Yoon Launches Nuclear Power Push with "Alliance" Lead: "Korean Companies Support Netherlands Nuclear Participation" (Summary)

Yoon "Close Cooperation... Significant Areas for Collaboration in Nuclear Power Sector"
Three Nuclear-Related Contracts and MOUs Signed During State Visit... Advantageous for Market Leadership
Dutch Government Recognizes Korean Companies' Technology... Progress in Working-Level Talks

President Yoon Suk-yeol on the 13th (local time) mentioned the nuclear power cooperation MOU (Memorandum of Understanding) signed between South Korea and the Netherlands and announced plans to target the new nuclear power market in the Netherlands. With the economic cooperation system between the two countries elevated to the 'highest level' through the semiconductor alliance, the strategy is to enter the Dutch nuclear power market based on this trust. Currently, the Netherlands is promoting the construction of two new 1000MW-class nuclear power plants.

On the same day, President Yoon attended the 'Korea-Netherlands Business Forum' held at a hotel in Amsterdam together with King Willem-Alexander of the Netherlands, expressing support to promote cooperation between governments and companies. Earlier, through a joint statement, President Yoon formalized the 'semiconductor alliance' between the two countries and at this event said, "ASML and Korea's Samsung and SK Hynix have become the world's best companies in their respective fields through complementary and mutually beneficial cooperation," adding, "To further activate cooperation between the two countries, we must strengthen the strategic solidarity in the semiconductor sector."

President Yoon Suk-yeol is delivering the keynote speech at the Korea-Netherlands Business Forum held at the Krasnapolsky Hotel in Amsterdam on the 13th (local time).
[Photo by Yonhap News]

He showed particular interest in entering the nuclear power sector. President Yoon said, "Along with semiconductors, carbon-free energy is also a field where the two countries will closely cooperate in the future," and added, "The two countries, which must simultaneously achieve carbon neutrality and energy security, have great potential for cooperation in areas such as nuclear power." He emphasized, "We will actively support Korean companies to participate in the Netherlands' new nuclear power projects."

As a result of President Yoon's state visit, three contracts and MOUs were signed in the nuclear power sector between the two countries: ▲Government-to-government 'Nuclear Power Cooperation MOU,' ▲Contract for 'New Nuclear Power Technology Feasibility Study' between Korea Hydro & Nuclear Power and the Dutch Ministry of Economic Affairs and Climate Policy, and ▲MOU between Korea Nuclear Fuel and the local consulting firm NUCLIC.

Among these, the contract between Korea Hydro & Nuclear Power and the Dutch Ministry of Economic Affairs and Climate Policy focuses on investigating reactor safety and technical requirements, as well as site suitability and localization levels. According to government officials, this effectively recognizes the capability for preliminary investigations necessary for entering new nuclear power projects, which could facilitate entry into various fields within nuclear power in the future.

The MOU between Korea Nuclear Fuel and NUCLIC is based on 'sharing regulatory information and cooperation for obtaining permits for new nuclear power plant construction in the Netherlands.' Since local information for new market entry by Korean companies will be shared, there is a possibility of securing a unique advantage over competitors at the time of bidding.

The Netherlands, which declared carbon neutrality by 2040, is constructing two new 1000MW-class nuclear power plants with a target completion year of 2035. Since the Yoon administration aims to export 10 nuclear reactors by 2030 and secure overseas nuclear power plant equipment projects worth about 5 trillion won by 2027, targeting new markets like the Netherlands is essential. Currently, one reactor is operating at the Borssele nuclear power complex in Zeeland Province, and potential sites for new nuclear power plants include Borssele and Rotterdam.

Competitors have been narrowed down to the United States and France besides Korea, and the Korean government's efforts have already begun. President Yoon initiated nuclear cooperation during a summit with Prime Minister Mark Rutte in Madrid, Spain, while attending the NATO summit last year. At that time, President Yoon mentioned the Netherlands' policy to expand the share of nuclear power through new construction and said, "I hope our companies, which have world-class safety and price competitiveness, can contribute."

At that time, the two countries also agreed to advance working-level consultations to realize the potential for cooperation in the nuclear power sector. Based on this, tailored local approaches were also conducted. Korea Hydro & Nuclear Power held a 'Korean Nuclear Technology Briefing' locally targeting Dutch nuclear power orders, meeting with the Dutch Ministry of Economic Affairs and Climate Policy, the Authority for Nuclear Safety and Radiation Protection (ANVS), the nuclear power operator (EPZ), and nuclear research institutes (NRG & PALLAS).

The Dutch government's interest in Korean companies with world-class technology is also high. In an interview with domestic media during his visit to Korea in September last year, then Dutch Foreign Minister Wopke Hoekstra said, "We are taking the necessary steps to build two nuclear power plants in the Netherlands," and added, "We are in contact with Korea, which is leading the nuclear industry."

President Yoon Suk-yeol, on a state visit to the Netherlands, and Dutch Prime Minister Mark Rutte shook hands on the 13th (local time) after touring the Ridderzaal (Hall of Knights) in The Hague, where the International Peace Conference was held 116 years ago.
[Photo by Yonhap News]

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