Turkish president arrives in South Korea for talks on nuclear power, defense and investment as both sides aim to lift annual trade from $11.4 billion.
MoneyTurkey Politics Desk | 2 November 2026
Key points
- Trade between Türkiye and South Korea reached $11.4 billion in 2025 and $8.7 billion in the first nine months of this year, with a new $15 billion target.
- Erdoğan said South Korea could partner in the planned Sinop nuclear plant after KEPCO signed a cooperation memorandum in November 2025.
Turkish President Recep Tayyip Erdoğan arrived in Seoul on Nov. 2 for a three-day visit aimed at expanding energy, defense and investment ties. The two governments want to raise annual bilateral trade to $15 billion. Erdoğan will meet South Korean President Lee Jae Myung on Nov. 3, and the sides are expected to sign agreements that update the legal framework of their strategic partnership.
What happened
Erdoğan landed at Seoul Air Base in Seongnam on Monday evening. He was accompanied by Foreign Minister Hakan Fidan, Energy Minister Alparslan Bayraktar, Defense Minister Yaşar Güler, Industry Minister Mehmet Fatih Kacır and Defense Industries Secretary Haluk Görgün. South Korean Trade Minister Park Jung-sung greeted the Turkish delegation.
The visit runs through Nov. 4. Communications Director Burhanettin Duran said the agenda includes a review of the strategic partnership and the signing of new bilateral agreements. In a post on X, President Lee said he hoped to deepen cooperation in defense, the economy and energy.
Trade figures released ahead of the trip show bilateral flows at $11.4 billion for 2025 and $8.7 billion in the first nine months of this year. Pharmaceuticals were Türkiye’s top export category to South Korea during that period. The countries are working to correct an imbalance that currently favors South Korea.
What is at stake for markets
Erdoğan told Yonhap that South Korea could join the development of Türkiye’s planned second nuclear power station in Sinop on the Black Sea coast. Preliminary feasibility studies have been conducted with Korea Electric Power Corp. (KEPCO). A final decision will depend on financing terms, electricity generation costs and benefits to the Turkish economy.
KEPCO and Türkiye Nuclear Energy Inc. signed a nuclear cooperation memorandum during Lee’s visit to Türkiye in November 2025. The two sides are also discussing expanded defense cooperation, building on the existing Altay tank project, as well as transport, infrastructure, technology and tourism.
Erdoğan invited South Korean firms to take part in Turkish transport and logistics projects that link Asia and Europe. He also listed semiconductors, artificial intelligence and robotics as areas for future joint production and investment.
Why it matters
The $15 billion trade target would represent a 32 percent increase from the 2025 level. Energy and defense contracts typically involve long lead times and large financing packages, so any agreements signed this week could affect capital flows and supplier order books for several years.
Nuclear cooperation would add a new bidder to Türkiye’s power-sector procurement process. Defense deals could open additional export channels for Turkish land systems and create technology-transfer obligations for South Korean firms.
The visit follows earlier high-level contacts and occurs against a backdrop of Türkiye’s broader effort to diversify energy suppliers and industrial partners. South Korea’s participation would add another OECD-country source of technology and project finance.
What to watch
- Any nuclear or defense agreements announced after Tuesday’s meeting
- Details on financing terms and local-content rules for the Sinop project
- Follow-up trade data that shows whether the $15 billion target is on track
For information only. Not investment advice.
Sources
- Hurriyet Daily News: https://www.hurriyetdailynews.com/erdogan-visits-seoul-with-15-billion-trade-goal-228896
- Anadolu: https://www.aa.com.tr/en/asia-pacific/turkish-president-erdogan-arrives-in-south-korea-for-official-visit/4108274
- Daily Sabah: https://www.dailysabah.com/politics/diplomacy/erdogan-begins-south-korea-visit-eyes-new-partnerships/amp
- Daily Sabah: https://www.dailysabah.com/politics/eu-affairs/turkish-parliaments-foreign-affairs-chief-calls-eu-to-revive-ties
