S. Korea, Czech agree to strengthen economic co-operation

South Korean Finance Minister Choi Sang-mok and Czech Finance Minister Zbynek Stanjura agreed to establish a high-level dialogue channel for enhanced economic and financial cooperation during their meeting in Prague on Friday.

The director-level economic dialogue channel will be launched for regular policy discussions on macroeconomic, finance, and fiscal issues. The inaugural meeting is expected to take place in the first half of 2025.

South Korea and the Czech Republic signed MOUs to facilitate information sharing and provide financial support for infrastructure projects.

In addition to the dialogue channel, the two countries signed MOUs to facilitate information sharing about major infrastructure projects and offer tailored financial support to companies seeking to participate in these projects or invest in the Czech Republic.

Furthermore, the two ministries signed an MOU for the Economic Innovation Partnership Programme. This programme will focus on deepening policy cooperation in areas such as power systems, green energy, and other relevant fields.

“This trip to the Czech Republic will serve as a historic watershed for the bilateral ties and be a tipping point where our economic cooperation will upgrade in quantitative terms,” Minister Choi said.

President Yoon Suk Yeol’s recent visit to the Czech Republic also emphasised the importance of enhancing bilateral ties in the field of nuclear energy. The two countries have agreed to collaborate on the entire nuclear energy cycle.

A South Korean consortium led by Korea Hydro & Nuclear Power is seeking to finalise a contract to build two nuclear reactors in Dukovany, following its selection as the preferred bidder in July.

Bilateral trade between South Korea and the Czech Republic reached a record high of $4.41 billion last year. The two countries will celebrate the 35th anniversary of their diplomatic relations in 2025.

Attribution: Yonhap News Agency

Subediting: M. S. Salama