President Yoon Suk-yeol’s “sales diplomacy” played a key role in South Korea’s $17.3 billion winning bid for new nuclear power plants in the Czech Republic on July 17, beating out France, according to market analysts.
The Czech government has picked Korea Hydro & Nuclear Power (KHNP) as preferred bidder to build two nuclear reactors, marking South Korea’s first overseas order for a large-scale nuclear power project since 2009.
The three summits he held with the President of Czech Republic after taking office and his request for cooperation were said to have been decisive in winning the order.
President Yoon practiced ‘nuclear sales diplomacy’ in Washington, D.C., where the North Atlantic Treaty Organization (NATO) summit was held on July 10, meeting with the leaders of the Czech Republic, the Netherlands, Sweden, and Finland.
At the time, Yoon appealed to Czech President Petr Pavel for cooperation, saying, “Korea has the world’s best construction capabilities and overwhelming price competitiveness, as well as financial support through the Export-Import Bank of Korea and Korea Trade Insurance Corporation.”
The industry believes that the government’s scheduling of the summit just before the selection of the winning bidder and discussing related issues had a significant impact on the order.
Yoon also asked Pavel for cooperation in the nuclear project during the Korea-Czech Republic summit held on the sidelines of the UN General Assembly in September last year.
At the June 2022 summit with Czech Prime Minister Petr Fiala, he also called for support for Korean companies to participate in new nuclear power plant projects.
In the two years since his inauguration, President Yoon has held more than 150 summits with more than 100 countries and engaged in “sales diplomacy. Introducing himself as “Korea’s No. 1 salesman,” President Yoon actively appealed to heads of state to support Korean companies in areas such as nuclear power and defense infrastructure.
In two years of summit diplomacy, the results have been significant. The government has attracted 107 trillion won worth of investment from Saudi Arabia, the United Arab Emirates (UAE), and Qatar.
Korea’s defense exports increased to $13.5 billion last year, up from $3 billion to $7 billion before the inauguration. The Czech nuclear power plant order is another example of the diplomacy at the top.
