Industry minister hails Korea-U.S. agreement as step toward sealing Czech nuclear plant deal

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Industry minister hails Korea-U.S. agreement as step toward sealing Czech nuclear plant deal

Audio report: written by reporters, read by AI


Industry Minister Ahn Duk-geun speaks during a meeting with reporters in the central city of Sejong on Jan. 13. [YONHAP]

Industry Minister Ahn Duk-geun speaks during a meeting with reporters in the central city of Sejong on Jan. 13. [YONHAP]

 
Industry Minister Ahn Duk-geun hailed a recent Seoul-Washington agreement on nuclear plant exports as a major step toward the signing of a nuclear energy deal with the Czech Republic.
 
Speaking to reporters on Monday, the minister said it was significant that the two countries formally signed a memorandum of understanding on principles concerning nuclear exports and cooperation during his visit.
 
"I think now the private sector will make efforts to settle pending issues constructively," Ahn said, apparently referring to a dispute between Korea's Korea Hydro & Nuclear Power (KHNP) and Westinghouse Electric, a U.S. nuclear energy firm, over a nuclear reactor export issue.
 
The Korean and Czech governments aim to finalize the $17 billion deal by March after a KHNP-led consortium was chosen as the preferred bidder last year.
 
The minister went on to note that the recent weakness of the Korean won is expected to have only a limited impact on exports, noting that the government will spare no policy effort to sustain the momentum in the country's outbound shipments.
 
"As the exchange rate fluctuates due to external factors, such as the political situation, I believe it will have only a limited impact on exports," Ahn insisted while speaking to reporters, adding that the impact will be limited even if the won moves in the other direction.
 
He said that while exchange rates were a crucial factor about 20 years ago, when market prices played a significant role, the current focus has shifted toward the quality of key products, such as semiconductors and batteries.
 
The industry minister added that although challenges persist for the country's exports, including a sharp decrease in the number of business days in January compared to a year earlier, the government will spare no effort to maintain the momentum.
 
"While there are concerns about a potential vacuum in state affairs, all staff at the Industry Ministry remain in their positions," Ahn said, emphasizing that the government continues to operate normally.
 
Korea's exports rose 8.2 percent on year to reach a new annual high of $683.8 billion in 2024, surpassing the previous record of $683.6 billion set in 2022.
 
The country also saw its outbound shipments increase 6.6 percent in December, marking the 15th consecutive month of on-year growth, as well as posting a trade surplus for 19 consecutive months.
 
Turning to energy issues, the minister acknowledged the possibility of raising electricity rates this year.
 
"Although I cannot specify when, my stance remains unchanged that energy prices should be normalized," Ahn said.
 
In October, the state-run Korea Electric Power Corp. raised electricity rates for industrial use while freezing household rates amid global energy price volatility and escalating financial pressures.
 
"While we must be cautious due to the challenges facing people's livelihoods, we need to normalize electricity and gas prices once the situation stabilizes," Ahn said.

BY PARK EUN-JEE, YONHAP [[email protected]]
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