Held the "Korea-Czech Business Partnership" in the Czech Republic on September 20
Expand the industrial cooperation between the two countries, from dental implants to wearable airbags

The "Korea-Czech Business Partnership", hosted by the Ministry of Trade, Industry and Energy and organized by KOTRA (President Yu Jeoung-yeol), was held in Prague, Czech Republic on September 20. The event was initiated to expand business cooperation between Korean and Czech companies in connection with President Yoon's visit to the country.

Having been selected as the preferred bidder for the construction of new nuclear power plants in the Czech Republic, an interest in industrial cooperation between the two countries is higher than ever. Twenty-four Korean companies participated in this event, including: five energy and construction companies; five machinery, equipment and parts companies; three consumer goods companies; six future industry companies, and five import and sourcing companies.

During the event, 146 trade and investment consultations were conducted, and seven contracts were signed on-site. The contract amount was estimated to be USD 5.72 million. KOTRA cooperated with local logistics companies and law firms in the Czech Republic to provide logistics and legal information, while also operating a PR center of promoting industrial cooperation between the two countries. In addition, customized consulting was provided for each company to specify partnerships with the Czech Republic.

Meanwhile, the per capita GDP of the Czech Republic in 2023 is USD 30,427 according to World Bank statistics. When reflecting the purchasing power parity, it approaches USD 54,000 per person. The cost-cutting strategy to enter the local market is bound to be ignored by consumers. In the Czech Republic, traditionally, manufacturing and engineering industries are strong. Last year, the manufacturing industry accounted for 21.4% of GDP, ranking third in Europe after Ireland and Slovakia. As manufacturing powerhouses, there is demand for Korea and the Czech Republic to forge a new type of partnership.

Lee Ji-hyung, head of the International Trade & Economic Collaboration Division at KOTRA, said, "the Czech Republic has advanced manufacturing and engineering, a high demand for supply chain diversification, and a highly favorable view of Korea," adding that "By taking this "Korea-Czech Business Partnership" as an opportunity, we will continue to expand industrial cooperation with the Czech Republic, which offers various advantages."



Source : Invest KOREA (2024.09.23.)