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Korea, Turkey to cooperate on Sinop nuclear power plant
The agreement was drafted by Turkey’s Electricity Generation Holding Company and Korea Electric Power Corp (KEPCO), a state-controlled utility provider.
Energy and Natural Resources Minister Taner Yıldız, speaking about the agreement, stated that it “will create a working group and they will work to bring the agreement to maturity within three to four months. If we can come to an agreement on certain points and are able set a target price for the electricity produced then the partnership will develop even further.”
Yıldız stated that South Korea’s 40-year-long experience with nuclear power plants has resulted in 20 nuclear power plants and eight more currently under construction, with at least 55 percent of its energy by 2020 planned to be covered by nuclear power alone. “By 2020 we hope to be able to cover 10 percent of our total energy consumption by nuclear energy,” Yıldız said. He added that this would mean 8,000 to 10,000 megawatts being produced by the two nuclear power plants being planned for Sinop and Akkuyu in southern Turkey.
‘Banking regulation won’t be relaxed’ Speaking about the Turkish banking sector, Babacan was quick to note that banking could not be taken up by just anybody anymore, unlike previous periods in Turkey. He stressed that a relaxation of banking regulations would not occur and that regulations would get stricter if the economic situation called for it. “There are currently whispers and speculation as to whether we will be relaxing ‘this or that’ in the banking sector. No. The banking framework is set in Turkey; the rules regarding who can open a bank and how they can run it are fixed. This framework will not be relaxed, but will be tightened if need be. … We’re the only nation in the Organization for Economic Cooperation and Development [OECD] that didn’t have to intervene in the banking sector. We didn’t even have to change our deposit guarantees, and while some countries had to guarantee 100 percent of deposits, we’re still going strong on the deposit guarantee guidelines set in July 2004.” Regarding the Medium-term Economic Program (OVP), Babacan stated that this program is what sets Turkey apart from much of Europe, as it specifically outlines steps and targets and they are working towards meeting them. İstanbul Today’s Zaman |
Trade needs to expand given nations’ potential
Trade between the historically linked South Korea and Turkey exceeded $3 billion in 2009 despite taking a hit due to the global financial crisis but “needs to grow,” says State Minister Ali Babacan.
Speaking at the opening of the Turkish-South Korean Business Forum yesterday, Babacan stated that the economic potential of the two nations and their historical ties would contribute to an increase in the trade volume between the two nations.
“South Korea is our second most important trading partner in the Far East, and even though our trade took a hit from the global economic crisis, it’s still above $3 billion. When taking into account the economic potential of the two countries, however, this figure is in serious need of improvement,” said Babacan. He also stated that there are currently 160 South Korean firms in Turkey and that their total registered capital in Turkey is more than half a billion dollars.
Regarding a free trade agreement between the two nations, he added that although double-taxation agreements and investment support and protection agreements have been signed between the two nations, a free trade agreement is also on the agenda.
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