South Korea proposes measures to boost exports of nuclear plant equipment

One of the measures included expanding joint project entries of nuclear power plant companies.

South Korea will be introducing two measures to boost the export of nuclear power plant equipment and materials (NPP EM), the Ministry of Trade, Industry, and Energy (MOTIE) reported. 

This comes as the country observed a weakening in EM manufacturing due to abandoned NPP projects, which opens opportunities for Korean companies to enter the supply chain.

NPP EM export, however, remains an infant industry with only 143 NPP orders over the last five years, valued at US$0.5b. 

Read more: Nuclear ‘renaissance’ is possible despite hurdles: Wood Mackenzie

In this light MOTIE proposed to expand joint project entries of public NPP companies and EM contractors by striving to secure KRW5t worth of NPP EM projects by 2027. 

MOTIE also recommended the launch of the “NPP SME Export First Step Program” in aid of up to 100 NPP SMEs. 

Under the programme, NPP SMEs will be prioritised as recipients of Government support for export in terms of finance, certification, marketing, and market information. 

Firms will receive up to KRW150m for assistance in overseas certification and up to KRW30m for vendor registration procedures.