The Ministry of Trade, Industry and Energy announced on October 10 that the Ministry will strongly support the domestic industries’ bid to export nuclear reactors.
On October 10, Trade, Industry and Energy Minister Paik Ungyu presided a “nuclear export strategy consultative meeting” with industry representatives in downtown Seoul to discuss the international market environment for reactor sales, strategies for potential markets, and measures to reduce financial risks associated with overseas nuclear projects.
Representatives from 17 companies and institutions including state-run energy companies, construction firms, and financial institutions attended the meeting.
At the meeting, Minister Paik said, “The government will actively support exports of nuclear power plants.” He added that profitability and risks of export projects will be evaluated to ensure the success of the projects.
The Ministry expects reactor exports would provide the domestic nuclear industry with opportunities to effectively utilize assets and know-how it has accumulated.
Minister Paik outlined the government’s support for Korean companies’ effort to win deals in the UK, the Czech Republic, and Saudi Arabia. The Ministry has planned various high-level meetings with the governments of the countries this month to promote Korean technologies and discuss ways to cooperate in commercial nuclear fields.
He also requested the 17 companies and institutions to come up with export strategies tailored to each market and closely cooperate with each other.
During the meeting, participating industry representative shared their views and information on overseas reactor sales.
At the meeting, Korea Power Electric Co. (Kepco) and its subsidiary Korea Hydro and Nuclear Power (KHNP) highlighted the strength of the domestic nuclear industry, which has been observed in the new-build project in the United Arab Emirates (UAE). The state-run utilities called for joint effort by the government, the nuclear industry, and financial institutions.
Korea Eximbank made a presentation on measures to reduce financial risks of overseas nuclear plant projects and underscored the importance of cooperation with other export financing institutions. In a separate presentation, the Korea Nuclear Association for International Cooperation emphasized that Korea should choose right projects and focus on them amid the growing dominance of Russian and Chinese companies in the international nuclear reactor market.
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