Türkiye and South Korea Sign Three Agreements on Energy and Mining

A total of three agreements were signed on the sidelines of the visit.

Minister Bayraktar Accompanies President Erdoğan

President Recep Tayyip Erdoğan met with President Lee Jae Myung during his visit to South Korea. Minister of Energy and Natural Resources Alparslan Bayraktar, who accompanied President Erdoğan, attended the delegation-level talks chaired by the two leaders.

Commenting on the meeting on social media, Minister Bayraktar said: “We believe that the longstanding friendship and strategic partnership between Türkiye and South Korea will be further strengthened through new steps to expand technology sharing, cooperation and mutual investment, particularly in energy.”

Three Agreements Signed

Following the talks, the two countries signed three agreements relating to energy and mining.

Minister Bayraktar and Korea’s Minister of Climate, Energy and Environment, Kim Sungwhan, signed the Memorandum of Understanding on Strengthening Cooperation in the Field of Energy. Under this memorandum, the two countries will cooperate on clean energy policies and carbon emissions reduction; nuclear energy and nuclear power plant construction projects; renewable energy; hydrogen and energy efficiency practices; smart grids; and new energy technologies.

Energy Transition Forum

The Türkiye–Korea Energy Transition Forum will be established to directly monitor the implementation of the memorandum and provide a sustained platform for dialogue.

Meeting annually, alternately in Türkiye and South Korea, the forum will serve as the highest-level implementation mechanism for discussions on nuclear power plant investments, technology integration, financing models and joint venture opportunities.

Critical Minerals and Mining

Minister Bayraktar also signed the Memorandum of Understanding on Cooperation in the Fields of Natural Resources and Mining with Korea’s Minister of Trade, Industry and Resources, Kim Jung-Kwan.

To strengthen bilateral cooperation in natural resources and mining, the agreement aims to promote the identification, processing, refining and recycling of minerals, particularly rare earth elements and critical minerals, as well as magnets, and to support related joint research and development projects.

The two countries will also share expertise and experience in autonomous mining, artificial intelligence integration and environmentally friendly mining practices.

Regular Exchange of Information

During the visit, TÜNAŞ and KEXIM also signed the Memorandum of Understanding on Cooperation in Nuclear Power Project Financing. TÜNAŞ General Manager Necati Yamaç and KEXIM Chairman and President Hwang Kiyeon signed the agreement on behalf of their respective institutions.

The agreement will establish a framework for cooperation on potential financing solutions for all nuclear power plant projects to be undertaken through TÜNAŞ.

KEXIM and TÜNAŞ will develop cooperation on financial modelling and analysis, as well as financing structures. A working group will be established to exchange information regularly and explore potential opportunities for future cooperation.

Bringing Our Countries’ Expertise to Joint Projects

Minister of Energy and Natural Resources Bayraktar issued a statement on his social media accounts regarding the memoranda of understanding:

“Following the inter-delegation meeting chaired by our President, Mr. @rterdogan, and South Korean President Lee Jae Myung, we signed two memorandums of understanding in the presence of our leaders, establishing a comprehensive framework for our cooperation in the fields of energy and mining.

We signed the “Memorandum of Understanding on Strengthening Cooperation in the Energy Sector” with the Ministry of Climate, Energy, and Environment of the Republic of Korea, and the “Memorandum of Understanding on Cooperation in the Fields of Natural Resources and Mining” with the Ministry of Trade, Industry, and Natural Resources.

Through these agreements, we will develop joint initiatives across all sectors of the energy sector, particularly in nuclear energy and clean energy technologies; we will advance partnerships that combine our resource potential in critical minerals and rare earth elements with technology, investment, and high-value-added production.

Through the Türkiye-Korea Energy Transition Forum, which will be held annually on a rotating basis, we will closely monitor the implementation of these initiatives and ensure the continuity of our high-level dialogue.

Furthermore, with the “Memorandum of Understanding on Cooperation Regarding the Financing of Nuclear Power Projects” signed between TÜNAŞ and KEXIM in the presence of our leaders, a framework for cooperation has been established to evaluate potential financing opportunities for the nuclear power plant projects that TÜNAŞ will develop in our country.

I hope these agreements, which will channel our countries’ engineering, technological, and industrial expertise into joint projects, will prove beneficial.”

Bilateral Meetings

As part of his engagements, Minister Bayraktar met with senior executives of KEPCO, South Korea’s largest public electricity distribution company.

Minister Bayraktar also held a meeting with senior executives of JS Link, a South Korean manufacturer of permanent magnets.