Gov't aims to nurture 60 nuclear exporters by 2027

Industry

Published: 11 Sep. 2023, 15:08 Updated: 11 Sep. 2023, 18:04

Gov't aims to nurture 60 nuclear exporters by 2027

Romania's Cernavoda plant, where Korea Hydro & Nuclear Power will build a tritium removal facility [NUCLEARELECTRICA]

The government will offer a comprehensive support program worth up to 400 million won ($300,639) annually to local nuclear companies, with the aim of fostering 60 new nuclear equipment exporters by 2027.

The goal is to help smaller companies reduce dependence on government projects, therefore securing global market competitiveness amid rising demand for nuclear facilities worldwide.

According to the Ministry of Trade, Industry and Energy Monday, Korea’s nuclear companies signed 143 export deals totaling $530 million over the past five years. In most of the deals, the private companies were taking part as subcontractors for overseas projects won by state-run companies. Export deals signed directly by small- and mid-sized companies only took 9 percent of the total.

The latest measure, which integrates support programs scattered across various government branches into one package, hopes to encourage smaller companies to sign export deals.

Through the program, the ministry aims to increase the total number of direct nuclear exporters in Korea from last year’s 40 to 100.

The ministry will select 10 companies this year, and offer them financial, administrative and marketing support throughout all stages of export projects. Each company will receive support measures of up to 400 million won a year. A total of 60 companies will receive support by 2027.

The Yoon Suk Yeol administration hopes to export 10 nuclear power plants by 2030, and win nuclear equipment projects worth 5 trillion won by 2027. Korea Hydro & Nuclear Power signed a contract to build a turbine island for the El-Dabaa nuclear plant in Egypt last year, and also a 195-million-euro ($209.4 million) deal with Romania to build a tritium removal facility in June.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]