With the surge in demand for energy transition in Europe following the Russia-Ukraine war, opportunities for Korean power equipment companies to enter the European market are expanding.
The Korea Trade-Investment Promotion Agency (KOTRA) supported Korean companies’ market entry by hosting the 'Gyeongnam Energy and Power Equipment Europe Entry Consultation Meeting and Forum' in Switzerland and Bulgaria from October 27 to October 31.
According to KOTRA, Europe is investing in expanding transmission and distribution networks and in nuclear power plants and battery energy storage systems (BESS) to move away from coal and reduce dependence on energy from specific countries. Switzerland is pursuing its 'Energy Strategy 2050,' simultaneously promoting the transition to renewable energy and modernizing its transmission and distribution networks. Bulgaria is working to reduce its reliance on imported energy by constructing new Units 7 and 8 at the Kozloduy Nuclear Power Plant and expanding its transmission network.
At the 'Korea-Switzerland Energy Cooperation Forum' held in Zurich on October 28, about 40 major local energy companies, including Axpo and Hitachi Energy, participated and held more than 60 consultations with Korean companies. A representative from Daeshin Metal stated, "We have confirmed that Switzerland is working with the European Union on various energy projects," adding, "We plan to target the European market by cooperating with local companies."
On October 30 in Sofia, Bulgaria, the 'Korea-Bulgaria Energy Cooperation Forum' was held in collaboration with the Embassy of the Republic of Korea in Bulgaria. Around 200 government and corporate representatives from both countries attended to discuss cooperation in the nuclear power and power equipment sectors. Zhivko Stankov, Bulgaria's Minister of Energy, stated, "We will strengthen cooperation with Korea to enhance energy security and address climate change."
Kim Hyuncheol, Head of KOTRA's Europe Regional Headquarters, said, "As Europe accelerates its energy transition to achieve carbon neutrality, we will support Korean companies in the transmission and distribution, nuclear power, and smart energy sectors so that they can actively participate in European projects."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
