The key facts

  • The memorandum was signed by the Export-Import Bank of Korea and Turkey Nuclear Energy Inc. after talks between Lee Jae-myung and Erdogan in Seoul
  • A partner for building the Sinop nuclear plant has not yet been chosen; Erdogan called Korea a potential partner but stressed that other options are also being considered
  • The parties also agreed on cooperation in defense, energy, and mineral extraction; trade turnover last year exceeded $11 billion against a target of $15 billion

Financial memorandum against the backdrop of talks in Seoul

On November 3 in Seoul, where Turkish President Recep Tayyip Erdogan visited South Korea for the first time since 2018, the Export-Import Bank of Korea and the Turkish company Turkey Nuclear Energy Inc. signed a memorandum of understanding on studying financing for Turkish energy projects. According to Euronews, the document was signed following talks between South Korean President Lee Jae-myung and Erdogan. The financing amount was not specified in the announcement by the Turkish Ministry of Energy; the parties will create a working group to exchange information and study possible financing schemes.

The fate of the Sinop project has not yet been decided

The memorandum is linked to plans to build Turkey's second nuclear power plant in Sinop on the Black Sea coast, where Seoul is seeking the role of contractor. A partner for the project has not yet been chosen. Lee Jae-myung said that cooperation on the plant is going 'smoothly': site assessments are already underway and a joint working group is operating, while the new financing agreement will support South Korean companies wishing to take part in Turkish nuclear projects. The document builds on the nuclear cooperation memorandum signed in November 2025 between Turkey Nuclear Energy Inc. and the state-owned Korea Electric Power Corporation (KEPCO).

Erdogan: the decision will be made with national interests in mind

In an interview with the Yonhap agency published on Monday, Erdogan called South Korea a potential partner for Sinop and said that preliminary technical and economic studies had been conducted with KEPCO. At the same time, he emphasized that Ankara will make the final decision after evaluating financing schemes, electricity generation costs, and benefits for the Turkish economy. 'We take into account our contacts with other countries and consider all possible options in light of our national interests,' Euronews quoted him as saying. Thus, the signed document only records work on financial issues, not the selection of the project's contractor.

Defense, energy, and trade

Beyond the nuclear topic, the leaders agreed to expand joint production in the defense sphere and technological cooperation, as well as to explore opportunities for companies of the two countries in foreign markets — building on existing interaction under Turkey's Altay main battle tank program, the presidential administration of South Korea said. Separate agreements on energy and mineral extraction cover renewable energy, hydrogen, and critical minerals; the parties will create an energy transition forum with annual meetings. Erdogan noted that bilateral trade exceeded $11 billion last year, and the leaders discussed ways to reach the set target of $15 billion. The Korean side added that the talks touched on trade imbalance, import restrictions, and customs delays; the free trade agreement committee has been upgraded to ministerial level, and a separate memorandum on investment cooperation was signed. The countries established diplomatic relations in 1957 and became strategic partners in 2012.