The heads of South Korea’s four largest conglomerates are set to accompany President Yoon Suk-yeol on his state visit to the Czech Republic in mid-September, marking a key moment in South Korea’s international economic diplomacy. The delegation, which includes Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo, will focus on advancing economic ties between the two nations.
One of the delegation’s primary objectives is to support South Korea’s bid for a new nuclear power plant project in the Czech Republic. The visit may also see the signing of a “Trade and Investment Promotion Framework” (TIPF) agreement, paving the way for expanded cooperation in finance, energy, and infrastructure.
The Czech Republic is keen on attracting investments in high-value sectors like future mobility and semiconductors, aligning with the European Chips Act. South Korean companies are expected to explore opportunities in these areas, as well as in battery supply chains, as the Czech Republic seeks to bolster its electric vehicle and renewable energy industries. With the Czech government offering substantial incentives, the visit could open doors for significant South Korean investment in these emerging markets.
