accessibility shortcuts Share Comments Add Euronews on Google Read more North Korea slams FBI claims it was behind €5bn Binance hack and test fires missiles Swiss foreign minister makes first North Korea visit since 2003 as diplomatic office reopens North Korea warns South Korea with ballistic missiles as Seoul calls for talks to ease border tensions trade Nuclear Energy Turkiye (Turkey) Defence South Korea Comments