The trading volume between Türkiye and South Korea, two nations focused on enhancing cooperation across many areas, including trade and tourism, has exceeded $10 billion, with growing potential to build on it, according to a report published on Sunday.

Türkiye aims to deepen cooperation with South Korea, which is included in its “Far Countries Strategy,” in areas ranging from trade and tourism to investment and the defense industry, an Anadolu Agency (AA) report said.

In line with this, the visit of South Korean President Lee Jae-myung, expected to be in Türkiye between Nov. 24 and 25, is seen as notable for bilateral cooperation.

During the meetings scheduled for Monday at the Presidential Complex as part of the visit, bilateral relations are expected to be addressed in all their dimensions.

The talks are expected to cover steps to enhance cooperation in energy, defense, transportation, infrastructure, high technology, culture, and tourism, as well as the signing of agreements to strengthen bilateral collaboration.

The visit will come following the weekend G-20 talks in South Africa, the group of 20 largest economies in the world, which includes both Türkiye and South Korea.

The South Korean president will visit Türkiye upon the invitation of President Recep Tayyip Erdoğan.

“In the meetings to be held at the Presidential Complex on Nov. 24, bilateral relations will be reviewed in all aspects, and it is envisaged that steps will be discussed to enhance further cooperation in the areas of energy, defense industry, transportation, infrastructure, high technology, culture, and tourism,” Presidential Communications Director Burhanettin Duran said on Friday.

Under the free trade agreement (FTA) between Türkiye and South Korea, the framework and goods trade agreements on the gradual liberalization of trade in goods took effect on May 1, 2013, while the agreements on trade in services and investment entered into force on Aug. 1, 2018.

The trade volume between the two countries, which stood at $6.9 billion in 2013, rose to $8.2 billion in 2014. Between 2015 and 2019, the average trade volume was recorded at around $7.3 billion.

Trade volume increasing

Subsequently, the trade volume between the two countries increased in the 2020-2023 period. Accordingly, the volume, which stood at $6.8 billion in 2020, rose to $8.6 billion in 2021, $10.1 billion in 2022, and $10.5 billion in 2023.

While trade volume between the two countries totaled $10.2 billion last year, it reached $8.1 billion in the first nine months of this year.

Looking at the goods Türkiye exports to this country, pharmaceutical products stand out. Türkiye’s exports to South Korea exceeded $971 million last year, one-third of which consisted of pharmaceutical products. This corresponds to some $307 million.

Other major export items last year included “metal ores, slag and ash” at $115.5 million, and “boilers, machinery, mechanical devices and tools” at $91.7 million.

Tourist arrivals on rise

At the same time, the number of tourists arriving in Türkiye from South Korea in 2024 increased by 30.1% compared to the previous year, reaching 206,931. The number had been 159,039 in 2023.

In the January-October period of this year, arrivals from South Korea rose by 9.4% year-over-year to 194,686.

Ankara and Seoul enjoy warm ties rooted in friendship dating back to the Korean War.