Government "Full Effort on Finalizing Czech Nuclear Power Plant Contract and Additional Exports"

The 5th Nuclear Power Export Strategy Promotion Committee

The government has committed to ensuring that the final contract for the Czech nuclear power plant project is smoothly concluded by March next year. Furthermore, it plans to make every effort to generate additional achievements in the future.

The government held the 5th Nuclear Power Export Strategy Promotion Committee meeting chaired by Choi Nam-ho, Vice Minister of the Ministry of Trade, Industry and Energy.

Vice Minister Choi stated, "The selection of Korea Hydro & Nuclear Power (KHNP) as the preferred negotiation partner for the Czech nuclear power plant project on the 17th was the result of the government's normalization of nuclear power policy and strong nuclear power sales diplomacy securing the trust of the ordering country, combined with the concerted efforts of KHNP, cooperating companies, the nuclear academia and research institutions, government ministries, and support agencies," adding, "We must leverage this achievement as a stepping stone to foster nuclear power as a leading export industry of the Republic of Korea."

First, Team Korea established a 'Dedicated Negotiation Task Force (TF)' on the 22nd to finalize the contract for the Czech nuclear power plant project and has begun preparing for negotiations by holding a kickoff meeting with the ordering company. Both the public and private sectors will continue to coordinate closely to ensure mutually beneficial outcomes for both Korea and the Czech Republic and will do their utmost in contract negotiations. In particular, the government plans to open a hotline between authorities to maintain close communication and provide intensive support during negotiations.

Team Korea will also accelerate consultations related to nuclear power exports with promising export countries to ensure that this achievement leads to third and fourth nuclear power exports. Additionally, it will create a mid- to long-term entry environment through workforce training and joint site surveys with emerging Asian and African countries considering new nuclear power plant construction. Especially, international events held domestically, such as the Asia-Pacific Economic Cooperation (APEC) Summit in November next year and the Climate Industry International Expo (this September), will be actively utilized as opportunities to promote the excellence of Korean nuclear power. Furthermore, comprehensive promotional activities including international exhibitions, consultation meetings, and dispatching delegations will be carried out.

Not only will the government expand exports of new nuclear power plant turnkey projects, but it will also further increase exports of nuclear power plant equipment, a 'blue ocean' market. According to the Ministry of Trade, Industry and Energy, during the 1 year and 8 months since the inauguration of the Yoon Suk-yeol administration (May 2022 to December 2023), contracts for nuclear power plant equipment exports have exceeded 4 trillion won. This achievement is more than six times the performance of the past five years (2017?2021, 590.4 billion won). The government plans to continue this trend by securing additional large projects such as the Romanian nuclear power plant equipment improvement project and will make every effort to achieve the export target of 5 trillion won in nuclear power plant equipment within the year.

In particular, leveraging the achievements made in the Czech Republic, the government will strengthen the entry of Korean small and medium-sized enterprises (SMEs) and mid-sized companies into the European market. Starting with the 'European Market Entry Strategy Briefing (Nuclear Power Export Industry Association)' next month, focused marketing support for major European countries such as the United Kingdom and Italy will be provided intensively in the second half of the year.

Alongside this, the government will present a mid- to long-term vision for nuclear power exports and reorganize the support system to establish a foundation for the Korean nuclear power industry to emerge as a global leading industry. To this end, it will promote the establishment of the '2050 Mid- to Long-term Nuclear Power Industry Roadmap' within the year and actively pursue legislative procedures to support the nuclear power industry in cooperation with the National Assembly in the second half of the year. Additionally, the government will significantly strengthen related support systems by expanding nuclear power export support offices abroad, enhancing the functions of key trade offices, and increasing the budget for nuclear power sales. In particular, it plans to build comprehensive cooperative relationships with important partners such as the United States in various fields including joint market entry, supply chains, and small modular reactors (SMRs).