Discussion on Cooperation Plans with Key Czech Government Officials from the 24th to 26th
Minister of Trade, Industry and Energy Anduk Geun will visit the Czech Republic in person to engage in the final bidding battle for a nuclear power plant project. The result of the Czech nuclear power plant bidding, in which Korea Hydro & Nuclear Power and ?lectricit? de France (EDF) are competing, is expected to be announced as early as June this year.
Minister Ahn will visit the Czech Republic from the 24th to the 26th. This is his first visit as the Minister of Trade, Industry and Energy following two visits to the Czech Republic during his tenure as the head of the Trade Negotiations Department. Minister Ahn plans to meet with key Czech government officials such as Josef Sikela, Minister of Industry and Trade, and Zbyn?k Stanjura, Minister of Finance, to broadly discuss ways to strengthen cooperation between the two countries.
The Czech Republic is a key cooperation partner among the Central European Visegr?d Group (Czech Republic, Poland, Hungary, Slovakia, V4) countries. Last year, the trade volume between the two countries reached a record high of $4.4 billion.
With the 35th anniversary of diplomatic relations approaching next year, the two countries are expected to agree on the wording of the Korea-Czech Trade and Investment Promotion Framework (TIPF), a memorandum of understanding (MOU) to expand mutual trade and investment during this visit. In addition, plans to strengthen cooperation in various fields such as nuclear power, advanced industries and technologies, and infrastructure will be discussed.
Korea's first overseas export nuclear power plant, the UAE Barakah Nuclear Power Plant. (File photo)
In particular, Korea Hydro & Nuclear Power is participating in the bidding for a new nuclear power plant construction project estimated at around 30 trillion won. The Czech nuclear power project involves building a total of four reactors (each under 1.2GW) ? two at Dukovany and two at Temel?n.
Originally, the Czech government planned to build one nuclear reactor at Dukovany, but in response to the global decarbonization trend, it decided that more nuclear power plants were needed and revised the plan to build a total of four reactors. During the process of requesting revised bids, Westinghouse from the United States was eliminated, leaving Korea Hydro & Nuclear Power and EDF in a head-to-head competition.
Czech Electricity Company (CEZ) plans to receive the revised bids for the construction of four nuclear reactors by the end of this month and submit a review proposal to the Czech government. The preferred bidder will be decided within a month thereafter. The Czech nuclear power plant contractor is expected to be selected by the end of June at the earliest. If Korea Hydro & Nuclear Power wins the Czech nuclear power plant contract, it will be the first nuclear power plant export in 15 years since the Barakah nuclear power plant export to the United Arab Emirates (UAE) in 2009.
During his visit to the Czech Republic, Minister Ahn plans to hold a meeting with Korean companies operating locally to listen to their difficulties and suggestions related to economic legislation being promoted by the European Union (EU), as well as to check on business challenges faced in the Czech Republic.
Minister Ahn said, "The Czech Republic is currently the chair country of the V4, and this year is a time when the importance of close economic cooperation between the two countries is especially highlighted. Through this visit, we will discuss practical measures to further strengthen economic cooperation between the two countries."
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