Fostering 100 Small and Medium Enterprises for Independent Nuclear Power Export by 2027

29th 4th Nuclear Power Export Strategy Promotion Committee
'First Step Program for Nuclear Power SMEs Export' Promotion
Equipment Joint Entry Project Challenges 5 Trillion Won Order

The government is stepping up efforts to strengthen the export capabilities of small and medium-sized enterprises (SMEs) in the nuclear power sector. By 2027, it plans to nurture 100 independent nuclear power export SMEs and expand joint overseas ventures between nuclear public enterprises and their partner companies, presenting a 'Two-Track' strategy as the solution.

On the 29th, the Ministry of Trade, Industry and Energy announced the 'Nuclear Power Equipment Export Activation Plan' with these details at the 4th Nuclear Power Export Strategy Promotion Committee meeting.

First, the government will pursue nuclear power equipment projects worth a total of 5 trillion KRW by 2027 to expand joint overseas ventures between nuclear public enterprises and equipment partner companies. It will focus capabilities on large-scale projects where equipment companies can participate extensively, such as nuclear power plant construction projects, refurbishment contracts, and nuclear fuel factory construction. The government will also promote diversification in the equipment export sector through high value-added single-item equipment exports, operation and maintenance service exports, and development of small modular reactors (SMR) modules and nuclear fuel.

To strengthen the independent export capabilities of nuclear power SMEs, a 'Nuclear Power SME Export First Step Program' will be newly established. The core goal is to nurture 100 nuclear power export SMEs capable of independent exports by 2027. Forty companies with export experience and 60 companies newly selected based on export willingness and potential will be included. The government plans to launch a special program in June to closely support the entire export process of these companies.

Export support programs in various fields such as finance and marketing will be given top priority for nuclear power export SMEs. To alleviate burdens related to overseas certification and vendor registration for nuclear power companies, the government will support up to 150 million KRW for overseas certification acquisition costs and up to 30 million KRW for vendor registration consulting and agency fees. Marketing support will also be strengthened through matching 25 overseas nuclear power buyers with domestic nuclear companies, supporting participation in exhibitions and consultation meetings, export vouchers, and pilot use projects for equipment. The accessibility of the Nuclear Power Export Information Support System will be improved, and the number of overseas bidding information cases provided will be expanded from 567 last year to 960 this year, thereby advancing the bidding information system.

The export support system will also be reinforced. In May this year, a 'Nuclear Power Equipment Export Comprehensive Consultation Desk' will be newly established domestically to provide consultation and connection for export support projects. Overseas, KOTRA will strengthen local support functions such as marketing and information gathering centered on 10 'Nuclear Power Focused Trade Offices' designated in March. The implementation performance of nuclear power equipment export support will be checked semiannually, and efforts will be made to increase the dedicated budget for nuclear power equipment exports in consultation with budget authorities.

At the meeting, plans for 'Regulatory Cooperation Promotion with Nuclear Power Export Target Countries' and 'Special Financial Program Support for Joint Growth of Nuclear Power SMEs and Mid-sized Companies' were also discussed. Key initiatives include signing memorandums of understanding between regulatory agencies, preparing various regulatory capacity-building programs, and systematically supporting export control and export model licensing. The Korea Development Bank will launch low-interest loans worth 200 billion KRW to support nuclear power SMEs and mid-sized companies facing management difficulties due to high interest rates.

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is speaking at the signing ceremony of the win-win agreement for the activation of eco-friendly biofuels and the industry meeting held on the 13th at the Press Center in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

The government envisions restoring the domestic nuclear power industry ecosystem through such export support. According to the Ministry of Trade, Industry and Energy, during the Moon Jae-in administration from 2017 to 2021, the number of nuclear power export contracts was 145 (530 million USD), representing a 43% decrease in contract numbers and a 12.4% decrease in contract amounts compared to 2012?2016. Moreover, most projects contracted by nuclear public enterprises were subcontracted export contracts, with independent exports by SMEs accounting for only 9% of the total.

Minister of Trade, Industry and Energy Lee Chang-yang said, "This measure is the first joint inter-ministerial plan related to nuclear power equipment exports and the implementation plan for the government's comprehensive export expansion strategy in the nuclear power field. To restore the nuclear power ecosystem and leap forward as a comprehensive nuclear power export powerhouse, we ask the public and private sectors to unite their efforts in securing new nuclear power orders and activating nuclear power equipment exports."

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