'Korea-Czech Business Partnership' Held
Hosted by Ministry of Trade, Industry and Energy, Organized by KOTRA
24 Korean Companies Participated, 146 Investment Consultations
KOTRA announced on the 22nd that onsite contracts worth 7.6 billion KRW were signed between companies from Korea and the Czech Republic at the 'Korea-Czech Business Partnership' event held in Prague on the 20th, coinciding with President Yoon Suk-yeol's visit to the Czech Republic.
Hosted by the Ministry of Trade, Industry and Energy and organized by KOTRA, this event was arranged to explore business opportunities between companies amid growing interest in industrial cooperation between the two countries following Korea's recent selection as the preferred negotiator for the new nuclear power plant construction project in the Czech Republic. A total of 24 Korean companies participated, including 5 companies from energy and construction, 5 from machinery, equipment, and parts, 3 from consumer goods, 6 from future industries, and 5 from import and sourcing sectors.
A total of 146 trade and investment consultations took place during the event, resulting in 7 onsite contracts. The total contract value reached 5.72 million USD (approximately 7.64 billion KRW). KOTRA provided customized consulting to improve the business environment between the two countries by collaborating with local Czech logistics companies and law firms.
At the "Korea-Czech Business Partnership" held in Prague, Czech Republic on the 20th, hosted by the Ministry of Trade, Industry and Energy and KOTRA, Korean companies and Czech partners are engaged in business consultations. [Photo by KOTRA]
Osstem, a dental implant manufacturer, has its European regional headquarters in Prague, Czech Republic, and signed a contract at the event to supply 2,000 artificial tooth roots (fixtures) to Czech dental hospitals. Osstem attracted attention by completing the transaction through direct sales without a local agent.
SafeWare, a manufacturer of wearable airbags, participated to enhance safety at industrial sites in the Czech Republic. SafeWare produces fall protection airbags for construction sites and airbags for delivery riders. Through consultations with Czech partners, they agreed to pursue transactions worth 500,000 euros within two years.
Key Czech partner companies also attended the event. Digital healthcare software company G-BiSoft discussed providing contactless vital sign measurement solutions with Motol, the hospital of Charles University in the Czech Republic. Cosmetic manufacturer Packet, which uses eco-friendly packaging materials, explored the possibility of entering the multinational pharmacy chain Rossmann’s Czech branch.
On the 20th, from the left, Kim Byung-kwan, Chairman of the Korea Importers Association, Lee Ji-hyung, Head of Economic and Trade Cooperation at KOTRA, and Radomil Dolezal, Representative of CzechTrade, are taking a commemorative photo after signing a sourcing cooperation memorandum of understanding at the "Korea-Czech Business Partnership" held in Prague, Czech Republic. [Photo by KOTRA]
The Czech Republic is traditionally a country with well-developed manufacturing and engineering sectors. Last year, the manufacturing sector accounted for 21.4% of the GDP, ranking third highest in Europe after Ireland and Slovakia. According to World Bank statistics, the Czech Republic’s per capita GDP was 30,427 USD last year. When adjusted for purchasing power parity, it reaches 54,000 USD. Given this high purchasing power, analyses suggest that the Czech market competes more on quality and technological capability rather than simple price competitiveness.
Lee Ji-hyung, Director of KOTRA’s Economic and Trade Cooperation Headquarters, said, "The Czech Republic has a strong demand for supply chain diversification and a high favorability toward Korean companies. We will expand cooperation with the Czech Republic in various fields through this partnership."
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