Strengthening trade relations between Türkiye and South Korea and exploring venues for advancing the ties are likely to top the agenda of talks to be held in the Turkish capital this week, according to a report on Sunday.

The sixth meeting of the joint committee established under the free trade agreement (FTA) between Türkiye and South Korea is expected to begin on June 23, the report by Anadolu Agency (AA) said.

According to information obtained by AA, the two-day meeting, scheduled to take place in Ankara, is expected to address mutual investments and evaluate a forward-looking road map for achieving more balanced trade relations.

The two countries, however, are already deepening their commercial ties, particularly in strategic sectors such as nuclear energy, artificial intelligence, the defense industry and critical minerals.

South Korean President Lee Jae-myung visited Türkiye last November and high-level Turkish officials, including energy and foreign ministers, also visited Korea since.

During the South Korean president’s visit, Türkiye’s nuclear energy company, TÜNAŞ and South Korea’s power utility KEPCO had signed a memorandum of understanding (MoU) on nuclear energy cooperation.

South Korea, alongside Canada, has long been rumored to be one of the contenders for building a nuclear power plant in Türkiye.

Türkiye, which is expected to bring online its first nuclear power plant – built by Russia’s Rosatom – in the southern city of Mersin, is also planning to have two more plants, in northern Sinop province and its Thrace region.

Distant but important export market

Economic relations between Ankara and Seoul continue to develop on the basis of trade, investment and technological cooperation, alongside strong political ties dating back to the Korean War.

Trade relations, which gained a new dimension with the FTA signed in 2012 and implemented in 2013, have expanded in recent years across a range of sectors, from automotive and defense to energy and digital technologies.

Türkiye has recently prioritized the development of joint projects with South Korea in strategic areas including nuclear energy, artificial intelligence, semiconductors, battery technologies, critical minerals, innovation and renewable energy.

South Korea is also included in Türkiye’s “Far Countries Strategy,” which aims to boost exports to geographically distant but high-potential markets, and is listed among the country’s target export markets.

Bilateral trade reached $50.8 billion over 5 years

Bilateral trade between the two countries has grown steadily in recent years. According to data from the Turkish Statistical Institute (TurkStat), trade volume between Türkiye and South Korea totaled $50.8 billion during the five-year period from 2021 to 2025.

Bilateral trade reached $11.4 billion last year and amounted to $3.7 billion in the first four months of this year.

Türkiye’s main exports to South Korea include pharmaceutical products, metal ores, machinery and equipment, and seafood, while imports from South Korea are led by iron and steel, plastics and plastic products, and motor vehicles.

Strengthening investment ties with South Korea is also seen as crucial for building stable and long-term cooperation.

A total of 226 South Korean companies have investments in Türkiye worth approximately $451 million, including major firms such as Hyundai Motor Company and LG Electronics.

Cooperation deepens through concrete projects

In recent years, the two countries have continued to expand defense industry cooperation through various projects, particularly the Altay main battle tank program.

Talks with South Korean companies have also intensified regarding the planned second nuclear power plant project in Sinop.

Having previously collaborated on major infrastructure projects such as the 1915 Çanakkale Bridge and the Eurasia Tunnel, the two countries are further deepening cooperation through new highway and urban development protocols signed last year.

Meanwhile, a cooperation agreement signed between the Scientific and Technological Research Council of Türkiye (TÜBITAK) and the National Research Foundation of Korea (NRF) enables Turkish and South Korean researchers to develop and receive funding for joint scientific R&D projects focusing on artificial intelligence, advanced materials and digital technologies.

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Ryanair CEO Michael O’Leary has extended his contract through 2032, the budget airline said on Friday, ​in a deal that includes a ​bonus ⁠scheme that could see the 65-year-old Irishman earn more than 150 million euros ($172 million).

Ryanair said last month that talks to extend O’Leary’s tenure to close to 40 years were almost concluded.

O’Leary has been the dominant force at the airline since taking over as CEO in 1994, transforming it from a small regional carrier to Europe’s largest by passenger numbers.

Subject to O’Leary remaining at the group until April 2032, he would be ⁠granted ⁠the option of buying 10 million shares at 26.70 euros per share if annual profit reached 4 billion euros or if the share price exceeded 42 euros for 28 successive days.

Ryanair last month posted a record full-year post-tax profit of 2.26 billion euros. Its share price stood at 25.70 euros at 1315 GMT, with the strike price in the agreement representing the prevailing market price before the ⁠Middle East conflict.

“Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders,” the airline said in a statement.

O’Leary did ​not directly answer an analyst when asked last month if this ​extension would be his last. A previous share option scheme is set to earn him as much ⁠as €100 ‌million after ‌Ryanair hit a share price target in ⁠his last contract. O’Leary said the ‌payout would be good value compared to the salaries of football stars.

The ​airline said O’Leary’s remuneration, ⁠comprising a “modest annual salary and a capped ⁠annual bonus”, will be tabled at September’s annual general meeting ⁠for shareholder ​approval.

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Türkiye’s manufacturing capacity utilization rate increased further in June to the highest level in one year, while factory confidence remained more positive, figures from the central bank showed on Friday.

The capacity utilization rate rose to 74.5% in June from 74.2% in the previous month, the Central Bank of the Republic of Türkiye (CBRT) said.

That marks the highest level since June 2025.

The rise was mainly driven by increased utilization of investment goods, which rose to 73.4% from 70.3%. Meanwhile, capacity utilization for consumer goods weakened to 71.8% from 72.7%.

Separate data on Friday showed the confidence indicator for the manufacturing industry climbed to a four-month high of 103.5 in June from 103.3 in May.

Output expectations over the next three months brightened in June, with the corresponding index rising to 117.6 from 114.3.

The index measuring the current situation of the total amount of orders increased to 88.4 from 87.5. Data showed that the sub-index regarding the general business situation also improved somewhat from 90.4 to 90.9.

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Turkish household appliances and consumer electronics manufacturer Arçelik has agreed to buy Whirlpool’s remaining 25% stake in Beko Europe for 71.5 million euros ($82 million), ​taking full ownership of the unit as it simplifies its partnership ‌with the U.S. group.

The move follows Arçelik’s April 2024 acquisition of Whirlpool’s European operations, after which the U.S. company retained a minority stake in Beko Europe.

Arçelik said a shareholder ​agreement with Whirlpool had been terminated, but the existing brand licensing ​agreement would remain in place.

In a separate deal, Arçelik sold ⁠shares equal to 2.9% of its capital – previously acquired through a ​buyback program – to Whirlpool for TL 2 billion ($44 million). The sale price of TL 103.71 ​per share was at a slight discount to the previous close.

The company also said it had completed all payment obligations related to its 2022 acquisition of Indesit ​and Whirlpool’s operations in Russia, with a final payment of 40 million euros.

Structure simplified

Cemal Demirtaş, general manager for research at Istanbul-based Ata Invest, said the transactions are expected ‌to ⁠result in a net cash outflow of around 70 million euros, while generating a one-off contribution of 100 million euros to 110 million euros to other operating income.

“We view these steps as positive in terms of simplifying the structure and supporting debt ​management,” Demirtaş said.

He ​said Arçelik had ⁠a market value of about $1.5 billion and net debt of roughly $3.7 billion as of the first quarter, adding ​that recent asset sales point to a focus on ​deleveraging.

However, operational ⁠pressures remain.

“Both domestic and international operations are still facing challenges in terms of growth and profitability. A recovery in demand and margins is critical to ⁠strengthen cash ​flow and reduce leverage,” Demirtaş said. “Otherwise, high ​debt levels could continue to weigh on the stock.”

Arçelik shares were up 0.1% at 10:01 a.m. ​GMT.

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Treasury and Finance Minister Mehmet Şimşek said Friday that Türkiye and Germany have significant potential to deepen cooperation in key industries and strengthen partnerships in third-country markets.

Şimşek’s remarks came after he met with German Economy and Energy Minister Katherina Reiche in Ankara, where the two sides discussed bilateral economic ties, opportunities for closer cooperation and recent geopolitical developments.

Reiche arrived in the Turkish capital for two days to help foster new and deeper business activity in Türkiye. She was accompanied by representatives from the energy, tourism and technology sectors.

In a post on social media following the talks, Şimşek said Türkiye and Germany were “natural strategic partners” at a time when companies and governments worldwide are seeking to diversify supply chains and reduce vulnerabilities.

“There is tremendous scope to expand our cooperation in defense and aerospace, mobility, energy and digital transformation,” he noted.

“There is also significant potential to strengthen our partnerships in third-country markets where both countries already maintain a strong presence,” Şimşek added.

Germany is Türkiye’s largest trading partner, with bilateral trade volume exceeding $52 billion, and is one of the leading sources of foreign direct investment in the country.

Reiche said the two countries intend to deepen their economic ties, highlighting Türkiye’s role as a commercial, energy and security partner.

“We need Türkiye as a reliable trading partner, but also to achieve common political goals,” she noted.

She drew attention to Russia’s invasion of Ukraine and the war in Iran, which she said she hoped would be brought to a permanent end.

Trade, energy ties

Reiche also met with Turkish Trade Minister Ömer Bolat as part of the Türkiye-Germany Joint Economic and Trade Commission, or JETCO, meeting.

The two gave a positive assessment of the trade development between the two countries, with the German minister noting that Türkiye is the European Union’s fifth-largest trading partner.

Germany’s trade with Türkiye accounts for about one-quarter of the bloc’s total trade with the country, she said.

During the meeting, the officials signed a new economic cooperation protocol and reaffirmed their goal of increasing bilateral trade to $60 billion.

The talks covered trade, investments, industrial cooperation, energy transition, green and digital transformation, transportation, connectivity and potential cooperation in third countries, Bolat said.

Turkish companies have invested nearly $3 billion in Germany, while German companies rank first among foreign investors in Türkiye, operating about 8,600 firms and holding $26.5 billion in direct investments, he noted.

Reiche said investments by German companies in Türkiye were wide-ranging, adding that “the reverse is also true.” German investors wanted to further expand their position on the Turkish market in the future, she added.

In addition to being an important NATO ally, Reiche also sees Türkiye as a valuable partner in Germany’s efforts to diversify its gas and electricity supplies, particularly following the global upheavals caused by the closure of the Strait of Hormuz as an oil supply route.

“We cannot just stand by and watch passively,” she said. Both sides agreed to expand their energy partnership, established in 2012. “Let us turn today’s challenges into tomorrow’s strengths,” Reiche added.

In response to the recent oil crisis, she argued, there must be a parallel focus on multiple energy sources. Germany and Türkiye agree that there must be openness to different technologies – “and openness to everything that companies bring to market.” Both sides have set out their energy objectives in a protocol.

Customs union, visas

Bolat said the protocol they signed records progress achieved by both sides and provides a road map for future cooperation.

The ministers also discussed the modernization of the Türkiye-EU Customs Union.

“As the EU shapes new trade, industrial and sustainability policies, including the ‘Made in EU’ framework, it is vital that these initiatives remain inclusive,” Bolat said.

“These policies must strengthen the highly integrated supply chains built over decades,” he added.

Visa facilitation was also on the agenda, particularly Germany’s “cascade” visa system, which Bolat said has helped improve visa appointment and application procedures since July last year.

“Visa rejection rates have fallen from around 25% to 14%. At this point, the German side plans to accelerate the process regarding businesspeople, students, artists, NGO members and transporters,” he said.

“We once again emphasized our justified demands for visa-free travel for Turkish citizens,” he added.

Later on Friday, Reiche was expected to attend the German-Turkish Energy Forum with Energy and Natural Resources Minister Alparslan Bayraktar.

Before departing for the Turkish capital, she said German companies should benefit in the coming years from the country’s announced multibillion-euro investments.

They have the opportunity to tap into the Eurasian market thanks to highly qualified Turkish specialists, she added.

The economy minister described Türkiye as an energy hub between Europe, the Middle East and the Caucasus.

“Türkiye is not only a reliable partner – it is clearly focused on growth in the energy sector,” she said.

The COP31 climate conference in Türkiye later this year could become “the summit where political commitments turn into measurable progress,” a top German official said on Thursday.

The energy crisis triggered by the war in the Middle East has fueled calls for countries to shift away from fossil fuels and step up efforts to deploy renewable energy.

“The collective experience with the Strait of Hormuz, and how vulnerable most of us are to fossil-fuel price shocks, could make the decisive difference,” German Environment Minister Carsten Schneider said.

“Climate action today is also about economic strength, security of supply and competitiveness.”

Schneider’s remarks came after a two-week annual U.N. climate change talks in the western German city of Bonn wrapped up.

Bonn is where texts are drafted and differences are narrowed ahead of the decisions taken by political leaders at the U.N.-sponsored COP31 climate talks, which are due to start Nov. 9 in Antalya, southern Türkiye.

Schneider said the Bonn meetings had shown that the Paris climate agreement remained the common benchmark despite geopolitical tensions. “Now its implementation must accelerate significantly,” Schneider told dpa.

He called on more countries to submit ambitious new climate targets ahead of COP31. Türkiye will host the summit, while Australia will oversee the formal negotiations.

Backsliding risk amid geopolitics

U.N. climate chief Simon Stiell said Thursday countries made some progress at the Bonn talks, but warned against backsliding as geopolitical tensions stalk negotiations.

In a statement, Stiell said “real strides” were made on issues including ensuring a “just transition” to ensure the shift to a low-carbon economy is fair and inclusive.

He also recalled that Türkiye unveiled a target to make electricity account for one-third of the world’s energy demand by 2035.

The aim would be to shift transport, heavy industries, and home ​heating away from running on oil, coal and gas, to instead use technologies ⁠like electric industrial furnaces, electric cars and heat pumps.

“In key areas we’ve taken real strides forward,” Stiell said, while acknowledging that “in others, we have seen some side-stepping and stalling. We’ve seen geopolitical tensions washing through these halls.”

“We simply cannot afford to reopen previous decisions, to renegotiate existing targets, or to backslide,” he said.

He warned countries against “cherry-picking” the global commitments that “suit tactically in the moment.”

He cited commitments to science, the Paris Agreement’s ambitious goal of limiting warming to 1.5C from preindustrial levels and pledges by rich nations to provide more climate finance to developing countries.

Environmental groups praise Türkiye’s proposal

At the same time, environmental organizations gave the Bonn conference a mixed assessment.

They welcomed the proposal by the Turkish government to increase the global share of electricity in final energy consumption from 20% to 35% by 2035.

Laura Schafer from pressure group Germanwatch praised the initiative as a “positive sign,” adding that it was “crucial to underpin this target with concrete national measures – including in Germany.”

Oxfam climate expert Jan Kowalzig emphasized that “electrification is, in principle, an important step toward climate neutrality, but only if it is accompanied by a consistent transition to renewable energy.”

On the other hand, the organizations agreed that the pace of the conference had been far too slow.

“We have witnessed structural paralysis here in Bonn,” warned Greenpeace climate expert Jannes Stoppel. Negotiations were progressing in “baby steps” when “giant strides” were needed, he said.

Fentje Jacobsen of WWF Germany said climate finance had once again remained a major sticking point.

The climate crisis can only be halted if coal, oil and gas take a back seat and renewable energies shape the future, Jacobsen said.

“But here, too, concrete progress is lacking. We can see that in Germany as well. The federal government is currently putting on the brakes instead of pushing ahead with the energy transition at full speed,” she said.

Climate facts increasingly challenged

U.N.’s Stiell criticized what he described as a tendency for countries to wait for others to act first.

“In some negotiating rooms, we’ve heard a familiar tendency toward you-first-ism: Groups refusing to deliver commitments or allow the process to move forward unless others go first.”

Representatives from several countries, including Switzerland, Sierra Leone and Pacific island states particularly affected by rising sea levels, complained at a press conference that facts about the climate crisis were increasingly being challenged during the negotiations.

They argued that the conferences were intended to find solutions to climate change, not to debate the current state of scientific knowledge.

Schneider backed those concerns and also criticized attacks on the scientific foundations of climate research.

“It is encouraging that a large number of countries from both the Global South and the Global North are standing together against this,” he said.

More than 6,500 delegates from governments, the scientific community, business and civil society from almost all U.N. member states have attended this year’s Bonn conference.

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