President Yoon's Czech Visit from 19th to 22nd
First Full Mobilization of Top Executives from the Four Major Groups This Year
Finalizing Dukovany Nuclear Power Plant Contract
Expanding Cooperation Beyond Nuclear Power to Advanced Industries
First Salesperson... Comprehensive Sales Effort
President Yoon Suk-yeol will depart on the morning of the 19th for an official visit to the Czech Republic. Through this visit, President Yoon aims to solidify the 24 trillion won Czech nuclear power plant project, for which Korea was selected as the preferred negotiator in July, and significantly strengthen cooperation with the Czech Republic not only in nuclear power but also in advanced technology, trade, and supply chains. Accompanied by an economic delegation of 50 to 60 members, including the heads of the four major conglomerates for the first time this year, tangible economic achievements are expected.
On the morning of the visit, President Yoon and First Lady Kim Keon-hee will depart from Seongnam Seoul Airport aboard Air Force One, heading to Prague, Czech Republic. This is President Yoon’s third overseas trip this year, following visits to three Central Asian countries and the NATO summit in the United States. During the tight 2-night, 4-day schedule, he plans to hold a series of meetings with Czech President Petr Pavel and Prime Minister Petr Fiala to greatly enhance bilateral cooperation.
'No.1 Salesperson' Yoon... Securing Nuclear Power Plant Contracts
According to the Presidential Office and industry sources, the core purpose of President Yoon’s visit to the Czech Republic is to finalize the contract for the new Dukovany nuclear power plant construction project, for which 'Team Korea,' including Korea Hydro & Nuclear Power, was selected as the preferred negotiator in July. Before the final contract in March next year, Korea plans to significantly strengthen cooperation with the Czech Republic in the nuclear power sector to block last-minute challenges from competing countries and secure the final contract.
In a press conference last month, President Yoon said, "We cannot be complacent just because we have been selected as the preferred negotiator until the final contract is signed," adding, "The government, Korea Electric Power Corporation (KEPCO), Korea Hydro & Nuclear Power, and private companies must continue to work together and strive." Park Chun-seop, the Presidential Office’s Chief Economic Secretary, also stated regarding this visit, "We plan to focus on solidifying the cooperation and support of the Czech side to ensure smooth progress until the final contract next year."
President Yoon is also aiming for additional nuclear power plant contracts beyond the Dukovany project. Besides the two Dukovany reactors, the Czech Republic is expected to soon decide on the construction of Temelin Units 3 and 4. If 'Team Korea' succeeds in securing these projects as well, the total project cost could approach 40 trillion won. For the Yoon administration, which has abandoned the previous government’s nuclear phase-out policy and is focusing on fostering the nuclear industry, this represents a prime opportunity to achieve outstanding results.
Strengthening nuclear cooperation with the Czech Republic is essential for this. President Yoon’s delegation includes not only Korea Hydro & Nuclear Power, the Ministry of Trade, Industry and Energy, and the Ministry of Land, Infrastructure and Transport but also numerous stakeholders from academia and research in the nuclear sector. They will explore cooperation across the entire nuclear ecosystem, including construction, design, operation, nuclear fuel, and radioactive waste management. Supporting the Czech Republic in this way is strategic, as it can serve as a foothold for entering the European nuclear power market.
A Presidential Office official explained, "The primary goal of this visit is to expand the nuclear power business, followed by cooperation in advanced industries," adding, "The aim is to leverage the nuclear power contract to extend influence into Europe’s advanced industrial sectors." Notably, the government plans to establish a Korea-Czech nuclear alliance partnership and further explore building a 'global nuclear alliance partnership' between Korea and the United States. This is interpreted as an effort to fundamentally prevent intellectual property disputes with the U.S.-based nuclear company Westinghouse, which had posed obstacles during the nuclear contract process.
'Foothold for European Entry' Czech Republic... Heads of Four Major Conglomerates Attend
President Yoon’s visit is not limited to nuclear cooperation. Leveraging the Dukovany nuclear contract, Korea plans to expand economic ties with the Czech Republic, a manufacturing powerhouse in Europe, across multiple sectors. The Czech Republic is a business hub connecting Eastern and Western Europe. It is the fourth largest automobile producer in Europe after Germany, Spain, and France, with a solid manufacturing base and advanced technologies such as electron microscopy and nanofiber production developed for the first time worldwide. Its high dependence on foreign trade offers many areas for cooperation with Korea.
Key potential cooperation areas include future vehicles, batteries, and hydrogen, all advanced industries. The Czech Republic is pursuing industrial restructuring to respond to carbon neutrality and digitalization, and it is known to seek cooperation with Korean companies. During the visit, President Yoon is also expected to sign a Trade and Investment Promotion Framework (TIPF) to strengthen strategic cooperation in trade, investment, industry, and energy between the two countries, which is anticipated to facilitate smoother market entry for companies from both sides.
A Presidential Office official said, "The delegation includes many influential business figures, including the heads of the four major conglomerates," adding, "Compared to previous visits, this delegation is qualitatively very significant." Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo will seek to expand future business cooperation opportunities through business forums with Czech political and economic leaders. Doosan Enerbility Chairman Park Ji-won and Doosan Group Chairman Park Jung-won, who are involved in the Czech new nuclear power plant project, will also accompany the delegation to concretize cooperation plans.
Many major Korean companies, including Samsung and Hyundai Motor, have already established a presence in the Czech Republic. Samsung Electronics operates a joint venture with the Czech state-owned company Calex, while Hyundai Motor runs factories for Hyundai and Hyundai Mobis in Nosovice, producing models like the Kona tailored for the European market. LG has been operating primarily in home appliances since entering Prague in 1992, and SK Group has strong interests in fourth-generation small modular reactors (SMRs) and batteries, making Czech entry attractive.
Through business forums and other events, discussions are also expected on Korean companies participating in the large-scale high-speed rail project promoted by the Czech Republic. Located in Central Europe, the Czech Republic is known to be investing heavily in high-speed rail and highway construction connecting Germany, Poland, Slovakia, and other countries to leverage its geographic advantage. During his state visit to Uzbekistan, President Yoon also supported a 270 billion won export contract for high-speed rail vehicles to Uzbekistan.
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