Export of New Energy Industries Including Small Modular Reactors to Double by 2030

Ministry of Industry Holds 'Energy New Industry Export Promotion Roundtable'

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy attended the "Inter-Ministerial Export Status Review Meeting" held at the Government Seoul Office in Jongno-gu, Seoul on May 16 and delivered opening remarks. Photo by Yoon Dong-joo doso7@

On the 27th, the Ministry of Trade, Industry and Energy held the 'Energy New Industry Export Revitalization Roundtable (10th Industrial Strategy Roundtable)' at the Korea Chamber of Commerce and Industry in Seoul, announcing plans to double exports of energy new industries such as Small Modular Reactors (SMR), High Voltage Direct Current (HVDC) cables, and hydrogen turbines by 2030.

The energy new industry export revitalization strategy announced by the ministry consists of three main strategies: development and commercialization of promising export item technologies, activation of entry into global new markets, and establishment of an innovation foundation to drive exports.

First, promising export items will be divided into three groups based on market growth potential and corporate capabilities. Customized technology development and commercialization strategies will be pursued, including maintaining a super-gap through next-generation technology preemption, promoting large-scale demonstration projects, and facilitating collaboration with top overseas scholars.

Next, the ministry plans to strengthen Government-to-Government (G2G) cooperation with promising target countries and activate domestic companies' entry into new markets through international greenhouse gas reduction projects and expansion of green Official Development Assistance (ODA).

Alongside this, an innovation foundation will be established by creating a policy fund of approximately 500 billion KRW, expanding public-private financial investments exceeding 100 trillion KRW, training specialized personnel for overseas expansion, and strengthening support for regulatory sandboxes.

Through these efforts, the ministry aims to double energy new industry exports by 2030 and triple them by 2035. It is also expected that more than 10 domestic energy new industry items will enter the global top 3 rankings.

Attendees at the roundtable included Doosan Enerbility, LS Cable & System, HD Hyundai Electric, Hyosung Heavy Industries, YPP, Standard Energy, EVA, Kevin Lab, Energy Alliance, Korea Energy Small and Medium Innovation Enterprises Association (KEMIA), and Korea Electric Power Corporation (KEPCO).

Prior to the roundtable, the ministry launched the 'Energy New Industry Public-Private Alliance' with related companies, financial institutions, academia, relevant associations, and support organizations to implement the energy new industry export revitalization strategy.

Minister Lee Chang-yang stated, “The energy new industry is a market with rapidly accelerating global investment and enormous potential,” adding, “The energy industry must become a new export engine rather than being solely domestic market-oriented.”

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