Launch of Nuclear Power Export Control Tower... 1 Trillion Won Liquidity Supply Within the Year

Launch of the 'Wonjeon Export Strategy Promotion Committee'... 1st Meeting Held
1 Trillion Won Investment in Nuclear Power Industry... Early Order Placement
Some Overseas Missions Designated as Support Missions... 8 Countries Including Czech Republic

Panoramic view of Barakah Nuclear Power Plant Units 1 and 2 in the United Arab Emirates (UAE), the first nuclear power plant exported by Korea.
Photo by Asia Economy DB

[Asia Economy Sejong=Reporter Lee Jun-hyung] A pan-government control tower to support nuclear power plant exports has been launched. The government plans to supply liquidity worth 1 trillion won within the year to the domestic nuclear power industry centered on the control tower. Overseas missions in eight countries, including the Czech Republic, Poland, and Saudi Arabia, where new nuclear power projects are underway, will be designated as nuclear power export support missions.

The Ministry of Trade, Industry and Energy announced on the 18th that it has launched the "Nuclear Power Export Strategy Promotion Committee" in a public-private joint effort. The Promotion Committee is a control tower that establishes and implements the government's nuclear power export strategies and policies. It was established according to the Prime Minister's directive enacted on the 11th of this month, titled "Regulations on the Establishment and Operation of the Nuclear Power Export Strategy Promotion Committee and Promotion Team."

The chairperson is Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy. Vice ministers from nine related ministries, including the Ministry of Foreign Affairs and the Ministry of Economy and Finance, participate as ex officio members. Nineteen private members, including Jung Seung-il, President of Korea Electric Power Corporation, Jung Jae-hoon, President of Korea Hydro & Nuclear Power, and Professor Joo Han-kyu of the Department of Nuclear Engineering at Seoul National University, also contribute their expertise.

Formation of the 'Nuclear Power Export Strategy Promotion Committee'.
[Photo by Ministry of Trade, Industry and Energy]

The Promotion Committee held its first meeting chaired by Minister Lee on the same day. Five agenda items were discussed at the first meeting, including the operation direction of the Promotion Committee, support measures for the competitiveness of nuclear power equipment companies, and designation of nuclear power export support missions. The Promotion Committee decided to differentiate export strategies according to the conditions and characteristics of each target country for nuclear power orders. In addition, export country missions and related organizations will form a "Nuclear Power Export Consultative Body" to promote local publicity through nuclear seminars and invitations to key figures.

Support measures for the domestic nuclear power industry were also discussed. Over the past five years, due to the impact of the "nuclear phase-out" policy, about 400 domestic nuclear power equipment companies have seen their sales and overseas export performance shrink. Accordingly, the Promotion Committee plans to supply liquidity of more than 1 trillion won within the year to the domestic nuclear power ecosystem through early order placements, financial support, and research and development (R&D) projects. The Ministry of Trade, Industry and Energy is also pursuing ways for nuclear power companies to participate in orders from power generation companies.

A "customized bidding information system" for countries ordering nuclear power parts will also be launched. Furthermore, the number of global certification support companies will be expanded from the current 65 per year to 100, and the average support amount per company will be increased from 60 million won to 78 million won. The number of vendor registration support companies will also increase from 35 to 65 annually.

Minister Lee Chang-yang Meets with Nuclear Power Plant Partner Companies
(Changwon=Yonhap News) Reporter Kim Dong-min = Lee Chang-yang, Minister of Trade, Industry and Energy, is speaking at the 'Korea Nuclear Power Industry Partner Companies Meeting' held on the afternoon of the 10th of this month at PK Valve & Engineering in Seongsan-gu, Changwon-si, Gyeongnam. 2022.8.10
image@yna.co.kr
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Some overseas missions will be designated as nuclear power export support missions. This is to strengthen the local communication system by building networks with export target countries and grasping order information. The overseas missions to be designated as support missions include eight countries: the Czech Republic, Poland, Saudi Arabia, the United Kingdom, and others.

Minister Lee reiterated the importance of nuclear power. He said, "The previous (government's) nuclear phase-out policy is no longer compatible with reality," adding, "The government will expand the share of nuclear power to over 30% by 2030 and concentrate all capabilities on nuclear power exports to increase the utilization of nuclear energy." He also said, "Many countries, including the Czech Republic and Poland, highly evaluate the excellence of Korean nuclear power," and added, "We will strengthen policies to nurture nuclear power exports as a new growth industry."