Anduk Geun, Minister of Industry, "Will Support Leap to the World's Leading Nuclear Power"

First Step in Nuclear Power: Attending the 'Nuclear Industry New Year's Meeting'
Ministry of Industry to Provide Over 1 Trillion Won Support by First Half of This Year

On the 11th, Andeokgeun, Minister of Trade, Industry and Energy, met with the nuclear power sector to commend their efforts in ecosystem restoration and announced the government's policy direction and commitment to support the "Leap to the World's Leading Nuclear Power Nation."

On this day, Minister Ahn attended the "2024 Nuclear Industry New Year's Meeting" as his first official engagement in the nuclear power field since taking office. The New Year's meeting has been held annually since 1985 to promote communication within the nuclear industry and explore future development directions for the nuclear power industry.

This year, the Ministry of Trade, Industry and Energy plans to focus on supporting the qualitative advancement of Korea's nuclear power industry beyond just restoring the nuclear ecosystem. First, more than 3 trillion KRW worth of work orders will be supplied to the nuclear ecosystem throughout the year, and measures such as the "advance payment special case" for Shinhanul Units 3 and 4 will be fully implemented to ensure timely execution of the supplied work orders. Previously, advance payments of up to 70% of the delivery amount were generally possible 2 to 3 years after contract signing, but under the special case, up to 30% of the total contract amount can be paid immediately upon signing the auxiliary equipment contracts for Shinhanul Units 3 and 4. The Ministry aims to support over 1 trillion KRW cumulatively by the first half of this year, including work orders related to main and auxiliary equipment, construction, and design for Shinhanul Units 3 and 4.

Anduk Geun, Minister of Trade, Industry and Energy. (File photo)

Additionally, to provide more comprehensive support to small and medium-sized enterprises (SMEs) and mid-sized companies facing financial difficulties due to the nuclear phase-out policy, the government will supply an additional 100 billion KRW in liquidity from the government budget this year, supplementing the Industrial Bank's special financial support established last year (amounting to 100 billion KRW annually over two years).

Institutional improvements to promote new investments by companies and research and development (R&D) investments focused on next-generation promising technologies such as Small Modular Reactors (SMRs) will also be pursued. While consulting with relevant ministries to expand the scope of "nuclear technology" eligible for investment tax credits under the Restriction of Special Taxation Act, the government plans to expand support for smooth investments by regional nuclear companies. The government budget for the "Innovative SMR Development Project" will be increased nearly eightfold from the previous year to 60.7 billion KRW, and projects to secure innovative SMR manufacturing technologies and build SMR production capabilities for equipment suppliers will also be promoted.

The Ministry of Trade, Industry and Energy plans to realize the goal of new nuclear export industrialization by diversifying exports not only in large nuclear power plants but also in nuclear power equipment, ensuring that the enhanced competitiveness of the ecosystem translates into concrete export achievements.