South Korea, Bulgaria Reaffirm Nuclear Plant Cooperation
At a joint economic committee meeting in Sofia, the two countries reviewed bilateral cooperation and discussed a new reactor project in Bulgaria.
Updated on Nov. 3, 2026 in International Trade
South Korea and Bulgaria reaffirmed cooperation on a new nuclear power plant project in Bulgaria at the third meeting of their Joint Economic Committee in Sofia on Monday. The talks also covered expanding economic ties in trade, investment, defense, transportation, science and technology, and digital industries.
Why it matters
The Kozloduy project is seen by both sides as an important milestone in bilateral economic relations, and the committee meeting signals continued official engagement on it. Hyundai Engineering & Construction Co. is participating through a consortium with Westinghouse Electric Co.
The third Joint Economic Committee meeting, the first in seven years, was held in Sofia and co-chaired by Park Jong-han and Krasimir Yakimov. The Kozloduy project will add two new reactors, but no construction timeline or contract value was reported.
The players
Hyundai Engineering & Construction Co.
A South Korean construction and engineering company participating in the Kozloduy reactor project as part of a consortium.
Westinghouse Electric Co.
A U.S.-headquartered nuclear technology company partnering with Hyundai Engineering & Construction on the Kozloduy reactor project.
The details
Park Jong-han, deputy minister for economic affairs of South Korea, and Krasimir Yakimov, Bulgarian deputy economic minister, co-chaired the meeting, which reviewed progress of bilateral economic cooperation. Hyundai Engineering & Construction Co. is participating in the project to build two new reactors as part of a consortium with Westinghouse Electric Co.
Timeline
September 2015: Inaugural Joint Economic Committee meeting held in Sofia.
September 2019: Previous committee session held in Seoul.
Monday, November 2, 2026: Third committee meeting held in Sofia.
Market Landscape
The Kozloduy site has long been central to Bulgaria's nuclear generation, and the new reactor project places Korean and U.S. partners within that existing industrial footprint. The renewed bilateral engagement reflects a broader push by South Korean firms to compete for nuclear construction work in Europe.
For readers following energy costs or trade flows, the project signals how new Bulgarian nuclear capacity may be financed and built with foreign partners. Direct consumer effects on prices or availability are not addressed in the source material.
The takeaway
Bilateral trade and infrastructure partnerships often move slowly, and a meeting held after seven years shows how sustained official contact can keep large projects like Kozloduy on track.
Further reading
Explore more in International Trade coverage for context on bilateral economic agreements.
