Visiting Minister of Industry Nominee Bang Moon-gyu: "Urgent Early Restoration of Nuclear Power Ecosystem and Export Rebound Needed"

Nominee Bang's Confirmation Hearing at the National Assembly

Candidate for Minister of Trade, Industry and Energy, Bang Moon-kyu, stated on the 13th, "While responding to uncertainties in the domestic and international economic environment, I will pursue more strategic industrial, trade, and energy policies." Bang made these remarks during the confirmation hearing held by the National Assembly's Industry, Trade, Energy, and Small and Medium Enterprises Committee on the same day.

First, he emphasized the commitment to the early restoration of the nuclear power ecosystem. Bang said, "Nuclear power, which is gaining renewed global importance for carbon neutrality and strengthening energy security, will have its ecosystem restoration completed early and be fostered as a new energy industry," adding, "We will establish a realistic energy mix policy to achieve carbon neutrality and ensure the stability and efficiency of energy supply."

Earlier in June this year, the Yoon Seok-yeol administration approved the implementation plan for Shin Hanul Units 3 and 4, whose construction was halted during the Moon Jae-in administration. This came 11 months after officially announcing the resumption of construction in July last year. In the same month, the Ministry of Trade, Industry and Energy officially announced new nuclear power plant construction. This followed the Energy Committee's recommendation that expanding power supply capacity, including new nuclear power plants, is necessary. Accordingly, the ministry has begun establishing the 11th Basic Plan for Electricity Supply and Demand to respond to increasing power demand due to expanded new investments in advanced industries such as semiconductors and secondary batteries, data center construction, and the spread of electrification in industry and daily life.

Bang plans to also focus on improving uncertain export and investment conditions for the rapid recovery of the real economy. Last month, export volume was $51.87 billion, down 8.4% compared to the previous year. The decline in exports, which began in October last year, has continued for 11 months. Bang emphasized, "It is urgent to turn exports, the backbone of our economy, into positive growth," and added, "We will support our companies to enhance their competitiveness and lead the market for advanced technology products."

During the confirmation hearing, questions regarding expertise in nuclear power and electricity rates are expected to continue. In his written responses submitted to the National Assembly's Industry, Trade, Energy, and Small and Medium Enterprises Committee, Bang evaluated, "The previous administration's nuclear phase-out policy was rapidly pursued in an unsustainable manner that increased the burden on the public," adding, "In particular, the management of energy public enterprises became unsustainable, difficulties arose in responding to the energy security crisis caused by recent supply chain disruptions, and there were side effects such as the collapse of the nuclear power ecosystem." He further stated, "Whether to proceed with new nuclear power plants will be decided through scientific analysis of future power demand and consultation with experts on power mix during the ongoing process of establishing the 11th Basic Plan for Electricity Supply and Demand."

Regarding electricity rate increases, he left the possibility open. Bang said, "Adjustments to electricity rates will be reviewed comprehensively considering public acceptability, international energy prices, and the financial status of public enterprises," and added, "I will thoroughly explain to the public the inevitability of electricity rate adjustments and energy-saving measures to alleviate the electricity cost burden."

Questions about Bang's morality, including allegations of his eldest son's illegal early study abroad, are also expected to be a key issue in the confirmation hearing. Kim Yong-min, a member of the Democratic Party of Korea, has raised allegations of illegal early study abroad by Bang's eldest son. Under the Elementary and Secondary Education Act, studying abroad for more than one year before graduating from middle school, which is compulsory education, is only recognized if the child departs to stay with a parent, grandparent, or other guardian. However, when Bang's eldest son was studying abroad in 2012, Bang was working at the Ministry of Strategy and Finance, and Bang's spouse was running a dental clinic, making it impossible for both parents to stay abroad. Bang's side has explained, "At that time, we did not know it was a violation of the law."

Bang Moon-kyu, nominee for Minister of Trade, Industry and Energy, is attending the confirmation hearing held on the 13th at the Industry, Trade, Energy, Small and Medium Venture Business Committee of the National Assembly in Yeouido, Seoul. [Image source=Yonhap News]

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