Addition of 'Nuclear Power' to the Energy Industry Convergence and Complex Zone Industrial Sectors

Foundation Laid for Expanded Government Support for Changwon Nuclear Power Companies

Energy Industry Convergence and Complex District. [Image source=Gyeongnam Provincial Government]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do and Changwon City announced on the 11th that nuclear power has been finally confirmed as a key industry in the Energy Industry Convergence and Complex Cluster.

According to the city and province, the Energy Industry Convergence and Complex Cluster is an industrial cluster where companies and research institutes related to regionally specialized energy industries and energy-related industries are concentrated, bringing effects such as cost reduction and technological innovation.

In Gyeongnam, the total area reaches 280.66㎢, including Changwon National Industrial Complex, Jinhae Free Research Area, Gapo New Port Hinterland Complex, Gimhae Golden Route Industrial Complex, Samcheonpo Power Plant Headquarters, and Small and Medium Research Special Zones.

The additional designation of the nuclear power manufacturing sector was decided through the Energy Committee review.

A city official explained, "This is a follow-up measure taken to restore the nuclear power ecosystem and establish a support base for nuclear power companies since designating gas combined cycle thermal power generation as an energy-specialized industry in 2020," adding, "A support system and policy support measures will be prepared for companies in Changwon, the largest cluster of nuclear power-related industries."

Gyeongnam Province plans to sequentially apply to the government for a project worth a total of 658.1 billion KRW, consisting of 14 detailed implementation tasks in four areas, including research and development projects and corporate support projects necessary for activating the cluster on-site.

These include ▲ four projects to establish demonstration infrastructure for manufacturing core nuclear materials and components ▲ five projects such as customized package support projects for nuclear power companies' demands ▲ three projects including advanced manufacturing process technology development for export-oriented Small Modular Reactors (SMR) ▲ and two projects to strengthen global export capabilities.

A provincial official forecasted, "With the establishment of a base for restoring the nuclear power industry ecosystem and supporting companies, which is a key project of the 8th local government administration, production inducement of 1.0192 trillion KRW and employment inducement of 5,875 people will be achieved by 2028."

They also mentioned that small and medium-sized enterprises in the nuclear power sector will receive benefits such as research and development projects, local tax reductions, and preferential bonus points within five points for Ministry of Industry R&D tasks.

Kim Byung-gyu, Deputy Governor for Economy of the province, said, "As the government has a strong will to restore the nuclear power ecosystem, the first step to fill the gap in South Korea's nuclear power industry and enable local companies to leap forward has been well taken."

He added, "We will continue to cooperate closely with the government to nurture the seeds of the Gyeongnam nuclear power industry in the convergence and complex cluster and do our best to make our province the world's leading nuclear power industry ecosystem hub."

Mayor Hong Nampyo said, "Emergency supply of work orders at the Ministry of Industry level for nuclear power industry recovery is underway, and following recent favorable conditions for nuclear power exports, the government is actively promoting the spent nuclear fuel market, which is greatly opening," adding, "We will do our best to provide administrative support for the re-leap of Changwon's nuclear power industry and strive to make our city a core hub city for building a future-oriented nuclear power value chain."

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