‘Lee-Erdogan Summit’ to Expand Nuclear Power and Defense Cooperation with Türkiye

[Financial News] President Lee Jae-myung agreed to establish a financial cooperation framework to support Korean companies’ bids to win nuclear power contracts in Türkiye and expand joint production and technological cooperation in the defense sector. The plan is to continue cooperation on building the Sinop nuclear power plant in Türkiye, support Korean companies’ participation in new nuclear projects, and broaden opportunities for domestic defense firms to enter overseas markets by pursuing cooperation on tanks and naval vessels and exploring joint entry into third-country markets.
President Lee announced these areas of cooperation in a joint press statement after holding a summit with Turkish President Recep Tayyip Erdoğan at Cheong Wa Dae on the 3rd. It was Erdoğan’s first state visit to Korea in eight years, since 2018. The two leaders met again about four months after their meeting at the NATO summit in Ankara this July.
In the joint press statement, President Lee said, “We reviewed the progress made in implementing the agreements reached last November and also held in-depth discussions on ways to further deepen the ‘strategic partnership’ between our two countries.”
The two leaders first reviewed progress in implementing the agreements reached at their summit last November and agreed to strengthen practical cooperation in strategic areas, including nuclear power, defense and infrastructure.
South Korea and Türkiye signed memorandums of understanding (MOUs) in four areas at the summit on the 3rd: nuclear project finance, energy, natural resources and mining, and science, technology and innovation. Key areas include reviewing financial support for nuclear projects involving Korean companies, cooperating on the energy transition, working together on critical minerals and rare earths, and pursuing joint research and development in advanced fields such as artificial intelligence (AI).
On nuclear power, President Lee said that, under the nuclear cooperation MOU signed last November, work was proceeding smoothly on site assessments for the Sinop nuclear power plant and the operation of a joint working group. Building on this cooperation, the two sides agreed to proactively support Korean companies’ participation in new nuclear projects in Türkiye. The MOU on nuclear project finance cooperation was signed by the Export-Import Bank of Korea and the Turkish Atomic Energy Corporation. The two institutions agreed to exchange strategic information, focusing on projects involving Korean companies, and assess the feasibility of providing financial support.
In the defense sector, the two sides will identify new areas for cooperation, building on the results of the Altay main battle tank program. They have broadened the scope of cooperation by holding a joint defense and logistics committee this July and signing a letter of intent on naval vessel cooperation last September. President Lee said they had agreed to expand joint production and technological cooperation and jointly explore ways for companies from both countries to enter third-country markets.
President Lee emphasized, “Since the Korea-Türkiye Free Trade Agreement (FTA) took effect in 2013, trade between our two countries exceeded $10 billion for the first time in 2023 and reached $10.7 billion last year, the largest amount since diplomatic ties were established.” He added, “We will work together to address challenges one by one, including trade imbalances, import restrictions and customs delays, so that companies in both countries can operate in a more stable environment.” The two governments will also continue cooperating on issues involving Korean nationals seeking work permits in Türkiye.
Cooperation will also expand in future growth sectors such as biotech, energy and science and technology. The two sides will work to ensure that plans for a plasma fractionation plant involving SK Plasma proceed without disruption, and agreed to establish an energy transition forum to expand cooperation on clean energy, hydrogen and renewable energy. They will also pursue cooperation on AI, advanced communications and advanced materials through their first joint science and technology committee, as well as diversify critical mineral supply chains through technical and investment cooperation in resources and mining.
President Lee also said support from the Turkish government for South Korea’s policy toward North Korea had been reconfirmed, and that the two sides had agreed to work together to establish peace on the Korean Peninsula. They plan to expand coordination in multilateral forums including the United Nations (UN), the Group of Twenty (G20) and MIKTA. They also agreed to maintain close communication on the war in Ukraine and the situation in the Middle East.
About 80 figures from various sectors in both countries attended the state dinner, including Euisun Chung, chairman of Hyundai Motor Group; Chang In-hwa, chairman of POSCO Group; and Lee Yong-bae, CEO of Hyundai Rotem. Fire Captain Yang Yeong-an, who helped rescue local survivors during the 2023 Türkiye earthquake, was also invited.

[email protected] Choi Jong-geun Reporter