President Yoon Visits Nuclear Power Industry Site... Promises 'Job Creation and Financial Support' to the Industry

Presidential Office: "We Will Strengthen the Competitiveness of the Nuclear Power Ecosystem and Leap to Become the World's Leading Nuclear Power Exporter"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 22nd, President Yoon Suk-yeol held a meeting with nuclear power plant companies and promised job creation and financial support. In a situation where the importance of nuclear power has been re-emphasized due to energy security and carbon neutrality policies, this is interpreted as President Yoon’s determination to personally oversee the restoration of the nuclear power industry ecosystem, which was damaged by the previous nuclear phase-out policy, and to secure leadership in the future nuclear power market.

On the morning of the same day, President Yoon visited Doosan Enerbility, a leading domestic nuclear power industry company located in Changwon, Gyeongnam, toured the nuclear power production site, and held a meeting with representatives from 20 partner companies. Accompanying him from the government were Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy and Minister Lee Young of the Ministry of SMEs and Startups.

Before the meeting, President Yoon toured Doosan Enerbility’s nuclear power plant, inspecting the reactor vessel materials for Shin Hanul Units 3 and 4, whose construction has been halted, the reactor head of Shin Kori Unit 6 currently in the final manufacturing process, and the forging plant equipped with a 17,000-ton press facility.

The Yoon Suk-yeol administration is taking a firm stance as the competitiveness of Korea’s nuclear power industry has declined due to the nuclear phase-out policy pursued during the five years of the Moon Jae-in administration.

Earlier, during his presidential campaign, President Yoon pledged to abolish the Moon Jae-in administration’s nuclear phase-out policy and to resume construction of Shin Hanul Units 3 and 4. The Presidential Transition Committee also announced in April the “Five Key Tasks for Normalizing Energy Policy,” which includes increasing the share of nuclear power generation by 2030 through continued operation and utilization rate adjustments of nuclear plants.

The government has also begun full-scale efforts to restore the competitiveness of Korea’s nuclear power industry, which was weakened during the five years of the Moon administration. On the 17th, Prime Minister Han Duck-soo attended the “Energy and Climate Forum (MEF)” virtual summit hosted by U.S. President Joe Biden and officially declared, “We will actively utilize nuclear power as a means of energy security and carbon neutrality.” The Ministry of Trade, Industry and Energy has initiated the establishment of a Nuclear Export Strategy Promotion Team capable of large-scale financial procurement in the nuclear market, defense and economic cooperation, and packaging. The head of the Nuclear Export Strategy Promotion Team is the Minister of Trade, Industry and Energy, with related ministries, electric power and financial public enterprises, and private experts participating as members.

During this visit, President Yoon also discussed cooperation plans for coexistence between large and small nuclear industry companies and announced government support measures. In April, while still president-elect, he visited Jin Young TBX, a small nuclear company, met with representatives of six nuclear partner companies, promised to personally oversee the nuclear industry, and pledged to visit again.

The Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups announced the “Support Measures for Nuclear Industry Partner Companies” and “Support Plans for Small Nuclear Companies,” which include job creation, financial support, and market expansion measures that partner companies have continuously requested. Doosan Enerbility also announced coexistence plans with its partner companies.

The Presidential Office explained that President Yoon’s on-site visit is “part of the Yoon Suk-yeol administration’s national agenda to strengthen the competitiveness of the nuclear ecosystem and to leap forward as a nuclear powerhouse through nuclear exports,” adding, “Recently, a Nuclear Competitiveness Enhancement Task Force (TF) has been formed and operated, centered on the Ministry of Trade, Industry and Energy, to explore ways to enhance the competitiveness of the nuclear industry in cooperation with related ministries and agencies.”

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