Choi Sang-mok Meets with Czech Finance Minister to Discuss Nuclear Power Financial Cooperation and More

Deputy Prime Minister Accompanies President on Overseas Visit

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, accompanying the President on a state visit to the Czech Republic, is discussing ways to enhance bilateral economic and financial cooperation with Zbyn?k Stanjura, Minister of Finance of the Czech Republic, at the Czech Ministry of Finance in Prague on the 20th (local time).

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, visited the Czech Ministry of Finance in Prague on the 20th (local time) during the presidential visit to the Czech Republic and met with Zbyn?k Stanjura, Czech Minister of Finance, to discuss ways to enhance economic and financial cooperation between the two countries.

Next year marks the 35th anniversary of diplomatic relations between Korea and the Czech Republic and the 10th anniversary of establishing a strategic partnership. The trade volume between the two countries reached a record high of $4.41 billion last year since the establishment of diplomatic ties, reflecting close mutual cooperation in the economic sector.

As a key agreement, the finance ministers of both countries agreed to further strengthen financial cooperation between their financial authorities related to nuclear power plant construction. In particular, they agreed to actively discuss financial support measures if necessary to ensure the successful completion of the new nuclear power plant construction project in the Czech Republic.

Additionally, the two ministers agreed to establish and regularize a director-general level economic dialogue between Korea and the Czech Republic. Regarding this, the Ministry of Strategy and Finance commented, "As a regular cooperation channel between the finance ministries of both countries, it is expected to broaden understanding of major issues in macroeconomics, fiscal policy, and finance, and further strengthen the economic partnership."

Deputy Prime Minister Choi proposed holding the first meeting in the first half of next year and requested Minister Stanjura’s attention to ensure the smooth progress of the economic dialogue between the two countries, to which Minister Stanjura responded positively.

Deputy Prime Minister Choi and Minister Stanjura agreed to strengthen financial cooperation between national financial institutions to support Korean companies’ project orders and investments in the Czech Republic.

During this visit to the Czech Republic, the Ministry of Strategy and Finance reported that the signing of a financial cooperation MOU among five national financial institutions from both countries, focusing on sharing large-scale infrastructure project information and providing customized joint financial support, is expected to expand Korean companies’ project orders and market entry in the Czech Republic, as well as increase manufacturing and supply chain trade between the two countries.

Meanwhile, Deputy Prime Minister Choi signed an MOU for cooperation on the Economic Innovation Partnership Program (EIPP)* with the Czech Ministry of Industry and Trade during the presidential visit, aiming to strengthen policy cooperation between the two countries in the power and energy sectors.

Deputy Prime Minister Choi mentioned that through multi-year joint research in the energy sector, a continuous collaboration foundation will be established, which is expected to lay the groundwork for Korean companies’ entry into the nuclear power and renewable energy sectors.

Deputy Prime Minister Choi concluded the meeting by stating that this visit to the Czech Republic, stemming from nuclear power cooperation, will be a "historic turning point" in bilateral relations and will be remembered as a "tipping point marking the beginning of qualitative change" in economic cooperation levels, expressing hope that economic cooperation between the two countries will expand and deepen comprehensively.

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