1. The Foreign Ministry, together with the Czech Ministry of Industry and Trade, held the third meeting of the Republic of Korea-Czech Joint Commission for Economic Co-operation on September 20, during which the two sides discussed ways to step up economic cooperation in various areas, including the fourth industrial revolution, science, technology, infrastructure and defense industry.

° The Joint Commission meeting was co-chaired by Vice Foreign Minister Cho Hyun of the ROK and Deputy Minister of Industry and Trade Eduard Muricky of the Czech Republic.

※ The ROK-Czech Joint Commission for Economic Co-operation was set up pursuant to the bilateral Agreement on Economic Co-operation in force since 2009.

- The inaugural meeting of the Joint Commission took place in Seoul in November 2011, followed by its second in Prague in October 2015.

2. Vice Minister Cho shared with his Czech counterpart the new economic policy direction of the incumbent ROK government; stressed that the meeting marked the first joint economic committee meeting with an European country since the launch of the incumbent ROK government; and suggested that the two countries seek tangible progress in cooperation as discussed before.

※ In their summit talks on September 19, New York time, on the sidelines of the ongoing UN General Assembly session, the ROK President and Czech President Zeman discussed ways to enhance the bilateral strategic partnership and to respond jointly to the fourth industrial revolution, as well as their respective policies toward North Korea.

° The Vice Minister pointed out that given the mutually complementary nature of the economies of the ROK and the Czech Republic, the latter country is the former’s best partner for preparing for the fourth industrial revolution.

° In addition, the Vice Minister, calling the Czech Republic an economically significant investment destination for the ROK as well as a gateway to Europe for Korean companies, voiced hope that the two countries will maintain the momentum of cooperation through their Joint Commission for Economic Co-operation and other consultative channels.

※ The ROK is the Czech Republic’s No. 3 investor after Germany and Japan.

3. In the meeting, the two sides explored ways to work together in such areas as the fourth industrial revolution, science, technology, infrastructure and defense industry; and discussed ways to resolve challenges facing Korean investors in the Czech Republic as well as to respond jointly to Brexit, trade protectionism and other global issues.

° (Science, technology, and research and development) The two sides agreed to seek actively and jointly more synergistic effect from the Czech “Industrial 4.0” policy and the ROK’s policy concerning the fourth industrial revolution.

° (Infrastructure) The Czech side asked Korean companies to join the Czech government’s projects to set up an intelligent transport system (ITS) and improve such forms of infrastructure as railways and highways.

※ The Czech Ministry of Transport’s ITS Action Plan 2020 consists of twelve transportation strategies to be implemented from 2014 till 2020 -- those mainly related to setting ITS standards and managing state-run roads and other transportation systems.

° (National defense and relevant industry) The two sides agreed to hold the second meeting of their joint commission on defense industry and to seek progress in their discussions regarding the Czech Republic’s possible import of K-9 self-propelled artillery.

° (Energy) The two sides agreed to actively seek cooperation in the energy sector, including in the construction of new nuclear power plants in the Czech Republic.

° (V4 cooperation) The two sides, taking note of the progress in the joint research on chemical, bio and nano engineering under way since earlier in 2017, agreed to work together on various cooperation projects in the future.

※ The ROK-V4 joint research project is under way from 2017 till 2020 in the fields of chemistry and chemical engineering.
※ The V4 is a regional cooperative mechanism among Hungary, the Czech Republic, Poland and Slovakia.

° (Challenges facing Korean companies) With regard to delays in visa issuance to Korean investors, the two sides agreed to offer such benefits as welcome packages and fast track to the Korean investors in the Czech Republic in a bid to improve their convenience.

° (Cooperation on global issues) In view of the growing concern over the spread of trade protectionism of late, the two sides agreed to have anti-trade protectionism included in the agenda of bilateral and multilateral meetings, including the next Ministerial Conference of the World Trade Organization (WTO), and to work closely together to spread free trade.

4. The two sides agreed to hold the next Joint Commission meeting in Prague and to discuss its timing and other details through diplomatic channels.


* unofficial translation