S. Korea, Poland sign 33 MOUs on nuclear power, advanced industries

July 14, 2023

South Korean and Polish companies signed a total of 33 memorandums of understanding (MOUs) on Friday aimed at enhancing cooperation on nuclear power generation, construction, batteries and other advanced industry sectors, Seoul’s industry ministry said.

The MOUs were signed during a business forum in Warsaw, where some 350 corporate and governments officials from the two nations explored business opportunities, and discussed ways to strengthen economic and industry ties, according to the Ministry of Trade, Industry and Energy.

The ceremony was held on the occasion of South Korean President Yoon Suk Yeol’s three-day official visit to Poland from Wednesday (local time) for a summit with Polish President Andrzej Duda.

Six agreements are on nuclear power generation, including two MOUs that South Korea’s Doosan Enerbility Co. signed with Polish companies on the construction of new nuclear power plants in the European country.

Doosan, Korea Hydro & Nuclear Power Co. and several other South Korean companies are participating in the Polish project of building nuclear reactors at the Patnow power station.

In the battery sector, two MOUs were signed between related associations of the two nations that call for strengthening their business ties.

South Korea’s Automotive Technology Institutes agreed upon joint work on future mobility with Warsaw University of Technology, and it also vowed to join hands with a Polish research institute for auto chips.

Four MOUs are on construction projects in Poland and joint recovery efforts in Ukraine, and three of the 33 agreements are on zero-emission and hydrogen projects, according to the ministry.

Other agreements are on aviation, robots and machinery, as well as the financial sector, tourism and personnel exchanges, the ministry said.

“This business forum showed that the South Korea-Poland economic cooperation partnership has become diversified and upgraded, and the two countries are optimal partners for advanced industries and broader future-oriented development,” the ministry said in a release.

“The government will extend active support for companies to draw tangible results based on the agreements,” it added.

The signing ceremony was attended by South Korea’s Industry Minister Lee Chang-yang and Poland’s Economic Minister Waldemar Buda.

On Thursday, the two nations signed three separate MOUs on the bilateral Trade and Investment Promotion Framework, or TIPF, infrastructure and the reconstruction project in Ukraine.

During a press briefing Thursday, Yoon said he and Duda agreed that nuclear energy development is the optimal means to achieve both energy security and carbon neutrality, and to actively support cooperation between the two countries’ businesses for the successful construction of nuclear power plants in Poland.

Poland is South Korea’s biggest trading partner in central Europe, and the aim is to triple bilateral trade by 2030. South Korea’s large business presence in Poland is led by Samsung Electronics Co., LG Electronics Inc. and LG Energy Solution Ltd.