(LEAD) Lee, Erdogan agree to strengthen cooperation in nuclear power plants, defense industry

(LEAD) Lee-Erdogan-summit

(ATTN: UPDATES with more remarks in last 4 paras; ADDS photo)

SEOUL, Nov. 3 (Yonhap) -- South Korean President Lee Jae Myung and Turkish President Recep Tayyip Erdogan agreed Tuesday to further deepen cooperation between their countries in strategic industries, such as nuclear power plants and defense manufacturing.

Lee and Erdogan reached the agreement during their summit in Seoul, following their previous talks in Ankara in November last year. Erdogan arrived in South Korea on Monday for a three-day state visit, marking his first trip to the country since 2018.

"Today, President Erdogan and I agreed to expand the horizon of bilateral cooperation, based on the deep friendship and trust forged in blood," Lee said at a joint press announcement following the summit, referring to Turkish troops' fighting alongside South Korean forces during the 1950-53 Korean War.

Under the agreement, the two countries will seek more substantial cooperation in strategic industries, including nuclear power plants, defense manufacturing and infrastructure, the South Korean president said.

The two countries, in particular, noted the "smooth" progress of cooperation on a Turkish project to build a nuclear power plant in Sinop, in which South Korea is currently seeking to participate, according to Lee.

South Korea's state-run Korea Electric Power Corp. (KEPCO) and the Turkiye Nuclear Energy Company signed a memorandum of understanding (MOU) on cooperation on the sidelines of Lee and Erdogan's summit in 2025 on the project, and they have since launched a preliminary feasibility study.

Lee said the two sides on Tuesday forged an additional MOU on financial cooperation, aimed at providing financial support to South Korean companies seeking to win the project.

In the defense industry, the two countries agreed to broaden their cooperation to include joint manufacturing and technological collaboration and seek to make joint inroads into a third market, building on their ongoing cooperation on battle tanks and military vessels, according to Lee.

The South Korean president also cited future industries, including biotechnology, energy and natural resources, as well as technological sectors, including artificial intelligence (AI), as areas in which the two countries will further tighten cooperation.

On the security front, Seoul and Ankara will strengthen strategic collaboration to help ensure peace on the Korean Peninsula and stability in the international security situation, Lee also noted, adding South Korea confirmed Turkey's consistent support for its policy toward North Korea at Tuesday's summit.

"Today's summit was an opportunity for the two countries to confirm their robust friendship and trust, and it will serve as an important landmark for the future of bilateral relations," Lee said.

Erdogan said the two countries discussed their goal of expanding bilateral trade, which currently stands at US$11 billion, to $15 billion while ensuring that trade remains balanced and is pursued in a sustainable manner.

The Turkish president, in particular, cited the defense industry as being at the forefront of the countries' strategic partnership, saying that he and Lee strengthened their determination to expand joint projects in the field.

He also noted next year marks the 70th anniversary of the establishment of diplomatic relations between the two countries, saying that Turkey is planning various events to mark the occasion and pledging to further deepen cooperation with Seoul.

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