The 'Dinosaur Buddha' Check Theory... Ministry of Industry Losing Momentum as a 'Nuclear Power Exporter'

Government Announces Administrative Notice for 'Nuclear Power Export Strategy Promotion Team'... Plans to Launch Within the Year
However, Discussions on 'Nuclear Power Exporting Countries' Not Yet Started... Ministry of the Interior and Safety Opposed
Checks on Ministry of Trade, Industry and Energy's Organizational Expansion... Team of 8 Members to Support

President Yoon Suk-yeol visited the construction suspension site of Shin Hanul Units 3 and 4 in Uljin, Gyeongbuk, in December last year during his presidential campaign and announced his nuclear power plant pledge. [Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] The ‘Nuclear Power Export Strategy Promotion Team,’ a key national agenda of the Yoon Seok-yeol administration, is set to launch within the second half of this year. However, discussions on establishing a new ‘Nuclear Power Export Division’ within the Ministry of Trade, Industry and Energy to support the promotion team have yet to gain momentum. Concerns are emerging that the new government’s vision of becoming a ‘nuclear power superpower’ may face setbacks.

On the 22nd, the Ministry of Trade, Industry and Energy announced that it will publicly notify the draft regulation titled ‘Regulations on the Establishment and Operation of the Nuclear Power Export Strategy Promotion Team,’ which is a Prime Minister’s directive, until the 12th of next month. The ministry plans to fully activate the promotion team within this year. A ministry official stated, “We plan to operate a preparatory team before the promotion team’s launch to make prior arrangements,” adding, “We will ensure thorough support for nuclear power contract activities as soon as the promotion team is operational.”

The promotion team will serve as a government-wide control tower for nuclear power exports, led by Minister of Trade, Industry and Energy Lee Chang-yang, with support from related ministries such as the Ministry of Foreign Affairs. It will operate as a public-private partnership, involving nuclear-related public enterprises like Korea Electric Power Corporation and Korea Hydro & Nuclear Power, as well as private companies. Since financing can determine the success or failure of nuclear projects, financial institutions such as the Korea Development Bank and the Export-Import Bank of Korea have also joined. It is regarded as the largest nuclear power export organization established by the government in both quality and quantity.

However, a variable is that the government organization to support the promotion team has not been properly established. Initially, the government planned to create a ‘division-level’ organization dedicated to supporting the key national agenda of exporting 10 nuclear reactors and to assign it overall operational control of the promotion team, but discussions on the Nuclear Power Export Division have yet to even begin. This contrasts with the promotion team, which reached the administrative notification stage just one month after the new government took office. Establishing a division-level organization within the ministry requires cooperation from the Ministry of the Interior and Safety and the Ministry of Economy and Finance, but it is reported that these ministries currently hold somewhat negative views toward the Nuclear Power Export Division, citing excessive authority of the Ministry of Trade, Industry and Energy.

The government plans to start discussions related to the Nuclear Power Export Division within this year. However, if inter-ministerial consultations do not proceed smoothly, the Nuclear Power Export Promotion Division within the Ministry of Trade, Industry and Energy, currently composed of eight members, will have to temporarily support related tasks.