Lee Chang-yang "Achieving 5 Trillion Won in Renewable Energy Exports and 10 Trillion Won in Overseas Expansion by 2030"

Solar Power and Wind Energy Export Scale of 2.6 Trillion KRW → 5 Trillion KRW
Support for 30 Promising Export Items Selected... Strengthening Exports to China

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy announced a goal to achieve 5 trillion KRW in renewable energy exports by 2030 and 10 trillion KRW in overseas expansion.

On the 16th, Minister Lee held an inter-ministerial export status review meeting and stated, "We will actively promote international reduction projects through Green ODA (Official Development Assistance) programs, strengthen the global competitiveness of the solar power industry, and establish the Asia-Pacific hub for offshore wind power to enable domestic companies to lead the global renewable energy market."

To achieve this year's export target of 685 billion USD, the government will expand support such as the designation system for promising export items, designation of key trade offices, and export vouchers. The Ministry of Trade, Industry and Energy plans to select 30 promising export sub-items to focus support on trade finance and marketing, and strengthen export support in three major sectors?new growth manufacturing, consumer goods, and digital & green transition?to expand trade with China.

Minister Lee said, "Although export conditions remain challenging due to ongoing global economic difficulties and the slow effect of China's reopening, if we accelerate the inter-ministerial export drive, we expect not only a turnaround to a trade surplus in the second half of the year but also an earlier point when exports begin to increase."

Expanding Renewable Energy Exports Centered on Solar and Wind Power

On the same day, the Ministry announced its goal to secure global competitiveness in renewable energy and achieve 5 trillion KRW in exports and 10 trillion KRW in overseas expansion. According to the Ministry, domestic renewable energy exports amount to about 2.6 trillion KRW, composed of 50% solar power and 35% wind power. A ministry official explained, "As of 2021, the domestic renewable energy industry is a core energy sector with total production of 12.1 trillion KRW and 12,000 employees. The recent expansion of the renewable energy industry scale is mainly due to an increase in overseas factory production, so efforts are needed to expand exports by domestic companies."

First, international greenhouse gas reduction projects will be developed focusing on solar and wind power. For solar power, five promising export items including solar panels (BIPV), agrivoltaics, and floating solar will be identified, and solar power joint entry projects will be developed to support overseas expansion. For wind power, to establish an Asia-Pacific regional hub, leading overseas companies will be attracted, and based on the domestic supply chain, exports will be gradually increased for five key items expected to be major exports in the future: turbines, generators, substructures, cables, and bearings.

Overseas investment projects to fulfill the 37.5 million tons of international reduction under the '2030 Nationally Determined Contribution (NDC)' will also be expanded. Along with a global green export insurance project worth about 200 billion KRW, customized Green ODA for developing countries will be developed to support domestic companies' overseas expansion. To create a foundation for joint overseas expansion support, a public-private 'Renewable Energy Overseas Expansion Council' will be formed and operated. If electric power public enterprises use domestically produced equipment in domestic and overseas renewable energy projects, incentives will be given in management evaluations to encourage joint overseas expansion.

Selection of 30 Promising Export Sub-items ... Strengthening Support for Increased Exports to China

At the meeting, the Ministry announced the selection of 30 promising export sub-items. These include 17 items in the main manufacturing sectors confirmed at the 4th Export Strategy Meeting held in February (such as electric vehicles, cathode materials, LNG ships) and 13 items in new promising export sectors (such as ramen, gim, cosmetics, games). Minister Lee emphasized, "We plan to provide focused support such as trade finance and marketing, and establish specialized support programs including new budget projects, designation of key trade offices, and dispatch of trade delegations for close support."

To expand exports to China, the focus will be on strategic items related to new growth manufacturing such as electric vehicles and secondary batteries, premium consumer goods tailored to changes in Chinese consumption trends, and cooperation linked to China's digital and green transition policies. Export support infrastructure such as trade finance, expansion of overseas bases, and support for returning companies will also be expanded.