Korea-Czech Economic Cooperation Task Force Meeting
Review of Trade and Investment Promotion Framework Implementation Status
On the 7th, Anduk Geun, Minister of Trade, Industry and Energy, stated, "On the occasion of the 35th anniversary of diplomatic relations between Korea and the Czech Republic, we plan to faithfully implement the cooperation agreements with the Czech Republic at the whole-of-government level and continue to strengthen the strategic partnership."
Minister Ahn held a meeting of the Korea-Czech Economic Cooperation Task Force (TF) that morning and said, "So far, with the cooperation of related ministries regarding Korea-Czech economic cooperation, economic cooperation between the two governments has been smoothly promoted in various fields."
This meeting was organized to review the progress of the Korea-Czech cooperation measures being promoted across ministries and to discuss future cooperation directions. Officials from related ministries including the Ministry of Economy and Finance, Ministry of Education, Ministry of Science and ICT, Ministry of Foreign Affairs, and the Space Agency attended the meeting.
The Ministry of Trade, Industry and Energy has continued economic cooperation with the Czech Republic since last year as part of expanding its trade territory. In September of last year, it signed a total of four intergovernmental memorandums of understanding (MOUs), including the Trade and Investment Promotion Framework (TIPF), with the Czech Ministry of Industry and Trade. Through TIPF, the two countries are conducting public-private economic cooperation in various fields such as trade and investment, industry, energy, and supply chains.
The two countries also signed an MOU on battery cooperation at that time. Through this, they agreed to strengthen comprehensive cooperation in the battery sector, including market information exchange, sharing best practices for supply chain response, and technology development cooperation.
The Ministry of Trade, Industry and Energy noted that Korean finished car companies such as Hyundai Motor have already entered the Czech market, and many Korean battery companies such as LG Energy Solution, Samsung SDI, and SK On have entered neighboring Poland and Hungary, so this MOU is expected to contribute to building a mid- to long-term battery cooperation ecosystem between Korea and the Czech Republic.
At the meeting, the TF reviewed the progress so far focusing on the MOUs signed at that time and examined future plans. The Ministry explained that through the Supply Chain Energy Dialogue (SCED), close consultations are ongoing with the Czech Ministry of Industry, and through this, they are discussing expanding joint industrial and energy research and development (R&D) and establishing industrial cooperation centers in future cars, robotics, and battery sectors.
They also reviewed the progress of each ministry's projects, including the Korea-Czech director-level economic dialogue and economic innovation partnership program (Ministry of Economy and Finance), Ukraine reconstruction cooperation (Ministry of Foreign Affairs and Ministry of Land, Infrastructure and Transport), railway cooperation working group (Ministry of Land, Infrastructure and Transport), and the Science and Technology Joint Committee (Ministry of Science and ICT).
Minister Ahn said, "We will actively support, at the government level, mutual entry and business activities of companies from both countries, such as the Korea-Czech investment conference and import fair in the private sector of both countries."
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