Ministry of Trade, Industry and Energy Actively Seeks Energy ODA for Developing Countries

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced on the 22nd that three organizations?the Korea Institute for Advancement of Technology, Korea Electric Power Corporation, and the Naju Innovation Industrial Complex Resident Companies Association?have signed a "Memorandum of Understanding (MOU) to Establish a Partnership for the Implementation of the Global Green New Deal."

This agreement is part of the follow-up measures to the government's recently announced "K-New Deal Globalization Strategy" and "Comprehensive Basic Plan for International Development Cooperation." To proactively respond to the expansion of the global green energy market and the increasing energy demand in developing countries, domestic public enterprises and small and medium-sized enterprises will jointly participate, actively discovering and promoting win-win energy development cooperation projects (ODA) between recipient and donor countries.

First, public enterprises such as KEPCO and competitive domestic private companies will be supported in entering overseas green energy markets and securing infrastructure contracts. Korean companies will provide renewable energy models combined with intelligent power grids and energy storage systems, in which they hold relatively strong global competitiveness, to help solve energy shortages in developing countries. Win-win development cooperation projects will also be promoted.

▲ KEPCO and private companies in the 'Energy Valley,' composed of 400 energy companies, will discover development cooperation project (ODA) demands linked to overseas energy development and investment, and ▲ the Korea Institute for Advancement of Technology will plan projects that align with the development strategies of developing countries based on the discovered demands as a specialized management institution. ▲ Domestic energy companies will implement the planned ODA projects.

The Ministry of Trade, Industry and Energy plans to support feasibility studies and assist in securing follow-up projects through linkage with grant and loan aid projects such as the Economic Development Cooperation Fund (EDCF) and intergovernmental cooperation channels.

Jeon Yoonjong, Director General of the Trade Cooperation Bureau at the Ministry of Trade, Industry and Energy, stated, "Through this MOU signing, the Ministry’s energy ODA will contribute to carbon neutrality and the resolution of energy shortages in emerging countries, while serving as a foothold for domestic energy companies to enter emerging markets." He added, "We plan to actively support domestic companies in securing follow-up projects through consultations with related government ministries such as the Ministry of Foreign Affairs and the Ministry of Economy and Finance."

This content was produced with the assistance of AI translation services.