Joint press statement follows summit with President Erdogan

Hyundai Motor Group's Euisun Chung among business leaders at state dinner

President Lee Jae Myung delivers a joint press statement with Turkish President Recep Tayyip Erdogan at Cheong Wa Dae on Tuesday. [Yonhap]
President Lee Jae Myung delivers a joint press statement with Turkish President Recep Tayyip Erdogan at Cheong Wa Dae on Tuesday. [Yonhap]

President Lee Jae Myung said Tuesday that South Korea would "preemptively support" Korean companies seeking to participate in Turkey's new nuclear power plant projects, following a summit with Turkish President Recep Tayyip Erdogan.

Lee made the announcement in a joint press statement with Erdogan, who is visiting South Korea as a state guest, as the two leaders revealed that the two countries had signed a memorandum of understanding on financial cooperation for nuclear power projects.

The MOU is designed to back South Korean companies' participation in Turkey's new nuclear power plant projects and is expected to advance bilateral nuclear cooperation to the stage of concrete project involvement.

"Based on the nuclear energy cooperation MOU signed last November, we assess that cooperation on the Sinop nuclear power plant construction project — including site evaluation and the operation of a joint working group — is proceeding smoothly," Lee said.

The Sinop nuclear power project involves building four 1,400-megawatt reactors along Turkey's Black Sea coast in the country's north. The total project cost is expected to exceed 40 trillion won ($29.8 billion).

The two countries also agreed to expand defense industry cooperation. They had already convened a joint defense and logistics committee in July to identify new areas of cooperation building on the achievements of the Altay tank project, and signed a letter of intent on naval vessel cooperation in September.

"The two countries have agreed to expand joint production and technology cooperation, jointly explore entry into third-country markets, and further deepen defense industry cooperation," Lee said.

In road infrastructure, the two sides agreed to pursue expanded cooperation — including South Korean companies' participation in major Turkish road projects — based on a cooperation MOU signed last year.

The two countries will also strengthen economic cooperation to boost trade and investment.

Since the South Korea-Turkey free trade agreement took effect in 2013, bilateral trade surpassed $10 billion for the first time in 2023, reaching a record $10.7 billion last year — the highest since the two countries established diplomatic ties.

President Lee Jae Myung guides Turkish President Recep Tayyip Erdogan to his seat after shaking hands at the expanded South Korea-Turkey summit held at Cheong Wa Dae on Tuesday. [Yonhap]
President Lee Jae Myung guides Turkish President Recep Tayyip Erdogan to his seat after shaking hands at the expanded South Korea-Turkey summit held at Cheong Wa Dae on Tuesday. [Yonhap]

"The two countries will work together to resolve challenges such as trade imbalances, import regulations and customs delays one by one, so that companies from both sides can operate in a more stable environment," Lee said, adding that the two governments would continue to cooperate to resolve work permit issues for Korean nationals in Turkey.

The two sides will also pursue cooperation in future growth sectors including biotech, energy, science and technology, and critical minerals. Regarding the Turkish blood product self-sufficiency project in which South Korean company SK Plasma is participating, the two countries agreed to cooperate to ensure the establishment of a plasma fractionation factory proceeds without disruption.

Building on an energy cooperation MOU signed on the sidelines of the summit, the two sides will establish a South Korea-Turkey Energy Transition Forum and expand the foundation for cooperation in clean energy, hydrogen and renewable energy.

The two leaders also aligned on cooperation to achieve lasting peace on the Korean Peninsula.

"We will strengthen strategic coordination to restore peace on the Korean Peninsula and stability in the international order," Lee said. "Through the talks, we reaffirmed Turkey's consistent support for our North Korea policy. As middle powers that share a rules-based international order, we will broaden our coordination on multilateral stages including the UN, G20 and MIKTA."

Lee went on to say that "the two countries exchanged views on major international issues including the war in Ukraine and the situation in the Middle East, and agreed to communicate closely and cooperate toward the peaceful resolution of conflicts and the restoration of regional stability."

Lee also expressed his commitment to strengthening bilateral ties, noting that Turkey holds a special place in the hearts of the Korean people as "kan kardeş" — meaning blood brothers.

Erdogan's visit marks his first state trip to South Korea in eight years, since 2018. It is also the first meeting between the two leaders since the NATO summit in Ankara in July, about four months ago.

The visit also included an official welcoming ceremony, a state banquet and an MOU signing ceremony befitting state guest protocol.

The state dinner will be attended by about 80 figures from both countries, including Hyundai Motor Group Chairman Euisun Chung, Posco Group Chairman Chang In-hwa and Hyundai Rotem CEO Lee Yong-bae.


sang@heraldcorp.com