S. Korea, Slovakia sign energy cooperation agreement with eye on nuclear deal

President Yoon Suk Yeol and Slovak Prime Minister Robert Fico agreed Monday to elevate bilateral ties and cooperate in carbon-free energy industries as South Korea aims to bid for Slovakia’s upcoming nuclear power project.

Yoon and Fico, who was on a three-day official visit to South Korea beginning Sunday, adopted a statement on forging a strategic partnership encompassing cooperation in security, defense, economy, trade, energy and technology areas.

The two sides signed a memorandum of understanding (MOU) on comprehensive energy cooperation that covers carbon-free energy sources, including nuclear power, renewable energy and hydrogen.

The MOU comes as Slovakia plans to build a new nuclear power unit with a capacity of up to 1,200 megawatts at the Jaslovske Bohunice plant in the country’s western region.

Slovakia has five nuclear reactors that generate half of its electricity, with another reactor under construction.

The Korea Hydro & Nuclear Power has expressed interest in the Slovak project, after being selected as the preferred bidder for a similar nuclear project in the Czech Republic in July.

The two countries also signed the MOU on the Trade and Investment Promotion Framework to pave the way for facilitating trade and investment and agreed to deepen cooperation in the defense industry area.

Bilateral trade stood at approximately $4 billion last year, mostly in vehicles and auto parts.

During the meeting, Yoon said forging the strategic partnership with Slovakia will lay the groundwork for deepening bilateral ties in various sectors, including trade and investment, energy and supply chains.

“South Korea is ready to further advance cooperation with Slovakia, a country that shares our values and an important partner in Europe, amid the complex global crisis,” Yoon said in an opening remark.

Pico said he appreciates South Korea’s “positive response” to collaboration in the nuclear energy industry and expressed hope for continued discussions toward “deeper cooperation.”

“I also wish to discuss cooperation in trade and economic investment, including the nuclear energy sector,” Pico said through a translator. “Many Korean companies are interested in additional investment, and we are committed to providing a favorable environment, especially in terms of economic conditions.”

During the talks, Yoon and Fico expressed strong concern over its increasing military cooperation and arms trade between North Korea and Russia, which they noted as violations of U.N. Security Council resolutions, according to the joint statement.

Fico voiced support for Yoon’s pursuit of peaceful unification with North Korea based on liberal democracy and committed to enhancing cooperation for peace on the Korean Peninsula, it noted.

The visit to South Korea marks Fico’s second, following his first in 2007. In Slovakia, the prime minister holds the most executive power, while the president plays a largely ceremonial role.