Turkey and South Korea signed three memorandums of understanding in Seoul on 5 November 2026, during Turkish President Recep Tayyip Erdogan’s visit, covering nuclear energy, clean technologies and industrial cooperation. The accords create a framework for possible South Korean participation in future Turkish nuclear projects, but include no financing commitment for a specific investment.
Under an arrangement, Turkish Nuclear Energy (TUNAS) and the Export-Import Bank of Korea (KEXIM) will examine financial structures for nuclear developments in Turkey. A joint working group is expected to review technical information, possible funding mechanisms and the economics of potential projects.
The framework is not a binding project loan or equity commitment. Any eventual financing would depend on further technical assessment and commercial negotiations, as well as agreement on each project’s scope, risk allocation and implementation.
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 after talks between the countries’ leadership. The package also covers renewable energy, hydrogen, energy efficiency and smart-grid technologies, extending cooperation beyond power generation.
Bayraktar also met representatives of KEPCO, South Korea’s electricity utility, and JS Link, a permanent-magnet producer. The meetings indicated interest in a range of energy and related industrial technologies, rather than a single power-plant transaction. For Turkey, international technology and financing partners could support a more diversified power mix and domestic industrial capacity. The discussions provide South Korean companies with an opportunity to assess participation in large energy and manufacturing projects, while investment decisions remain at an early stage.
