Industry Minister Ahn Duk-geun speaks during a meeting to discuss the U.S. Inflation Reduction Act (IRA), at a hotel in Seoul, Wednesday. Yonhap

Korea is the most qualified bidder to build a nuclear power plant in the Czech Republic as Asia's fourth-largest economy boasts unmatched construction prowess particularly in energy-related infrastructure projects, Minister of Trade, Industry and Energy Ahn Duk-geun said Tuesday.

The country is making its last-minute efforts to promote Korea Hydro & Nuclear Power's (KHNP) bid for the mega-sized order worth 30 trillion won ($21.97 billion) from the nation in Central and Eastern Europe. The state-run KHNP intensifies its two-way rivalry against France's EDF. The final decision will be made sometime in July.

"We have secured strong construction capabilities in nuclear power plants, and we are the only nation that can complete the project under the deadline," Ahn told reporters.

"Many firms of other countries ended up missing the construction deadline in their nuclear power plant projects, but Korea's engineering firms have experiences of completing the construction of four nuclear reactors on time in the United Arab Emirates (UAE)," he said.

The minister also expressed confidence of the KHNP winning the upcoming project, saying only Korea is capable of handling thousands of personnel dispatched for the construction of four nuclear reactors there.

"More than 100 companies in Korea have experiences of employing around 14,000 laborers and managing industrial infrastructure in the Czech Republic," Ahn said. "It requires thousands of laborers to construct four nuclear reactors, and Korea is the only nation realistically capable of managing such a huge workforce."

If KHNP is selected as the preferred bidder for the project, it will mark the first time in 15 years for Korea to achieve a similar outcome since a consortium — led by Korea Electric Power Corp. (KEPCO) — succeeded in building the Barakah Nuclear Energy Plant in the UAE in 2009.

"Korea may have a disadvantage due to geopolitical reasons, as France is a European nation, but we will do our very best to the end," he said.

Last week, Ivan Jancarek, the Czech Republic's ambassador to South Korea, visited a nuclear power plant in the nation's southeastern city of Ulsan, and took a look at the overall operation of the facility. He is expected to have shared details with the relevant authorities in his home country.

Regarding any timeline for the next electricity price hike, the industry minister said the proper timing is still being considered amid lingering inflationary pressure and geopolitical uncertainty in the Middle East. The government has frozen the price of electricity since the third quarter of last year. The gas price also has also remained static since May 2023.

"Hiking the prices of electricity and gas is urgent, but we are concerned that the move will deal a severe blow to the industry and the people's livelihoods," Ahn said. "We are also closely monitoring the external instability, and will figure out the appropriate timing to do so."