South Korean Deputy Minister of Trade Youngjin Jang stated Tuesday that South Korea aims to enhance cooperation with Türkiye in the infrastructure, defense and energy sectors.
Evaluating ties between South Korea and Türkiye in his interview with Anadolu Agency (AA), Yang pointed out that the trade volume between the two countries has grown steadily over the past 10 years, increasing from $5.2 billion (TL 148.1 billion) to a record $9.1 billion at the end of 2022 since the signing of the free trade agreement.
He said that their main imports from Türkiye include pharmaceuticals, automotive parts and ready-to-wear clothing.
Jang also mentioned that, as of 2022, nearly 40 Turkish companies entered the Korean market, mainly focusing on automotive parts, distribution and the service sector, including restaurants.
"We anticipate further development of cooperation with Türkiye in various areas such as infrastructure, defense industry and nuclear power plant construction in the future," he noted.
"If Busan is selected to host World Expo 2030, new projects will be initiated in construction, transportation and other infrastructure areas. Urban renewal projects, such as redeveloping old city centers, are also expected to continue. In such a scenario, we expect that investment and collaborations with strong Turkish construction companies would be highly beneficial," the official explained.
Jang expressed that the Korean government will intensify its efforts to attract foreign investment to enhance advanced industrial competitiveness, expand supply chains, create quality jobs and ultimately contribute to domestic economic growth. He also noted that they are closely cooperating with Türkiye to promote trade and investment during this period.
South Korea is, along with Italy and Saudi Arabia, vying for a chance to host the World Expo 2030, a massive event that can generate revenue, jobs and global attention. The final decision is expected to be announced in the last week of this month.
Busan, South Korea's second-largest city with a population of 3.3 million, is recognized as a famous port and industrial city with its beaches and seafood.
