SEOUL, June 22 (Yonhap) — South Korean President Yoon Suk-yeol vowed on Wednesday to rebuild the nuclear power industry and support its overseas expansion, underscoring his commitment to reversing the previous government’s nuclear phase-out policy.
Yoon made the statement after touring a Doosan Enerbility nuclear reactor factory in Changwon, 300 kilometers southeast of Seoul.
During the election campaign, the President had promised to resume construction of the Shin-Hanul No. 3 and No. 4 nuclear reactors and to try to export ten nuclear reactors by 2030.
Yoon said during a meeting with industry and government officials at Doosan Enerbility’s headquarters that the country’s nuclear power plants are known for their world-class technology and stability.
The President added that the competitiveness of the country’s nuclear power plant business lies in its ability to build on time and on budget, which no other company in the world can match.
Yoon criticized Moon Jae-in’s previous government, saying that if it hadn’t been “stupid” over the past five years and instead strengthened the nuclear power ecosystem even further, there probably wouldn’t be any other competitor now.
However, the President noted that the door to the export market for nuclear power plants is “wide open” and that countries such as Saudi Arabia, the Czech Republic, Poland and the United States recognize nuclear power as a key energy source on the path to carbon neutrality.
Yoon said they had determined their policy direction, citing their plans to abandon the nuclear phase-out policy and rebuild the sector.
He added that not only is orientation important, but also getting it up and running soon. The president said the government will provide active assistance to allow industrial sites and factories in Changwon, the nerve center of the nuclear energy ecosystem, to recover, which would boost the work of relevant personnel.
The Ministry of Commerce, Industry and Energy said the government will spend 92.5 billion won (US$71.36 million) on nuclear power industry enterprises this year and 670 billion won (US$514.3 million dollars) for research and research will invest in development aid.
By 2025, the government plans to commission 1 trillion won (US$767.7 billion) for private sector projects and invest more than 3 trillion won (US$2.303 billion) in technology development.
Also, the government will set up various relief measures for small nuclear power plants, including emergency funds worth 100 billion won ($76.7 million).
According to the ministry, nearly 40 billion won ($30.7 million) will be allocated by 2028 to develop a small domestic advanced modular reactor.
The government also decided to set up a high-level postgraduate course on radioactive waste, train experts in this sector, and provide various education and training programs for staff in this field.
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