In brief
South Korea and Bulgaria reaffirmed their partnership in a new nuclear power plant project at Kozloduy and broadened economic ties. The Joint Economic Committee met in Sofia after a seven‑year hiatus, with South Korean deputy economy minister Park Jong‑han and Bulgarian deputy minister Krasimir Yakimov co‑chairing the session. The meeting highlighted progress in trade, defense, transportation, science and digital industries, and reaffirmed the collaboration between Hyundai Engineering & Construction and Westinghouse Electric.
Sofia, Nov. 3/2026 — South Korea and Bulgaria reconfirmed their partnership on a new nuclear power plant in Bulgaria and expanded bilateral economic collaboration at the third meeting of their Joint Economic Committee, according to Seoul’s foreign ministry. The session, held Monday (local time) in Sofia’s historic Palace of the Parliament, marked the first gathering of the committee in seven years and underscored the importance of the Kozloduy project for both economies. Yonhap reported that the two governments exchanged statements of resolve to pursue a long‑term energy agenda.
The meeting was co‑chaired by Park Jong‑han, the South Korean deputy minister for economic affairs, and Krasimir Yakimov, Bulgaria’s deputy economic minister, according to the ministry’s statement. Both officials underscored the strategic nature of the partnership, noting that the new reactors at Kozloduy would deliver reliable power to the European grid while opening avenues for joint research and training in nuclear safety and regulatory standards.
This session was the first of the Joint Economic Committee in Sofia since 2019, when the committee last convened in Seoul, and the third overall, following the inaugural meeting held in Sofia in September 2015, the ministry said.
During the talks, the sides reviewed progress in trade, investment, defense, and technology collaboration. They highlighted the growth of South Korean firms in the Bulgarian market, including emerging sectors such as autonomous vehicles and biopharmaceuticals, which the ministry reported as growing at a double‑digit rate over the past three years.
Central to the discussion was the implementation of the Kozloduy nuclear power plant project, a long‑standing initiative that aims to add two new reactors to Bulgaria’s existing nuclear facilities. South Korean heavy‑industries conglomerate Hyundai Engineering & Construction Co. will build these reactors as part of a consortium that also includes U.S. energy firm Westinghouse Electric Co., the ministry confirmed.
A nuclear power plant generates electricity by inducing a controlled fission chain reaction in uranium or plutonium fuel. The resulting heat produces steam that turns turbines, generating electricity in a closed loop that ships little environmental waste after the fuel is replaced. The Kozloduy facility will incorporate this technology into its reactors, adding a modest but steady output to Bulgaria’s electricity mix and bolstering regional energy resilience.
Hyundai Engineering & Construction Co. leads the construction given its track record on large infrastructure across Asia and Africa. Westinghouse Electric Co., part of the consortium, contributes decades of experience in reactor design and safety, ensuring that the site will meet international regulatory standards.
The parties agreed that the successful deployment of Kozloduy’s new reactors would be an important milestone in bilateral economic cooperation, signalling a deeper trust between the two governments and providing a template for future energy projects in the region, the foreign ministry said.
Beyond energy, the committee discussed expanding cooperation in defense, transportation, science and technology, and digital industries. The ministers noted plans to share expertise on cyber‑security protocols and collaborate on autonomous transport systems, citing potential joint ventures that could reduce operational costs and boost innovation across both countries’ supply chains.
The foreign ministry emphasized that these agreements would lay the groundwork for a structured framework aimed at attracting joint investment and fostering talent exchanges, particularly in engineering and research disciplines. Both sides committed to monitoring the project’s progress through regular bilateral sessions and to publishing annual reports detailing milestones and challenges.
The next Joint Economic Committee meeting is scheduled for March 2027 in Sofia, where the countries will review the construction status of the Kozloduy reactors and explore further collaboration in small‑to‑medium enterprise development.
With its renewed focus on nuclear cooperation and deepening economic ties, the South Korean‑Bulgarian partnership reinforces Bulgaria’s objective to diversify its energy portfolio amid shifting European energy policy, while giving South Korea a platform for its nuclear engineering group to expand in Southeast Europe.
Overall, the renewed partnership signals a bold step toward shared energy security and technological advancement, offering a template for similar collaborations between emerging and established economies.
