'No.1 Salesperson' Yoon Completes Czech Visit... Achievements in Nuclear Power and Advanced Industry Cooperation (Comprehensive)

Reaffirming Consensus on 24 Trillion Won Nuclear Power Project Final Contract
'Nuclear Alliance' with Czech Republic... Foothold for Entry into European Market
Comprehensive Cooperation in Bio, Transportation Infrastructure, and Future Cars
Close Coordination on Diplomatic and Security Issues Including North Korean Nuclear, North Korea-Russia Cooperation

President Yoon Suk-yeol and his wife Kim Keon-hee are waving their hands in greeting from Air Force One, their official aircraft, as they return home on the 22nd after completing an official visit to the Czech Republic at Seongnam Seoul Airport.
[Image source=Yonhap News]

President Yoon Suk-yeol returned home on the morning of the 22nd after completing his official visit to the Czech Republic. During the 2-night, 4-day trip, President Yoon reaffirmed support for the final contract of the Dukovany new nuclear power plant construction project, for which 'Team Korea' was selected as the preferred bidder in July. He also adopted a joint statement to strengthen cooperation between the two countries in areas such as nuclear power, trade, and investment. This is seen as a significant enhancement of Korea-Czech relations and the establishment of a 'bridgehead' for entry into the European market.

President Yoon and his wife Kim Keon-hee returned through Seongnam Seoul Airport that morning. People including Han Dong-hoon, leader of the People Power Party, Choo Kyung-ho, floor leader, Lee Sang-min, Minister of the Ministry of the Interior and Safety, and Kim Hong-kyun, First Vice Minister of Foreign Affairs, were at the airport to welcome the presidential couple as they disembarked from Air Force One, the presidential aircraft. President Yoon, who officially visited the Czech Republic for the first time in nine years as a Korean head of state, actively engaged in 'sales diplomacy' by meeting various political and business figures during the 2-night, 4-day visit.

'Number One Salesperson'... Final Contract for Dukovany Nuclear Power Plant Secured

One of the biggest achievements of this trip was confirming the Czech government's support for the signing of the final contract for the Dukovany nuclear power plant construction project, scheduled for March next year. According to the presidential office, Czech President Petr Pavel said during a meeting with President Yoon, "The Czech Republic has high expectations for Korea's participation in the Dukovany nuclear power plant project," and expressed optimism about Korea Hydro & Nuclear Power's final bid success.

Prime Minister Petr Fiala also visited the Doosan Skoda Power plant in Plze? with President Yoon on the 20th (local time), stating, "I have no doubt that (the final contract with Korea Hydro & Nuclear Power) will be signed," and "I believe Korea Hydro & Nuclear Power will successfully complete the project." Although the U.S.-based nuclear company Westinghouse recently raised objections to 'Team Korea's' nuclear power plant bid, citing patent infringement, both countries agreed that the issue would be resolved amicably. President Pavel noted, "We are considering negative scenarios as well," but added, "However, the likelihood is not very high."

A senior official from the presidential office said at a briefing in the Czech Republic, "After long conversations with the Czech Prime Minister, President, and cabinet officials, it became clear that there is currently no alternative in their minds other than Korea as a partner to build Dukovany," effectively treating the final contract next year as a foregone conclusion. If the contract is signed, it is expected to greatly revive the domestic nuclear power industry, which was on the brink of collapse due to the nuclear phase-out policy.

President Yoon Suk-yeol is applauding after a joint press conference between Korea and the Czech Republic with Czech Prime Minister Petr Fiala at the Czech government office in Prague on the 20th (local time).
[Image source=Yonhap News]

'Nuclear Alliance'... Expanding Beyond the Czech Republic to the European Market

In particular, President Yoon concretized plans to use the Czech Republic as a bridgehead to actively enter the European nuclear power market. First, the two governments signed a memorandum of understanding (MOU) to cooperate across the entire nuclear ecosystem, including nuclear power plant construction, technology development, and workforce training, and to actively support private sector cooperation. President Yoon stated, "Through nuclear cooperation, Korea and the Czech Republic will become key players in the global nuclear renaissance era," expressing determination to enter the global $1,000 trillion nuclear market.

With the Dukovany nuclear power plant contract secured, there is also talk of expanding exports to third-country markets, including additional orders for the Temelin nuclear power plant construction project that the Czech Republic plans to issue in the future. President Pavel said at a joint press conference after the summit, "Currently, Poland, Slovenia, and Slovakia have nuclear power development plans," and added, "If cooperation in the Czech Republic succeeds, we can jointly pursue entry into third-country markets."

President Yoon Suk-yeol and Petr Fiala, Prime Minister of the Czech Republic, are attending the signing ceremony of the five-party financial cooperation MOU between national policy financial institutions of Korea and the Czech Republic at the Czech government office in Prague on the 20th (local time). Yoon Hee-sung, President of the Export-Import Bank of Korea (front row, left), Jang Young-jin, President of the Korea Trade Insurance Corporation (second from left), and representatives from the Czech state development bank, export bank, and export credit insurance corporation are signing. Photo by Yonhap News.

Joint Research and Development in Advanced Industries... $37 Million Invested Over 10 Years

President Yoon also significantly strengthened cooperation with the Czech Republic beyond the nuclear sector. The Czech Republic is a leading manufacturing and science and technology powerhouse in Europe, with a large manufacturing sector including automobiles and excellent research capabilities in bio, chemistry and materials, physics, and optics. Taking advantage of the visit, President Yoon decided to greatly expand joint research in these fields and to solidify the Science and Technology Joint Committee to promote active cooperation.

President Yoon decided to invest $37 million over the next 10 years for joint research and development in nuclear fuel technology, synthetic drugs, and artificial intelligence. Park Sang-wook, senior science and technology secretary at the presidential office, explained at a local briefing, "The talks covered a wide range of comprehensive science and technology fields that are hard to list," citing examples such as brain disease research in the bio sector, medical AI in the AI digital sector, cooperation between private space organizations in aerospace, and small modular reactors (SMR) in the nuclear field.

Additionally, the two countries signed a total of 56 MOUs and documents, including the Trade and Investment Promotion Framework (TIPF), Supply Chain and Energy Dialogue (SCED), and the Vltava Advanced Industry Cooperation Vision MOU. This TIPF is the 25th concluded by the Korean government and the fifth among European countries. President Yoon emphasized, "By signing the TIPF, we will institutionally support comprehensive cooperation across industries," and added, "Through the SCED between the two countries, we will discuss key cooperative projects and establish a cooperation foundation in advanced industries such as batteries, future cars, and hydrogen."

President Yoon Suk-yeol is 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]

Mobilizing Heads of the Four Major Groups... Increasing Korea-Czech Business Expansion

Accompanying this trip were Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry; Lee Jae-yong, chairman of Samsung Electronics; Chung Eui-sun, chairman of Hyundai Motor Group; Koo Kwang-mo, chairman of LG; and Jang In-hwa, chairman of POSCO Group. This is the first time this year that the heads of Korea's four major conglomerates have all accompanied a presidential visit. Given the many MOUs signed across various industries, it is expected that Korean companies' expansion into the Czech Republic and Europe will become more active.

President Yoon and Prime Minister Fiala adopted a joint statement to strengthen the strategic partnership between the two countries. In the joint statement, both countries expressed their commitment to enhancing cooperation in areas such as nuclear power, trade and investment, tourism, and culture, marking the 35th anniversary of Korea-Czech diplomatic relations and the 10th anniversary of the establishment of the strategic partnership next year. They also welcomed the adoption of the '2025-2027 Action Plan for Implementing the Korea-Czech Strategic Partnership.'

Furthermore, the two countries signed an MOU on high-speed rail cooperation to expand cooperation in the transportation infrastructure sector. Located in the heart of Europe, the Czech Republic is a hub for rail logistics connecting Eastern and Western Europe and is promoting a high-speed rail project with a total length of 970 km connecting neighboring countries Germany, Poland, and Slovakia. Through this MOU, export opportunities for domestic companies such as Hyundai Rotem are expected to expand. The two countries are also working to increase flights between Incheon and Prague from four times a week to seven times a week.

Cooperation on Ukraine Reconstruction... Joint Response to North Korean Threat

President Yoon also strengthened cooperation with the Czech Republic in diplomacy and security. With Presidents Yoon and Pavel present, the foreign ministers of both countries signed an MOU on cooperation in areas including Ukraine reconstruction. This involves Korean companies with advanced technology needed for infrastructure reconstruction such as railways, roads, power plants, and hospitals collaborating with Czech companies that have extensive experience and networks in Ukraine.

They also reaffirmed support for the Korean government's North Korea policy aimed at denuclearization and a unified Korean Peninsula based on freedom, peace, and prosperity. According to the presidential office, Presidents Yoon and Pavel defined the military cooperation between Russia and North Korea as 'illegal cooperation' and a 'common threat to security in Europe and the Indo-Pacific region,' agreeing that "Korea and the Czech Republic need to stand united and firmly respond to these threats on the international stage."

President Yoon Suk-yeol smiles with Czech Prime Minister Petr Fiala after completing the full-cycle nuclear power cooperation agreement ceremony and turbine blade signing ceremony at Doosan ?koda Power factory in the Pilsen industrial complex, Czech Republic, on the 20th (local time).
[Image source=Yonhap News]

President Yoon Returns to Domestic Duties... Dinner with Korean Representatives on the 24th

After completing the trip and returning home, President Yoon is expected to resume work on domestic issues. On the 24th, he will invite the People Power Party leadership, including party leader Han, to a dinner meeting at the Yongsan Presidential Office. The dinner was originally scheduled for the 30th of last month but was postponed by the presidential office, stating that "listening to public sentiment during Chuseok is a priority." Sensitive issues such as medical school quota expansion and risks related to First Lady Kim Keon-hee are expected to be discussed at the dinner.

President Yoon Suk-yeol and his wife Kim Keon-hee are seated together with Czech President Petr Pavel and his spouse at the official dinner held at Prague Castle, Czech Republic, on the 19th (local time).
[Image source=Yonhap News]