South Korea seek to enhance cooperation with Türkiye

BUSAN, South Korea

South Korea is eager to boost cooperation with Türkiye in infrastructure, defense and energy, Vice Minister of Trade, Industry and Energy Youngjin Jang told Anadolu.

Jang stated that with the entrance of a Korean company into the Türkiye's construction market in 1999, infrastructure cooperation between the two countries has expanded.

"It is anticipated that cooperation will be further enhanced in various fields, including infrastructure, defense industry, and nuclear power plant construction, in the future," he said.

The minister stressed that when Busan is selected to host the World Expo 2030, new projects in construction, transportation, and other infrastructures are expected to be initiated.

"Urban regeneration projects such as redeveloping old city centers are also anticipated to proceed. In such a case, investment and collaboration with Turkish companies with strengths in construction are expected to be of great help," he explained.

Praising Türkiye's success in defense, aviation, construction and infrastructure sectors, Jang said: "You [Türkiye] are also at the forefront in hi-technology and automotive."

He underlined that thanks to the signing of the free trade agreement, the bilateral trade volume has been growing for the past decade, hitting a record $9.1 billion in 2022.

South Korea's main export groups are synthetic resins, petrochemical raw materials, pharmaceuticals, and auto parts to Türkiye.

At the same time, Korea mainly purchases pharmaceuticals, auto parts, and apparel from Türkiye, Jang said.

He stressed that some 40 Turkish companies invested in South Korea as of 2022 have mainly focused on the automotive parts, distribution, and services industry, such as restaurants.

Jang said that the South Korean government works on promoting advanced industries, labor and regulatory reform, workforce development, corporate tax reduction, and the expansion of investment incentives.

The government is speeding up its efforts to attract foreign investment that can strengthen advanced industry competitiveness, expand supply chains, create quality jobs and contribute to domestic economic growth ultimately.