According to Yonhap News,

On February 17th, the Korea Trade-Investment Promotion Agency (KOTRA) signed a memorandum of understanding (MOU) with the CzechInvest, an entity under the Czech Ministry of Industry and Trade, in Seoul, to enhance economic cooperation between South Korea and the Czech Republic.

This MOU was signed during the visit of Czech Minister of Industry and Trade, Lukáš Vlček, to South Korea.

Earlier, Team Korea including Korea Hydro & Nuclear Power (KHNP), was selected as the preferred bidder for the construction of the new Dukovany Nuclear Power Plant in the Czech Republic last July. As part of this, South Korea plans to strengthen economic and industrial cooperation with the Czech Republic, not only in the nuclear power sector but across all advanced manufacturing industries.

With the final contract for the new nuclear plant construction between KHNP and the Czech approaching next month, key export agencies from both countries are beginning detailed discussions on economic cooperation.

Through this MOU, KOTRA and the CzechInvest will work together to explore investment and business opportunities for companies in both countries and aim to enhance economic cooperation in various sectors, including high-value-added industries.

Additionally, KOTRA and the CzechInvest, in collaboration with the Korean Chamber of Commerce and Industry and the Czech Embassy in Korea, co-hosted the "Korea-Czech Investment and Business Conference."

At the conference, which was attended by over 100 business people from South Korea and the Czech Republic, the Czech presenters introduced the local investment environment, while the South Korean counterparts shared successful stories of companies that have entered the Czech market.

Next month, KOTRA will hold a European Trade and Investment Expansion Strategy Meeting in Prague, Czech Republic, to discuss ways to strengthen cooperation between businesses from both countries.

Additionally, a series of events are planned, including the "K-Beauty Business Meetings" in conjunction with "For Beauty" exhibition in Prague (April), a K-Food promotion event (May) in collaboration with Czech distribution networks, and a medical delegation visit (June). In the second half of the year, there will also be collaborations in power equipment cooperation focused on K-grid and nuclear power, and digital and AI-based smart city projects.

wise@yna.co.kr

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Source: Yonhap News (February 17, 2025)

** This article was translated from Korean.