Government Prepares 'Financial Platform' to Support Nuclear Power Projects... Promotes Nuclear Fuel Exports

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy attended the "2nd Nuclear Power Export Strategy Promotion Committee" held on the 29th at the Grand Ballroom of the Garden Hotel in Mapo-gu, Seoul. The meeting was attended by government committee members from the Ministry of Economy and Finance, Ministry of Foreign Affairs, Ministry of Land, Infrastructure and Transport, and Ministry of National Defense, as well as private committee members and stakeholders from related ministries, nuclear power public enterprises, private companies, and academia, including Jeong Seung-il, President of Korea Electric Power Corporation, Hwang Ju-ho, President of Korea Hydro & Nuclear Power, Jeong Man-gi, Vice Chairman of the Korea International Trade Association, Na Gi-yong, Vice President of Doosan Enerbility, and Professor Joo Han-gyu of Seoul National University. During the meeting, appointment letters were presented to newly appointed private committee members, and key issues related to nuclear power were discussed. (Photo by Ministry of Trade, Industry and Energy)

[Asia Economy Sejong=Reporter Dongwoo Lee] The government is set to establish a 'Nuclear Power Finance Platform' to strengthen financial support for nuclear power companies. It will also form a 'Nuclear Power Export Support Task Force (TF)' to review the progress of nuclear power exports to the Czech Republic and Poland.

On the 29th, the Ministry of Trade, Industry and Energy held the 2nd meeting of the Nuclear Power Export Strategy Promotion Committee at the Garden Hotel in Seoul to discuss these matters. Launched last month, the Nuclear Power Export Strategy Promotion Committee serves as a control tower for nuclear power exports, comprising 30 related organizations including relevant ministries, financial institutions, and public enterprises, with the Minister of Trade, Industry and Energy as the chairperson, to support overseas expansion and enhance competitiveness of the nuclear power and related industries.

The agenda for this 2nd meeting included ▲Establishment of a nuclear power financial procurement system and cooperation measures ▲Results of Korea Hydro & Nuclear Power's business trip to the Czech Republic and Poland ▲Integrated support measures for nuclear power exports to the Czech Republic and Poland ▲Measures to revitalize exports of nuclear power equipment ▲Plans to promote nuclear fuel exports to the United Arab Emirates (UAE).

Policy financial institutions such as the Export-Import Bank of Korea, KDB Industrial Bank, and Korea Trade Insurance Corporation plan to build the Nuclear Power Finance Platform to support nuclear power companies in securing stable financial competitiveness. They also intend to cooperate with private financial institutions and local overseas financial institutions.

Korea Hydro & Nuclear Power shared the outcomes of President Hwang Ju-ho’s business trip to the Czech Republic and Poland on the 19th and 20th. The Czech side is expecting progress in cooperation based on the nuclear power sector cooperation memorandum of understanding (MOU) signed during Minister Lee Chang-yang’s visit to the Ministry of Trade, Industry and Energy in June, showing particular interest in establishing local supply chains among nuclear power companies.

Regarding Poland, it was stated that "Since Poland is a country introducing nuclear power for the first time, it is strategically necessary to assist in establishing related systems, laws, and regulatory frameworks to support nuclear power exports." The Ministry of Trade, Industry and Energy proposed an integrated support plan for nuclear power exports that promotes cooperation in defense, industry and energy, and infrastructure sectors to increase export potential to the Czech Republic and Poland. Additionally, a nuclear power export support TF involving relevant ministries, led by the Deputy Minister for Trade, will be launched next month to regularly monitor the preparation status for exports to the Czech Republic and Poland.

The Nuclear Power Export Strategy Promotion Committee discussed overseas marketing, finance, and export competitiveness support measures to restore the nuclear power equipment industry ecosystem. They plan to establish a new 'Nuclear Power Global Partnering' project, where a dedicated KOTRA trade office will identify cooperation demands from global nuclear power companies and match them one-on-one with domestic nuclear power equipment companies, and also promote local branch establishment projects for nuclear power equipment companies.

The Ministry of Trade, Industry and Energy is working on reforming the local investment promotion subsidy system so that nuclear power equipment companies can receive facility investment funds based on future investment plans rather than past sales performance. They will strengthen support for export credit insurance and loan guarantees for facility and equipment purchases to resolve financial difficulties, and also support technology development, certification acquisition, consulting, and joint overseas expansion.

Furthermore, with the increased importance of energy security due to the Russia-Ukraine situation and the emerging nuclear fuel supply market, the government plans to actively promote nuclear fuel export projects. Minister Lee Chang-yang stated, "Based on securing projects such as the Egypt El-Dabaa project, we will supply more than 1 trillion won worth of nuclear power orders within this year," adding, "We will carefully implement policies prioritizing safety while communicating with the public and local communities."