Turkey and South Korea signed three memorandums of understanding in Seoul on 5 November 2026, during Turkish President Recep Tayyip Erdogan’s visit. They cover nuclear energy, clean technologies and industrial cooperation. The agreements establish a framework for possible South Korean involvement in future Turkish nuclear projects, but do not commit financing to any specific investment.
Under one arrangement, Turkish Nuclear Energy (TUNAS) and the Export-Import Bank of Korea (KEXIM) will examine financial structures for potential nuclear projects in Turkey. A joint working group is expected to assess technical information, possible funding mechanisms and project economics. The arrangement does not constitute a binding project loan or equity commitment.
Any financing would require further technical assessment and commercial negotiations. Before funding could proceed, the parties would also need to agree on each project’s scope, risk allocation and implementation.
Broader energy and industrial cooperation
Turkey’s energy and natural resources minister Alparslan Bayraktar and South Korea’s climate, energy and environment minister Kim Sungwhan signed the broader energy cooperation agreement following talks between the countries’ leaders. The package also covers renewable energy, hydrogen, energy efficiency and smart-grid technologies, extending beyond power generation. Bayraktar also met representatives of South Korean electricity utility KEPCO and permanent-magnet producer JS Link.
Those discussions covered energy and related industrial technologies, rather than a single power-plant transaction. International technology and financing partners could help Turkey diversify its power mix and expand domestic industrial capacity. South Korean companies have the opportunity to assess involvement in large energy and manufacturing projects, although investment decisions remain at an early stage.
