Image Credits : Washington Post
President Yoon Suk Yeol of South Korea is set to embark on a diplomatic visit to the Czech Republic in September, accompanied by the leaders of South Korea’s largest conglomerates. The visit underscores South Korea’s efforts to deepen economic ties with the European country, particularly in light of a $17.3 billion nuclear power project for which a South Korean consortium was recently named the preferred bidder.
Notable business figures, including Samsung Electronics Chairman Lee Jae-Yong, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-Mo, and Park Jung-Won, Chairman of Doosan Group, are expected to join the economic delegation. These corporate giants, known as chaebols, play a crucial role in South Korea’s export-driven economy, and their presence highlights the high stakes involved in the upcoming negotiations.
The central focus of the visit is to finalize South Korea’s involvement in the construction of two nuclear reactors at the Dukovany nuclear power plant in the Czech Republic. The project, valued at 24 trillion won ($17.3 billion), marks South Korea’s most significant nuclear power deal since its 2009 contract to build the Barakah nuclear power plant in the United Arab Emirates. The Czech Republic chose the South Korean consortium led by Korea Hydro & Nuclear Power (KHNP) over competitors from France and the United States.
Discussions between South Korea and the Czech Republic will cover a broad spectrum of potential collaborations spanning finance, energy, science, and education. There are also plans to sign a Trade and Investment Promotion Framework (TIPF) aimed at enhancing bilateral trade.
South Korea’s strategic push to bolster its global presence in nuclear energy, an industry President Yoon’s administration has prioritized. If successful, the Czech deal could pave the way for further international nuclear power contracts, aligning with South Korea’s goal of exporting 10 nuclear plants by 2030