Erdogan in Seoul is focusing on nuclear power to strengthen energy cooperation

“Turkey regards South Korea as a potential partner for the construction of the country’s second nuclear power station, planned for Sinop, on the Black Sea coast.” These are the words of President Recep Tayyip Erdogan, spoken on Sunday to the Yonhap news agency, on the eve of his state visit to Seoul, which will last until 4 November. The aim of the trip to South Korea is to revitalise political dialogue and bilateral economic relations.

“The friendship between Turkey and South Korea is built on solid historical foundations,” emphasised Erdogan in the presence of South Korean President Lee Jae Myung. “A friendship that blossomed during the difficult days of the Korean War and which has lost none of its value, despite the passing decades.” “Our priority is to strengthen political dialogue between the two countries and accelerate our economic relations. We see significant opportunities in the defence industry, nuclear energy, high technology, artificial intelligence and renewable energy. We want to turn these opportunities into concrete projects, pave the way for our companies and increase mutual investment. We have a target of $15 billion in bilateral trade. In pursuing this target, we attach importance to making our trade more balanced, increasing investment and collaborating more closely in the manufacturing sector.”

That is why the Sultan has called on South Korean companies to increase their investments in Turkey, including in joint production and technological development, citing the initiatives already launched by Hyundai Motor Group and Posco. He also aims to involve South Korean companies more closely in transport and logistics infrastructure, in order to develop alternative links between Asia and Europe against a backdrop of risks to trade routes.

Ankara has already carried out preliminary feasibility studies with the South Korean state-owned company Korea Electric Power Corp (Kepco), but the final decision will take into account production costs, financing arrangements and the benefits for the Turkish economy.

Erdogan emphasised that he was aware of the Koreans’ expertise in the field of nuclear energy, stating that ‘following the memorandum of understanding signed last year, we are continuing our assessments of the technical and economic conditions of the project and the investment model. The cost of electricity generation, the methods of financing the investment and the benefits the project will bring to the Turkish economy will be decisive in the final decision’.