South Korean President Yoon Suk Yeol stands next to Czech President Petr Pavel during a joint press conference held at Prague Castle in the Czech Republic, Thursday, local time. Yonhap

PRAGUE, SEOUL — President Yoon Suk Yeol said his government will closely monitor a landmark 24 trillion won ($17.4 billion) nuclear power plant deal with the Czech Republic through to its final stages, emphasizing its significance as a major achievement in joint economic development.

He added that beyond the nuclear power plant project, the partnership between the two countries will extend to energy security and the development of related high technologies.

Yoon made the remarks in Prague, Thursday (local time), during a summit with Czech President Petr Pavel, where they focused on enhancing economic and energy cooperation.

"I told President Pavel that the new Dukovany nuclear power plant, which companies from both countries will build together, will be a milestone in our joint economic growth and energy cooperation, and an important opportunity to strengthen our strategic partnership," Yoon said during a joint press conference following the summit.

Yoon also emphasized that his government will closely monitor the process until the final contract is signed in the first half of next year to ensure a successful execution.

The visit, the first by a South Korean president in nine years, followed the Czech government's selection of Korea Hydro & Nuclear Power (KHNP) as the preferred bidder for the Dukovany nuclear power plant project in July.

The project involves constructing two nuclear reactors in Dukovany, with the Czech government also contemplating the addition of two more reactors in Temelin at a later stage. Contracts are anticipated to be finalized in March 2025, with construction scheduled to commence in 2029.

South Korean President Yoon Suk Yeol stands next to Czech President Petr Pavel during a joint press conference held at Prague Castle in the Czech Republic, Thursday, local time. Yonhap

However, the advancement of the project has faced potential setbacks following an appeal in August by U.S. nuclear energy firm Westinghouse Electric and French company EDF to the Czech Office for the Protection of Competition. These companies argued that KHNP's selection violated tender principles.

Regarding the concerns that their complaints might strain the nuclear energy alliance between Seoul and Prague, Yoon and his Czech counterpart both expressed confidence that the issue would be smoothly solved. The South Korean leader's trip to Prague was seen as an effort to ensure the deal remains on track despite these challenges.

"While the governments of Korea and the U.S. both share a strong consensus on nuclear energy cooperation, the South Korean government is supporting the smooth resolution of issues between Korean and U.S. companies. Additionally, KHNP is ensuring various measures to guarantee the participation of Czech companies. I am confident that, just like with the Barakah nuclear power plant in the UAE, this will be resolved successfully," President Yoon explained during the press conference.

A senior presidential official reaffirmed the president's comment in Prague, Thursday evening, stating that there is "a deep consensus that Korea and the U.S. should cooperate to establish a joint partnership, and both governments are actively working toward this goal at this point."

South Korean President Yoon Suk Yeol walks next to Czech President Petr Pavel to inspect the honor guard during the official welcome ceremony held at Prague Castle in the Czech Republic, Thursday, local time. Yonhap

During the press conference, Yoon also emphasized that South Korea and the Czech Republic will further enhance their collaboration in science, technology, biotechnology and digital innovation, as next year will mark the 35th anniversary of their diplomatic relations and 10 years of strategic cooperation.

"If the contract for the nuclear power plant is finalized and construction begins, we will work together with the Czech Republic on every step of the design and construction process ... Building a nuclear power plant together signifies a strategic partnership between our two nations taking a step forward. I am confident that cooperation in advanced industries and cutting-edge science and technology will also expand," President Yoon said.

Czech President Pavel emphasized that to achieve its net-zero goals, his country has no choice but to develop nuclear power plants. He also highlighted the broader potential for nuclear cooperation with Korea across Europe.

"Countries such as the Netherlands, Slovenia, Slovakia and Poland have plans to further develop nuclear power, offering significant opportunities for collaboration with Korea. We can jointly explore third-country markets, and if our cooperation in the Czech Republic proves successful, expanding into other nations would be a logical next step," Pavel said during the joint press conference.

Agreement on regional security cooperation

The two countries also voiced a shared stance on the importance of security cooperation, highlighting that the leaders agreed to work together to address threats from North Korea's growing aggression. The Czech Republic, as a member of both the European Union and NATO, is a key security partner for South Korea in Central Europe, according to Yoon's office.

"We agreed to closely cooperate on the North's threats, as we reaffirm that North Korea has nothing to gain from reckless and irrational provocations that undermine peace and stability," Yoon said during the press conference.

Yoon's comments come, as lately, North Korea has been intensifing its provocations through both conventional and unconventional methods. Pyongyang fired multiple short-range ballistic missiles on Wednesday, marking its 11th launch of the year. Additionally, the regime has dispatched thousands of balloons filled with trash toward South Korea on 21 occasions since late May.

"The illegal military cooperation between Russia and North Korea, which violates U.N. Security Council resolutions, poses a serious threat to international peace and security," the South Korean president stressed.

Korean President Yoon Suk Yeol and President Petr Pavel of the Czech Republic are present at the signing ceremony of a MOU on development cooperation and humanitarian aid related to Ukraine's reconstruction held at Prague Castle, Thursday, local time. South Korea's Minister of Foreign Affairs Cho Tae-yul, second from left, and Czech Foreign Minister Jan Lipavský, third from left, sign the document. Yonhap

Collaborating on effective measures to help the Ukrainian people regain peace was another important issue discussed during the summit talks. As the conflict with Russia continues, South Korea has committed to supporting Kyiv in its eventual post-war recovery efforts, with both the government and local companies dedicated to advancing these initiatives.

President Yoon explained that both countries will actively support companies from each nation that wish to participate in Ukraine's reconstruction. This support will include facilitating concrete cooperation through sharing business information, jointly developing projects and attracting joint investments.

The two leaders were present when the foreign ministers from the two countries signed a memorandum of understanding on collaboration in reconstruction projects and humanitarian aid for Ukraine at Prague Castle, Thursday.

On Friday, Yoon will visit the industrial city of Plzen to inspect nuclear energy companies and attend a business forum. He will also hold separate meetings with Czech Prime Minister Petr Fiala, Parliamentary Speaker Marketa Pekarova Adamova and Senate Speaker Milos Vystrcil later in the afternoon.