Choi Tae-won: "Korea's Hydrogen Technology Has Infinite Potential for Cooperation with Czech"

Sangui, Korea-Czech Business Forum Held
On the Occasion of President Yoon Seok-yeol's Visit to Czech
Attended by Lee Jae-yong, Chung Eui-sun, Koo Kwang-mo, and Others

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, visited the Czech Republic and emphasized the expansion of cooperation in the energy and advanced industries sectors.

President Yoon Suk-yeol and Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, are applauding at the Korea-Czech Business Forum held at a hotel in downtown Prague, Czech Republic, on the 20th (local time).
[Image source=Yonhap News]

On the 20th, Chairman Choi spoke at the 'Korea-Czech Business Forum' held at a hotel in Prague, Czech Republic, attended by about 470 local political and business figures from Korea and the Czech Republic. He said, "Along with the ongoing nuclear power cooperation, we must continue collaboration in various energy fields," adding, "Hydrogen production using nuclear power should also be considered a top priority cooperation task for both countries."

Chairman Choi stated, "Especially, Korea's rapidly growing hydrogen technology across the entire value chain holds immense potential for cooperation with the Czech Republic, which is promoting the development of a hydrogen economy," and added, "Not only hydrogen but also advanced industries such as AI, semiconductors, and batteries are areas where both countries should closely collaborate."

He further emphasized, "The Korea Chamber of Commerce and Industry has also promised practical cooperation through the signing of MOUs with the Czech Chamber of Commerce and the Czech Industrial Association."

Major figures from both countries attend in large numbers... Participation of 'Team Korea' in nuclear power plant orders

Hyundai Motor Group Chairman Chung Euisun (left) and Samsung Electronics Chairman Lee Jae-yong attended the Korea-Czech Business Forum held at a hotel in downtown Prague, Czech Republic, on the 20th (local time), and were conversing before the event started.
[Image source=Yonhap News]

This forum was jointly hosted by the Korea Chamber of Commerce and Industry, the Czech Chamber of Commerce, and the Czech Industrial Association, and was held to coincide with President Yoon Suk-yeol's visit to the Czech Republic. It is the largest economic event ever held with a European Union (EU) country.

The event was attended by President Yoon, Czech President Petr Pavel, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, POSCO Holdings Chairman Chang In-hwa, as well as about 290 government and related agency officials including Minister of Trade, Industry and Energy Ahn Duk-geun, Minister of Land, Infrastructure and Transport Park Sang-woo, Korea Trade Insurance Corporation President Jang Young-jin, and Export-Import Bank of Korea President Yoon Hee-sung. Notably, companies and institutions from 'Team Korea,' the key players in securing Czech nuclear power plant orders, also participated, adding significance to the forum.

From the Czech side, about 180 business and academic figures attended, including Zden?k Zaj??ek, Chairman of the Czech Chamber of Commerce, Jan Rafaj, Chairman of the Czech Industrial Association, Josef S?kela, Minister of Industry and Trade, government and institutional officials, Petr Novotn?, CEO of ?koda Group, Tomas Kazda, Chairman of the Czech Battery Cluster (CBC), and V?clav Sn??el, President of Ostrava University of Technology.

Discussion on various cooperation fields including high-speed rail and Ukraine reconstruction projects

President Yoon Suk-yeol and Czech President Petr Pavel are applauding at the Korea-Czech Business Forum held at a hotel in downtown Prague, Czech Republic, on the 20th (local time). From the left, Minister of Trade, Industry and Energy An Deok-geun, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, Chairman of the Korea Chamber of Commerce and Industry Choi Tae-won, President Yoon, President Pavel, and Chairman of the Czech Industry Federation Jan Rapai.
[Photo by Joint Press Corps]

The potential for cooperation between the two countries was discussed not only in hydrogen and nuclear power but also across advanced industries, high-speed rail infrastructure, and Ukraine reconstruction projects.

Cho Hyun-ah, Deputy Director of Korea Railroad Corporation in charge of high-speed rail exports, emphasized the importance of cooperation in the railway sector during her on-site presentation, stating, "Korea's complex railway operating environment, including mountainous terrain, and 20 years of experience in high-speed rail construction and operation will greatly contribute to the future development of high-speed rail in the Czech Republic."

Lee Moo-hyuk, Head of the Ukraine Reconstruction Support Team at the Korea Overseas Infrastructure & Urban Development Corporation (KIND), spoke about cooperation plans related to Ukraine reconstruction, saying, "Korea and the Czech Republic are building a foundation to form a large cooperative zone for Ukraine reconstruction with neighboring countries such as Poland, Romania, and Hungary," and added, "We are exploring potential cooperation areas including high-speed rail, airport modernization, hospitals, and healthcare."

The Czech Republic, among the V4 countries (Slovakia, Czech Republic, Poland, Hungary), has the most well-established industrial manufacturing base in batteries and automobiles, and trade with Korea is rapidly increasing. The trade volume between the two countries reached a record high of $4.407 billion last year. Korea is the Czech Republic's fourth-largest foreign investor. Hyundai Motor's $1.4 billion investment in a Czech factory is considered the largest foreign investment case to date.

Czech side expresses high expectations for cooperation with Korea

Czech officials attending the forum also emphasized the necessity of cooperation between the two countries.

Jan Rafaj, Chairman of the Czech Industrial Association, said in his opening remarks, "Korea has become one of the Czech Republic's most important non-European trade partners, and the Czech Republic serves as a gateway for many Korean companies to enter Europe."

He continued, "Korean companies have made significant investments in industries such as automobiles, electronics, and advanced manufacturing in the Czech Republic," and stressed, "It is important to closely cooperate in areas such as green energy, digital transformation, and advanced technologies going forward."

This forum provided a new turning point for cooperation between the two countries and confirmed the potential for strengthening collaboration in energy and advanced industries. Lee Sung-woo, Director of the International Trade Headquarters at the Korea Chamber of Commerce and Industry, said, "I hope that the discussions held today among businesspeople from both countries will serve as an opportunity to expand connections and synergies from public-private cooperation in the Korea-Czech energy and infrastructure sectors to future mobility and advanced industries."