September 13, 2024

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President Yoon Suk Yeol (third from left) and the nation's top four chaebol leaders attend the 2024 Trade and Industry Day on March 19 in Seoul. From right: LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, Samsung Electronics Chairman Lee Jae-yong, Industry Minister Ahn Duk-geun, Yoon and SK Group Chairman Chey Tae-won. (Newsis)

South Korea’s top chaebol leaders are set to join President Yoon Suk Yeol on his state visit to the Czech Republic next month, according to industry sources Sunday.

Yoon’s Czech visit comes after a Korean consortium, led by Korea Hydro and Nuclear Power, was recently named a preferred bidder for a major nuclear plant project in the European country. The project size is estimated at around 24 trillion won ($17.3 billion).

Along with the mega project, the summit is expected to cover topics to bolster economic ties between the two countries across all industries.

Upon Yoon’s visit, the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, plans to arrange a business delegation and the leaders of the top four conglomerates – Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo – will join the delegation.

But Hyundai Motor CEO Chang Jae-hoon may replace Chung due to a scheduling conflict, sources said.

According to Seoul’s presidential office, a task force meeting was held Wednesday to discuss the agenda items for Yoon’s visit. The two countries may sign an advanced trade agreement, called Trade and Investment Promotion Framework, to tackle trade challenges like supply chains, green initiatives, digital technologies and biotechnology.

In July, Korea’s Industry Minister Ahn Duk-geun said “A systematic action plan, including the signing of the TIPF with the Czech Republic, has been proposed. … We’ll soon have in-depth meetings with the country to sign the TIRF and further elaborate on the ideas contained in the action plan.

By Jie Ye-eun (yeeun@heraldcorp.com)