Nuclear Power and Defense Industry Love Calls to Korean Companies... Slovakia Says "Let's Strengthen Cooperation"

Hankyungyeop to Hold 'Business Roundtable' on 30th During Slovakian Prime Minister's Visit to Korea

Korean companies considering Slovakia as a new foothold for expansion into Europe have requested various support and cooperation, focusing on the nuclear power, defense, and automotive industries.

The Korea Economic Association held a meeting on the 30th at the FKI Tower in Yeongdeungpo-gu, Seoul, coinciding with the visit of Slovak Prime Minister Robert Fico to Korea. The meeting was attended by senior Slovak economic officials and Korean companies. Businesspeople from various industries including electronics, automotive, nuclear power, and defense participated to discuss strategies for entering the Slovak market.

At the 'Korea-Slovakia Business Roundtable' hosted by the Korea Economic Association held on the 30th at the FKI Tower in Yeongdeungpo-gu, Seoul, domestic companies such as Samsung Electronics, Samsung C&T, Hyundai Motor Company, Hanwha Aerospace, and officials from Slovak government ministries are taking a commemorative photo. Photo by Choi Seoyoon

Slovakia, strategically located connecting Western and Eastern Europe, serves as a key hub for Korean companies to enter the European market. Samsung Electronics established a factory in the Galanta region of Slovakia in 2002, producing TVs and monitors. This factory has become a major production base supplying 50% of the European market, with total assets amounting to approximately 928.1 billion KRW as of the end of last year.

In the nuclear power sector, Slovakia is also undertaking new nuclear power projects. Nuclear power plants account for about 60% of Slovakia’s electricity supply. The Slovak government plans to begin construction of a new 1.2GW nuclear power plant at the Bohunice site by 2031. Korean companies inquired about the selection of nuclear power operators, the introduction of Small Modular Reactors (SMRs), and financing plans for the project.

In the defense sector, Korean companies requested support for cooperation and communication with the Ministry of Defense to participate in Slovakia’s military modernization projects. Slovakia is significantly increasing its defense budget and focusing on military modernization, which is expected to expand opportunities for Korean defense companies.

In the automotive industry, Korean companies proposed various supports such as infrastructure improvements for new factory construction, provision of high-quality workforce, and expansion of investment incentives. They emphasized the need for infrastructure development like road construction to resolve traffic congestion and logistics delays during commuting hours.

At the 'Korea-Slovakia Business Roundtable' event hosted by the Korea Economic Association held on the 30th at the FKI Tower in Yeongdeungpo-gu, Seoul. Photo by Choi Seoyoon

Kim Chang-beom, Executive Vice Chairman of the Korea Economic Association, said, "More than 80 Korean companies including Samsung Electronics, Hyundai Motor, Kia, and Iljin have successfully entered Slovakia. Not only in electronics and automobiles but also in nuclear power, defense, and advanced industries, the two countries can create more opportunities through mutual cooperation."

Vice Chairman Kim added, "I hope this will be a good opportunity for dialogue to create a new future for both countries: Korea, known as the 'Asian Tiger,' and Slovakia, developing as the 'Tiger of the Tatras.'"

Denisa Sakova, Deputy Prime Minister and Minister of Economy, said, "Slovakia is located at the center of Europe, offering great geographical advantages. As a member of the European Union, Slovakia uses the euro and is part of the Schengen Agreement. With many highly educated and skilled talents, Korean companies can play a role not only in manufacturing but also as a technology hub when entering Slovakia." She added, "We want to strengthen cooperation with Korea in various fields."

On the Slovak side, Deputy Prime Minister and Minister of Economy Denisa Sakova and Deputy Foreign Minister Rastislav Hvani? attended to listen to the difficulties faced by Korean companies and discuss cooperation measures. Prime Minister Robert Fico, who was scheduled to attend, was unable to participate due to unavoidable circumstances.