Lee Chang-yang, Minister of Industry, "Construction of Shin Hanul Units 3 and 4 to Proceed in 2024"

Ministry of Trade, Industry and Energy Work Report
Nuclear Power Share Expanded to Over 30%
'Negative Zone' Raised to 50%
140,000 Industry Specialists Trained

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is delivering opening remarks at the 1st Emergency Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the afternoon of the 19th. Photo by Kim Hyun-min kimhyun81@

On the 12th, Lee Chang-yang, Minister of Trade, Industry and Energy, reported to President Yoon Suk-yeol that "the environmental impact assessment for Shin Hanul Units 3 and 4 will be immediately initiated to promote construction in 2024." The energy mix will also be redesigned to expand the share of nuclear power to over 30%.

Minister Lee stated at the policy briefing at the Presidential Office in Yongsan, Seoul, "We will strengthen the nuclear power industry to innovate energy supply and demand as well as create new industries." Accordingly, the nuclear power workload will be expanded to 130 billion KRW this year and increased to over 1 trillion KRW by 2025. Aiming to export 10 nuclear reactors by 2030, the Nuclear Export Strategy Promotion Team will be fully activated from this month to concentrate efforts on securing nuclear power orders from the Czech Republic and Poland.

Along with this, Minister Lee reported, "We will pursue a five-year strategy to secure Korea's food source for the next 30 years through growth-oriented industrial strategies, national interest and practical trade strategies, and energy supply and demand innovation." This is based on the assessment that Korea's economic growth potential and dynamism are continuously declining, global economic recession concerns are rising, and competition among countries to secure industrial competitiveness has intensified.

To revitalize private investment, cash support for national strategic technologies for foreign-invested companies will be raised to the maximum limit (50%), and the ratio of 'negative zones'?industrial complexes where all manufacturing industries can settle?will be increased from the existing 30% to 50%. A roadmap for talent development will be prepared by the first half of 2023 to train 140,000 specialized workers by industry. To this end, more than 10 specialized universities (graduate schools) for advanced industries will be designated.

From this year until 2027, a 400 billion KRW public-private joint fund will be established to foster mid-sized companies. For the next-generation semiconductor R&D, a key growth industry, 800 billion KRW will be supported by 2030. The display and battery sectors will also focus on strengthening competitiveness in the global market through designation as national advanced strategic technologies and cooperation with resource-holding countries.

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