Expands bilateral nuclear power cooperation to all industries, emphasizes cooperation in science, technology, and infrastructure

President Yoon Seok-yul, who is on an official visit to the Czech Republic, attended the “Korea-Czech Business Forum” at a hotel in Prague today (Friday, Sept. 20) morning. The forum was jointly organized by the Korean Chamber of Commerce and Industry, the Czech Chamber of Commerce and Industry, and the Federation of Czech Industries to explore the vision of economic cooperation between the two countries and promote friendship.

Delivering a keynote speech, the President encouraged the business leaders who have led the development of bilateral relations, noting that the Korea-Czech Economic Cooperation Council was established in 1989, before Korea and the Czech Republic even established diplomatic relations, and that 35 years later, engineers from both countries are building Hyundai Motor vehicles in Nosovice, Czech Republic, and exporting them to 74 countries.

In addition, the President said that in July, Team Korea was selected as the preferred bidder for the construction of a new nuclear power plant in the Czech Republic, and that it is time to move beyond Team Korea to become Team Czech-Korea to achieve a “nuclear renaissance” together.

The President said that the momentum of cooperation in the nuclear power sector should be extended to the entire industry, and announced that the two governments will sign a Trade and Investment Promotion Framework (TIPF) to institutionally support comprehensive cooperation across industries, discuss major cooperation projects through the Supply Chain and Energy Dialogue (SCED), and strengthen the foundation for cooperation in advanced industries, including the establishment of the Battery and Future Vehicle Industry Cooperation Center and expansion of hydrogen fuel cell cooperation.

Aerospace, Bio, Chemistry, Digital, and Energy were identified as promising areas for cooperation between the two countries' research institutes, and the President said he would actively support joint research and people-to-people exchanges between the two countries as the 'ABCDE' of Korea-Czech Republic science and technology cooperation has been established.

The president also emphasized infrastructure cooperation. Korea is the fourth country in the world to independently develop and export high-speed rail vehicles, and Korean high-speed railways have built a reputation for being “fast and safe,” so he hoped that Korean companies could contribute to the construction and operation of high-speed railways in the Czech Republic. He also said that the two countries should work together to provide humanitarian assistance for infrastructure reconstruction in Ukraine.

Today's forum was attended by more than 470 business and government officials from both countries. From South Korea, Choi Tae-won, President of the Korea Chamber of Commerce and Industry, Lee Jae-yong, Chairman of Samsung Electronics, Chung Eui-sun, Chairman of Hyundai Motor Group, Koo Kwang-mo, Chairman of LG Electronics, and Chang Jang-hwa, Chairman of POSCO Group. Czech President Petr Pavel, Zdeněk Zajicek, President of the Czech Chamber of Commerce and Industry, Jan Lapai, President of the Czech Confederation of Industry, Petr Novotny, CEO of Skoda Group, and Irží Nouza, President of the Czech Association of Construction Companies.

A total of 14 MOUs between companies and organizations from both countries were signed at the forum. The government said it will actively support the MOUs signed today to lead to concrete results.

[Korea Economy Press]