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Korea Herald
3 days ago
- Business
- Korea Herald
Lee, Fiala hail $18b nuclear power deal as 'touchstone' for broader economic exchange
President Lee Jae-myung and the Czech Republic's Prime Minister Petr Fiala in their first phone call on Wednesday acknowledged that the $18 billion nuclear exports deal with the European country could further stimulate bilateral economic exchanges. Referring to the deal signed between the two countries on June 4, Lee's spokesperson Kang Yu-jung told reporters that the deal to build two nuclear reactors in Dukovany, Czech Republic, would "serve as a touchstone for the broader bilateral economic exchanges." Kang added that the two countries may also cooperate comprehensively in cutting-edge technologies, infrastructure and energy. In July 2024, a South Korean consortium led by the state-run Korea Hydro and Nuclear Power was chosen to build two 1,000 megawatt nuclear power units in the Czech Republic. However, the final contract was not signed until this month after the local court lifted an injunction filed by France-based EDF, which was a competing bidder. During their 20-minute phone call, both leaders also called for a more active people-to-people cultural exchange and cooperation, as this year marks the 35th anniversary of forging diplomatic ties and the 10th anniversary of the strategic partnership between the two nations. Lee also expressed his anticipation for Fiala's visit to South Korea at his convenience during their call, Kang added. Lee's phone call with Fiala followed those of US President Donald Trump, Japanese Prime Minister Shigeru Ishiba and Chinese President Xi Jinping.
07-05-2025
- Business
S. Korea express confidence about Czech nuclear deal after court puts it on hold
SEOUL, South Korea -- South Korean officials on Wednesday downplayed a Czech court's decision to put on hold an $18 billion project for South Korea to build two nuclear reactors in the country, describing it as a temporary setback and expressing confidence that the deal will eventually proceed. A South Korean consortium led by the state-run Korea Hydro and Nuclear Power had expected to finalize the deal this week with a subsidiary of CEZ, the Czech Republic's largest electricity supplier. However, a Czech court blocked CEZ from signing the contract while it reviews a complaint from French company EDF, which lost the bid to the South Koreans. South Korean Industry Minister Ahn Dukgeun told reporters in Prague that the court's decision would only delay the signing of the official contract, and that all other procedures would proceed on schedule, assuming that the deal goes through. He said that the Czech government clearly didn't anticipate the court's decision to pause the agreement, and that CEZ plans to appeal. 'The Czech government did not think of (EDF's claims) as a major problem and invited us for the scheduled,' signing ceremony, Ahn said. 'It seems that the Czech government's judgement did not align with the court's ruling.' Lee Ju-Ho, South Korea's acting president, said that Seoul would communicate closely with the Czech side to ensure that the deal is finalized quickly. In July, CEZ selected KHNP over EDF as the preferred bidder to build two 1,000-megawatt nuclear reactors at the Dukovany plant. EDF filed a court complaint last week after the Czech Republic's competition regulator rejected its appeal over the bidding process. Before he was ousted last month over an ill-fated martial law imposition in December, former conservative South Korean President Yoon Suk Yeol had pledged to boost the country's nuclear power exports, arguing that they had suffered under the previous liberal government's push to reduce domestic reliance on nuclear energy. Yoon's government had set a goal of exporting 10 nuclear power reactors by 2030.
