Ministry of Trade, Industry and Energy

Trade, Industry and Energy Minister Dukgeun Ahn visited HD Hyundai Electric on July 4 in Gyeonggi Province to discuss export assistance measures for the electric power equipment and materials industry.

 

As vast amounts of electric power are needed in the recent expansion of artificial intelligence (AI) datacenters and the diffusion of carbon-free power sources like renewables and nuclear power, the electric power equipment and materials market has recently been enjoying its supercycle. The industry’s exports are likewise on the rise, competing with bio health and secondary batteries after surpassing home appliances and textiles in 2023. Should electric power equipment and materials attain this year’s export and bid targets of USD 16.2 billion and KRW 20 trillion, respectively, they will rank among Korea’s top 10 export items.

 

At HD Hyundai Electric, Minister Ahn toured the exhibition hall showcasing the world’s first direct current (DC) distribution facilities for 1 megawatt-class buildings. This was followed by the signing of the “K-grid Export Cooperation MOU” among Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), and K-SURE. Viewed as a leading export business model for energy sectors, the MOU is significant in that it brings public companies in electrical power and export assistance together for collaboration.

 

With aim to support power equipment and materials exports, the Government plans to supply the industry with a ₩2.7 trillion special preference trade insurance program this year. Moreover, for the North American, European, and ASEAN markets where power grid demands are forecast to surge, trade centers will be designated with emphasis on power materials and equipment. Overseas marketing support will be strengthened through increased matching opportunities with domestic and overseas clients via trade shows. In the latter half of this year, the Government will establish measures for expediating the export of power equipment and materials with plans for a stronger ecosystem, export committee, and increased R&D.

 

Minister Ahn stated that the public and private sectors will work in tandem to support not only “K-grid”, but also energy sectors like renewables, energy efficiency, and energy storage systems (ESS) to grow into pillar export industries.