South Korea and Türkiye agreed on a new nuclear-project financing framework during a Seoul summit between Presidents Lee Jae-myung and Recep Tayyip Erdoğan on November 3. According to the South Korean presidential office, the agreement is intended to support Korean firms interested in Türkiye's proposed Sinop nuclear power station. It does not mean that a Korean contractor has won a construction order.
The two governments reviewed work since their previous nuclear cooperation memorandum, including site assessments and a joint working group. Financing is one obstacle in large power projects, and the latest memorandum seeks to lay groundwork for possible participation. Any binding construction contract, financial closing or ownership decision remains a later step.
A financing step, not a contract award
The leaders also welcomed cooperation documents on energy, science and innovation, natural resources and mining. Their meeting covered Korean participation in Turkish infrastructure and medical-industry projects. Such agreements provide channels for technical and commercial discussion but do not establish the value of future investment.
- Meeting
- Seoul, November 3, 2026
- Nuclear site
- Proposed Sinop project
- Current outcome
- Financing-cooperation memorandum
Defense discussions included the Altay tank program, which the two countries have used as a basis for industrial cooperation. They expressed interest in extending joint manufacturing, technological work and possible participation in third-country markets. The announcements describe prospective cooperation, rather than a newly signed export sale.
The presidential office said the summit also addressed the Korean Peninsula, the war in Ukraine and other regional developments. For Korean companies, the key test will be whether the new working arrangements produce awarded projects with financing, delivery schedules and enforceable obligations. Until then, reporting should distinguish agreements to cooperate from confirmed business revenue.