South Korea and Turkey signed four memoranda of understanding (MOUs) on November 3 during a summit between President Lee Jae-myung and President Recep Tayyip Erdoğan. The agreements cover cooperation in science and technology, natural resources, energy, and nuclear finance.
The Blue House announced that the signing ceremony took place in the main reception room of the Blue House, with both leaders in attendance.
First, the Ministry of Science and ICT and Turkey's Ministry of Industry and Technology signed an MOU on cooperation in the fields of science, technology, and innovation. The agreement aims to enhance joint research and development (R&D) and increase personnel and information exchanges in six key areas, including artificial intelligence (AI), biotechnology, advanced communications, and advanced materials.
Next, the Ministry of Trade, Industry and Energy and Turkey's Ministry of Energy and Natural Resources signed an MOU on cooperation in natural resources and mining. This agreement focuses on sharing information related to critical minerals and rare earth resources and projects, as well as promoting strategic partnerships in advanced materials and digitalizing mining operations using AI.
The Ministry of Climate, Energy and Environment and Turkey's Ministry of Energy and Natural Resources signed an MOU to strengthen cooperation in the energy sector. This agreement aims to broaden policy and technology exchanges in renewable energy, power grids, and nuclear power. Additionally, the two countries plan to establish an energy transition forum to continuously identify specific collaborative projects.
Finally, the Export-Import Bank of Korea and Turkey's Nuclear Energy Agency signed an MOU on financing nuclear projects. This agreement is intended to establish a financial support cooperation system to enhance the prospects for South Korean companies to secure contracts for nuclear projects in Turkey.
These MOUs are a follow-up to the cooperation framework established during President Lee's state visit to Turkey in November of last year, when the two countries signed three MOUs related to nuclear energy, road infrastructure, and veterans' affairs.
During the earlier expanded summit, President Lee proposed broadening cooperation in nuclear energy, defense, energy, and science and technology. President Erdoğan expressed his commitment to balancing the trade between the two countries, which has surpassed $11 billion, and urged for a swift conclusion to discussions on improving the free trade agreement (FTA).
* This article has been translated by AI.
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