"Semiconductor Multilateral Meeting Held... 11 Trillion Won Nuclear Power Plant Contracts Provided"

Park Sung-taek, First Vice Minister of Industry, Announces Achievements and Challenges in Industry, Trade, and Energy Sectors

Park Sung-taek, First Vice Minister of the Ministry of Trade, Industry and Energy, is announcing the major achievements and future plans in the industrial, trade, and energy sectors of the Yoon Suk-yeol administration at the Ministry of Trade, Industry and Energy press room in the Government Complex Sejong on the morning of the 13th. 2024.11.13 Photo by Yonhap News

The government has decided to strengthen cooperation with the newly inaugurated Donald Trump administration in the United States and to hold a semiconductor multilateral meeting. It also plans to provide work worth 11 trillion won related to the construction of nuclear power plants by 2027.

Park Seong-taek, First Vice Minister of the Ministry of Trade, Industry and Energy, announced this on the 13th during a briefing on the "Major Achievements and Future Plans in the Industrial, Trade, and Energy Sectors of the Yoon Seok-yeol Government" held at the Government Complex Sejong. At the briefing, Vice Minister Park stated, "We will respond swiftly to changes in the trade environment following the U.S. presidential election results and continue proactive outreach to the U.S. to reduce uncertainties for companies investing in the U.S."

Amid expectations that the new Trump administration will apply stronger pressure on China than the Biden administration, Vice Minister Park explained that efforts will focus on stabilizing the business environment for semiconductor companies. He emphasized, "We will strive to minimize global business uncertainties for our companies through strengthened cooperation with the new U.S. government and by holding semiconductor multilateral meetings," adding, "We will support our advanced technology companies' global business by resolving trade issues related to semiconductors and other cutting-edge industries through various channels and by enhancing global cooperation."

The Ministry of Trade, Industry and Energy announced that it will fully implement the previously announced "Comprehensive Support Plan for the Semiconductor Ecosystem," including the launch of low-interest loans worth 17 trillion won, and will push for the extension of the investment tax credit expiration until 2027. It also explained that through the enactment of the Power Grid Act, it will strengthen national responsibility for infrastructure in specialized complexes and continue to expand policy financing for advanced projects to invigorate private investment.

Vice Minister Park Seong-taek evaluated that the resumption of construction for Shin Hanul Units 3 and 4 and the selection of a preferred bidder for the Czech nuclear power plant construction have contributed to the recovery of the domestic nuclear power industry ecosystem, which was on the brink of collapse due to the nuclear phase-out policy during the Moon Jae-in administration, thereby strengthening energy security.

Vice Minister Park stated, "Since the government's inauguration, despite severe conditions such as geopolitical instability, the spread of protectionism, and cumulative high interest rates and inflation, the public and private sectors have worked as one team to achieve meaningful results such as record-high exports and normalization of the nuclear power ecosystem," adding, "We will make every effort to expand economic achievements to all aspects of people's livelihoods and boldly face new challenging environments."

To normalize the nuclear power ecosystem, the government plans to place additional orders worth more than 11 trillion won by 2027 and to promote the enactment of the "Special Act on Nuclear Industry Support," which will establish a legal and institutional foundation to support the nuclear power ecosystem stably and consistently regardless of political circumstances. It also plans to establish the "2050 Mid- to Long-Term Nuclear Industry Roadmap" to present a mid- to long-term vision for the nuclear industry.

The government also plans to select 10 culture-leading industrial complexes by 2027, support brand industrial complex creation projects as a package, and encourage the formation of public-private cooperation bodies for each complex to voluntarily plan cultural projects.

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