New Industry Minister Bang Moon-gyu: "Top Priority Policy is Restoring Nuclear Power Ecosystem and Export Recovery"

Minister Bang's Inaugural Address

Newly appointed Minister of Trade, Industry and Energy Bang Moon-kyu stated on the 20th, "We will complete the restoration of the nuclear power ecosystem at an early stage."

Minister Bang, who began his duties immediately without a separate inauguration ceremony, emphasized in his inaugural speech, "We will reestablish a realistic energy mix."

Minister Bang said, "To achieve carbon neutrality and strengthen energy security, we will complete the restoration of the nuclear power ecosystem, whose global importance is being reemphasized, at an early stage," and expressed his ambition to "foster new energy industries such as Small Modular Reactors (SMR), Carbon Capture, Utilization and Storage (CCUS), and hydrogen."

Earlier in August this year, the Ministry of Trade, Industry and Energy began early preparations for 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. The core agenda of the plan, to be finalized around July next year, is expected to be the 'nuclear power expansion plan.' Former Minister Lee Chang-yang stated, "To secure stable power supply capacity in response to demand growth, it is necessary to consider expanding new supply capacity through nuclear power and hydrogen." According to the government’s budget proposal submitted to the National Assembly for next year, the budget for revitalizing nuclear power will increase by 130.4 billion KRW to 662.2 billion KRW from this year’s 531.8 billion KRW.

Minister Bang’s first field visit is also to a nuclear power plant. On the afternoon of the same day, he visited the Saewool Nuclear Power Headquarters located in Ulsan, followed by the Busan New Port export site, and then held a meeting with the nuclear power industry again.

Minister Bang plans to make every effort to turn around exports, which have declined for 11 consecutive months. He said, "We will mobilize all resources and capabilities of not only the institutions under the Ministry of Trade, Industry and Energy but also related export-related ministries and support agencies," adding, "Based on the diplomacy conducted so far, we will strengthen the supply chain alliance among Korea, the U.S., and Japan, and actively support pioneering new markets such as the Middle East, ASEAN, and Eastern Europe so that our advanced products can lead the global market."

Minister Bang also intends to actively promote strengthening the manufacturing capabilities of our industry. He said, "We must foster overwhelming manufacturing capabilities in our industry by leveraging private sector creativity and enhancing global cooperation," and added, "We will strengthen necessary support measures such as super-gap technology development, securing excellent domestic and foreign talent, supply of infrastructure like power and water, and tax and financial support."

He urged Ministry of Trade, Industry and Energy staff to take a strategic approach to current issues. Minister Bang said, "Along with immediate responses to current issues, we must diligently listen to diverse opinions from industry, experts, media, and the National Assembly, look ahead long-term, and strive to find strategic solutions," and emphasized, "At every moment of choice, including preemptive responses and fundamental, innovative alternatives, we must endeavor to find the 'best solution rather than the least effective one.'"

Newly appointed Minister of Trade, Industry and Energy Kyoo Bangmun. (File photo)

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