South Korea and Czech Republic Boost Business Ties and Nuclear Energy Cooperation in Prague Forum
September 20, 2024, Prague – The Korean Chamber of Commerce and Industry, the Czech Confederation of Industry, and the Czech Chamber of Commerce have jointly hosted a South Korea-Czech Republic Business Forum in the heart of Prague today. The high-profile meeting was graced by the presence of South Korean President Yoon Suk-yeol and Czech President Petr Pavel, marking a significant step in the enhancement of bilateral economic relations between the two nations.
During his keynote speech, President Yoon Suk-yeol expressed his delight in the recent development where Korea Hydro & Nuclear Power (KHNP) was selected as the preferred bidder for the construction of new nuclear reactor units in the Czech Republic. Yoon emphasized his vision for the Korean team to evolve into a Korean-Czech team, symbolizing a potential era of nuclear renaissance. He highlighted the importance of expanding cooperation in the nuclear energy sector to encompass the entire industry chain, underscoring the South Korean government’s intention to forge a Trade and Investment Promotion Framework Agreement (TIPF) with the Czech Republic, providing a robust institutional foundation for comprehensive industrial collaboration.
The event witnessed the participation of the chairmen of South Korea’s four leading conglomerates—Samsung, SK Group, Hyundai Motor Group, and LG Group—namely, Lee Jae-yong, Chey Tae-won, Chung Eui-sun, and Koo Kwang-mo. Their attendance marked the first collective overseas trip with President Yoon this year. Throughout the forum, a total of 14 memorandums of understanding (MoUs) were inked between companies and institutions from both countries, spanning various economic sectors.
In a bid to further cement their partnership, Presidents Yoon and Pavel engaged in bilateral talks with a focus on the strategic collaboration in the nuclear power sector. This development follows the recent commissioning of the Barakah Nuclear Energy Plant Unit 4 in the United Arab Emirates, which was built by South Korean companies, highlighting their growing capabilities in the global nuclear energy market.
The joint business forum in Prague signifies the deepening ties between the South Korean and Czech business communities. By fostering cooperation in nuclear energy, both nations aim to leverage their respective strengths in technology and manufacturing to create a mutually beneficial partnership. The forum’s success is anticipated to pave the way for more extensive economic collaboration, potentially extending to areas such as technology, automotive, and renewable energy.
The South Korean President’s visit to the Czech Republic, accompanied by the leaders of the country’s major conglomerates, underscores the importance of this bilateral relationship in the context of global economic dynamics. The strategic partnership between South Korea and the Czech Republic, particularly in the nuclear energy sector, is poised to set a precedent for future collaborations in various industries, contributing to the global energy landscape and fostering economic growth for both nations.
As the world continues to seek sustainable and reliable energy sources, the cooperation between South Korea and the Czech Republic in the nuclear energy sector stands as a beacon of hope. The recent developments in Prague exemplify the potential for innovative partnerships that can address global challenges while fostering economic development and international cooperation. The future holds great promise for the Korean-Czech partnership, as both nations strive to build a more sustainable and prosperous world through joint ventures and shared expertise.
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