Economic Organizations Issue Successive Comments and Welcome the Move
"Breaking Through Competition with Major Powers to Win Orders, a Great Achievement"
Expecting Economic Effects Such as Job Creation
Organizations representing the business community welcomed the news that Korea Hydro & Nuclear Power (KHNP) was selected as the preferred negotiator for the new nuclear power plant construction project in the Czech Republic.
Hwang Ju-ho, President of Korea Hydro & Nuclear Power, is giving a briefing on the selection of the preferred negotiator for the new nuclear power plant construction project in the Czech Republic at the Government Sejong Complex on the morning of the 18th. From the left, Hwang Ju-ho, President of Korea Hydro & Nuclear Power; Ahn Deok-geun, Minister of Trade, Industry and Energy; Ahn Se-jin, Director of the Nuclear Power Project Policy Bureau. [Image source=Yonhap News]
The Korea Chamber of Commerce and Industry (KCCI) issued a statement on the 18th, saying, "We highly appreciate this achievement by Team Korea, which was made possible by the combination of our technological capabilities, construction skills, and the government's comprehensive diplomatic efforts." It added, "With the AI revolution and the expansion of data centers expected to cause a surge in electricity demand, the global demand and importance for nuclear power plants capable of stable carbon-free power generation are increasing. It is a significant accomplishment to have succeeded in winning the contract despite competition from nuclear power superpowers."
It further stated, "In a time when economic security is becoming increasingly important, this opportunity has strengthened trust in Korea as an economic partner, which is highly meaningful."
Additionally, the KCCI said, "This contract is expected to accelerate the restoration of the domestic nuclear power ecosystem, greatly contributing to the creation of new jobs, revitalization of local economies, and growth of cooperating small and medium-sized enterprises (SMEs)." It also expressed hope that "this will serve as a foothold to gain an advantageous position in the competition for nuclear power plant orders in many countries, including Europe, that are pursuing new nuclear power plant construction."
The Korea Economic Organization Federation (KEOF) also commented on the same day, calling it "a great achievement in the Czech Republic, a manufacturing powerhouse and a foothold for entering the European market." It evaluated the selection as "the result of our companies equipped with price competitiveness and timely construction capabilities, supported by the government working as one." It also expressed expectations that "this will further expand cooperation between Korea and the Czech Republic in trade, investment, science and technology, energy, and the overall economy and industry." Furthermore, it added, "KEOF will also strengthen exchanges and cooperation with the Czech economic community."
In particular, KEOF predicted, "Since this will have the effect of exporting the entire nuclear power ecosystem?from design to construction, operation, and maintenance?it will not only dramatically enhance nuclear competitiveness but also give greater momentum to overseas orders for K-Nuclear Power in the future."
The Korea International Trade Association (KITA) also issued a statement, saying, "This achievement was made possible because KHNP, the Ministry of Trade, Industry and Energy, and related government agencies worked together in the bidding process that lasted more than two years."
KITA added, "We hope that the contract negotiations will be successfully completed, leading to export results and serving as a catalyst for revitalizing our nuclear power ecosystem."
The Korea Federation of SMEs (KFS) welcomed the news as "a very important momentum that will invigorate the entire industrial sector through positive trickle-down effects not only to large corporations but also to mid-sized and small enterprises." It expressed hope that "economic cooperation between the two countries will be further strengthened through this project."
KFS evaluated, "Opening a breakthrough for entry into Europe, the center of nuclear power, is a great achievement resulting from the continuous technological innovation of the industrial sector and the comprehensive cooperation of KHNP, the Ministry of Trade, Industry and Energy, the government, academia, and related organizations."
The Korea Federation of SMEs also expressed a welcoming stance in its statement, saying, "The nuclear power SME sector has faced difficulties due to the nuclear phase-out policy, but the Czech new nuclear power project is expected to bring trickle-down effects to numerous domestic nuclear SMEs supplying to large corporations."
The federation said, "We hope this project will open the door to the European nuclear power market and expand nuclear power exports, and the SME sector will do its best to ensure the smooth implementation of the Czech nuclear power order."
The Czech government announced on the 17th local time, at a cabinet meeting, that KHNP was selected as the preferred negotiator for the new nuclear power plant construction project. This marks the first time in 15 years since Korea won an overseas nuclear power order, following the Barakah nuclear power plant in the United Arab Emirates (UAE) in 2009.
The Czech Republic plans to build up to four additional reactors with a capacity of 1,200 MW or less at the existing Dukovany and Temel?n nuclear power plants. In April, final bids were received from KHNP and ?lectricit? de France (EDF). KHNP formed a 'Team Korea' consortium with domestic companies including KEPCO E&C, Korea Nuclear Fuel, KEPCO KPS, Doosan Enerbility, and Daewoo Engineering & Construction to enter the bidding and outperformed the French company.
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