Seoul and Sofia Revive Nuclear Project Talks
Nuclear engineering and construction firms should watch whether the Kozloduy reactor project advances to subcontracting and supply contracts.
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 trade, investment, defense, transportation, science and technology, and digital industries.
Why it matters
For operators in nuclear construction, engineering, and related equipment supply, the reaffirmed Kozloduy project signals continued government backing for bilateral work that may open subcontracting and supply-chain opportunities. The committee's revival after a seven-year gap also points to a renewed channel for trade and investment dialogue between the two governments.
The committee met for the first time in seven years, after sessions in September 2015 and September 2019. The Kozloduy nuclear project involves two new reactors built by a consortium that includes Hyundai Engineering & Construction Co. and Westinghouse Electric Co.
The players
Hyundai Engineering & Construction Co.
A South Korean engineering and construction company with large-scale international infrastructure and energy project experience, participating in the Kozloduy consortium.
Westinghouse Electric Co.
A U.S.-based nuclear technology and reactor design company whose consortium partnership supports the Kozloduy reactor build.
Park Jong-han
South Korea's deputy minister for economic affairs, who co-chaired the joint economic committee meeting in Sofia.
Krasimir Yakimov
Bulgaria's deputy economic minister, who co-chaired the joint economic committee meeting in Sofia.
The details
The Joint Economic Committee is a bilateral government body co-chaired by one official from each country, here Park Jong-han, South Korea's deputy minister for economic affairs, and Krasimir Yakimov, Bulgaria's deputy economic minister. At the Sofia meeting the two sides reviewed progress in bilateral economic cooperation and agreed that successful implementation of the Kozloduy project would mark an important milestone. Hyundai Engineering & Construction is working on the reactors as part of a consortium with Westinghouse Electric, which means contractors and suppliers in the chain can expect work tied to the consortium's delivery schedule.
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 revived committee follows the 2015 inaugural meeting in Sofia and the 2019 session in Seoul, marking a return to formal bilateral economic dialogue after a seven-year pause. The Kozloduy reactor project, built through a consortium with Westinghouse Electric, sits at the center of the agenda.
Operators in nuclear engineering, construction, and heavy equipment supply should monitor whether the Kozloduy project moves to subcontracting and procurement stages. Firms in South Korea and Bulgaria that handle trade, investment, or digital services may see the revived committee as a channel for new bilateral opportunities.
The takeaway
The committee's return after seven years suggests government-level support for bilateral commercial work, so operators with exposure to nuclear supply or cross-border trade should track follow-up announcements on project contracts. Monitor future committee outcomes for specific agreements, since the meeting itself produced reaffirmations rather than disclosed deal terms.
Further reading
For broader context on cross-border deal-making, explore our coverage of International Trade.
