South Korea and the Czech Republic on Friday agreed to collaborate on the entire nuclear energy cycle as President Yoon Suk Yeol visited the European nation to bolster a Korean consortium's bid to secure a major nuclear plant contract. Yoon and Czech Prime Minister Petr Fiala attended the signing of memoranda of understanding (MOU) on nuclear energy cooperation during their visit to Doosan Skoda Power and JS Skoda, two nuclear energy companies in Plzen, an industrial city located about 90 kilometers west of Prague. The agreements come as South Korea's consortium led by Korea Hydro and Nuclear Power (KHNP) seeks to finalize a contract to build two nuclear reactors in Dukovany, after being selected as the preferred bidder in July. "The new nuclear reactors will be built together by South Korea and the Czech Republic," Yoon said during the ceremony. "The Korean government will fully support the faithful implementation of the nuclear energy agreements." Fiala said he is "confident" that the Czech governmen t will sign a final contract with KHNP, expressing hope that Czech companies' participation in the nuclear project will contribute to the nation's economy. President Yoon Suk Yeol (L) and Czech Prime Minister Petr Fiala attend a signing ceremony for agreements on nuclear energy industry cooperation at Doosan Skoda Power, a nuclear energy contractor in Plzen, an industrial city about 90 kilometers west of Prague, on Sept. 20, 2024. (Yonhap) During the ceremony, 13 other MOUs were signed, covering cooperation across the entire nuclear energy cycle, including construction, operation, maintenance, nuclear fuel management and waste disposal. Doosan Skoda Power and JS Skoda signed agreements to supply nuclear reactor turbines and turbine blades, respectively, to KHNP. The agreements will be confirmed if a final contract is signed in March next year. Yoon highlighted Korea's strong track record in building nuclear reactors "on time, on budget" based on its expertise in constructing and operating nuclear power pl ants for more than five decades. He also expressed hope for further advancing bilateral economic ties. "This nuclear deal will elevate the bilateral relationship to more comprehensive, future-oriented cooperation," Yoon said. "Both nations should harness the momentum from the nuclear energy sector to collaborate across broader industries." If finalized, the deal -- estimated at around 24 trillion won (US$17.3 billion) -- will mark South Korea's second nuclear power plant export, following its 2009 project in the United Arab Emirates. (From L to R) South Korean President Yoon Suk Yeol, South Korean Industry Minister Ahn Duk-geun, Czech Minister of Industry and Trade Jozef Sikela and Czech Prime Minister Petr Fiala attend a signing ceremony for agreements on nuclear energy industry cooperation at Doosan Skoda Power, a nuclear energy contractor in Plzen, an industrial city about 90 kilometers west of Prague, on Sept. 20, 2024. (Yonhap) The two sides also signed the Trade Investment Promotion Framework, a com prehensive industrial and investment cooperation agreement, and agreed to launch a supply chain economic dialogue. Later in the day, business leaders of the two countries gathered for a forum to explore areas of cooperation in advanced industries, such as artificial intelligence, batteries and next-generation vehicles. Attendees included Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and Hyundai Motor Group Chair Euisun Chung, who accompanied Yoon's trip as part of an economic delegation. The trade volume between the two countries has been growing, surpassing $3 billion in 2018, $4 billion in 2021 and reaching an all-time high of $4.4 billion last year. As of 2023, South Korea is the fourth-largest investor in the Czech Republic, with over 100 Korean companies operating in the country. Lee Jae-yong (R), chairman of Samsung Electronics, talks with Euisun Chung, chairman of Hyundai Motor Group, during a business forum involving business leaders of S outh Korea and the Czech Republic in Prague on Sept. 20, 2024. (Yonhap) On Friday, Yoon and Fiala held talks in Prague to discuss ways to deepen bilateral cooperation in a broad range of areas beyond the nuclear energy industry as next year marks the 35th anniversary of diplomatic ties and the 10th anniversary of their strategic partnership. The leaders expressed concerns over growing military cooperation between North Korea and Russia, particularly regarding its impact on the war in Ukraine and security in the Indo-Pacific region. They reaffirmed their commitment to the denuclearization of the Korean Peninsula and pledged to continue supporting peace efforts in Ukraine, according to a joint statement. Source: Yonhap News Agency