Erdoğan and Lee Sign Nuclear Financing MOU, Agree to Joint Defense Push

South Korea and Türkiye have agreed to explore state-backed financing for Korean bids on Türkiye’s new nuclear power projects. The deal was one of four memorandums of understanding signed in Seoul on Tuesday as the two leaders widened ties across energy, defense and critical minerals.

The leaders also committed to joint defense production and coordinated entry into third-country markets. They discussed a $15 billion bilateral trade target.

The talks took place at the Cheong Wa Dae presidential office during Erdoğan’s state visit, which runs from Nov. 2 to 4. It is his first trip to South Korea since 2018, according to Yonhap and the South Korean presidential office. Clash Report earlier reported that Erdoğan called Seoul a “great potential collaborator” on the Sinop nuclear plant.

Financing for Sinop

The nuclear financing memorandum was signed by the Export-Import Bank of Korea, led by Hwang Ki-yeon, and Türkiye Nuclear Energy Company (TÜNAŞ), headed by Necati Yamaç.

It sets up a strategic information-sharing system covering Korean companies’ projects. It also provides for a review of whether financial support is feasible and for the identification of potential financing opportunities.

Lee said the arrangement is meant to “preemptively support” Korean participation in Türkiye’s new nuclear power projects.

Sinop, planned as Türkiye’s second nuclear power plant, is the main project in view. Korea Electric Power Corp. (KEPCO) is seeking a role, and no final partner has been named, according to Yonhap and the Korea Herald.

Lee said work on Sinop, including site evaluation and a joint working group, is “progressing smoothly” under a November 2025 memorandum between KEPCO and TÜNAŞ. Erdoğan called that agreement an important foundation and said the documents signed Tuesday between the energy ministries would carry the cooperation further.

Defense: From Altay to Third Markets

Lee said the two governments held a Joint Committee on Defense Industry and Logistics in July. Based on the success of the Altay tank project, they agreed to identify new areas of cooperation. A letter of intent on naval vessels was signed in September.

The leaders agreed to deepen ties by “seeking ways to expand joint production and technological cooperation and to jointly advance into third countries,” Lee said.

Erdoğan said defense is at the forefront of the areas where the partnership yields concrete results. He said the leaders pointed to the need to increase the number of successful joint projects, such as the Fırtına howitzers and the Altay tank. He added that Korean companies and Türkiye are taking steps toward joint projects both in Türkiye and in markets where Ankara is strong.

Critical Minerals and Energy

A natural resources and mining memorandum was signed by Türkiye’s Energy Minister Alparslan Bayraktar and South Korean Trade, Industry and Resources Minister Kim Jung-kwan. It covers information sharing on critical minerals and rare earths, as well as the digitalization of mining operations.

Lee called the agreement an important achievement. He said the two governments will set up a bilateral channel and expand technology and investment cooperation to diversify critical mineral supply chains.

Bayraktar also signed an energy memorandum with Kim Sung-whan, South Korea’s climate, energy and environment minister. It provides for a Korea-Türkiye energy transition forum focused on clean energy, hydrogen and renewables.

The fourth memorandum covers science, technology and innovation, including artificial intelligence, advanced communications and advanced materials, and sets up a first joint committee on science and technology. Foreign Minister Hakan Fidan signed it on behalf of Türkiye’s industry and technology ministry, and Science and ICT Minister Bae Kyung-hoon signed for Seoul.

Erdoğan said Ankara attaches great importance to cooperation with Seoul on batteries, artificial intelligence and semiconductors. Lee pointed to biotechnology, where SK Plasma takes part in Türkiye’s blood products project, and said studies on a plasma fractionation facility should proceed without a hitch.

The $15 Billion Trade Target

The two leaders cited different trade figures. Lee said bilateral trade first passed $10 billion in 2023 and reached a record $10.7 billion last year, according to the Korea Herald. Erdoğan said trade last year “exceeded 11 billion dollars.”

Erdoğan said the leaders discussed steps to reach “our previously determined target of 15 billion dollars in a balanced and sustainable manner.” He said that includes amending the free trade agreement “according to the conditions of the day.” The Korea Herald reported that Ankara has pressed for a revision to narrow its trade deficit with South Korea.

Lee said both sides will address import restrictions and customs delays one by one, and will continue efforts on work-visa difficulties for residents. Erdoğan said more than 400 Korean companies operate in Türkiye.

North Korea and Diplomatic Alignment

Lee said the Turkish government “reaffirmed its unwavering support for our policy towards North Korea.” He said the two sides agreed to cooperate on peace on the Korean Peninsula.

Erdoğan said: “We support a dialogue-based approach aiming at establishing permanent peace and stability on the Korean Peninsula.”

The leaders pledged closer coordination as middle powers in the UN, the G20 and MIKTA. They also discussed the war in Ukraine and the situation in the Middle East and agreed to keep close communication on resolving conflicts. Erdoğan said the two countries’ views on international issues “largely overlap.” The Korea Herald noted the summit came three days after Erdoğan met Ukrainian President Volodymyr Zelensky in Istanbul.

Korean War Ties

Both leaders invoked the Korean War. “Turkey is a blood brother to our people,” Lee said, adding that South Korea’s existence is indebted to the 21,000 Turkish soldiers who fought alongside it. Erdoğan said the relationship became a blood brotherhood through the sacrifices of “the heroic Mehmetçik” 76 years ago.

The summit follows Lee’s state visit to Ankara on Nov. 24, 2025, and a further meeting at the NATO summit in Ankara in July 2026. Next year marks 70 years of diplomatic relations, and Erdoğan said special events are planned.