The Republic of Korea and the Czech Republic have agreed to set up a high-level dialogue channel to discuss ways of stronger cooperation on economic and financial issues, Seoul's finance ministry said Sunday.

According to Yonhap News, the agreement was made during a meeting between South Korea's Finance Minister Choi Sang-mok and his Czech counterpart, Zbynek Stanjura, held on Friday in Prague, as Choi visited the European nation to accompany President Yoon Suk Yeol on his four-day trip.

The director-level economic dialogue channel will be launched for regular policy talks on macroeconomic, finance and fiscal issues, and the inaugural meeting is expected to take place in the first half of 2025, according to the Ministry of Finance and Economy.

On the sidelines of the meeting, the two nations signed memorandums of understanding (MOUs) among their state financial institutions, which call for sharing information about major infrastructure projects and providing tailored financial support to companies that seek to take part in the projects and make an investment in the European country.

The two ministries also signed the MOU for the Economic Innovation Partnership Programme, where they pledged to deepen policy cooperation on power systems, green energy and various other relevant fields.