The Ministry of Trade, Industry and Energy convened a “Nuclear Power Plant Export Strategy Promotion Committee” meeting at the Westin Chosun Hotel this morning to discuss follow-up measures for the Czech nuclear power plant project. This meeting comes in the wake of Team Korea, led by Korea Hydro & Nuclear Power, being selected as the preferred bidder for the project on July 17. The committee emphasized that this selection was the result of concerted efforts by both the public and private sectors.
The government aims to finalize the 24 trillion won (around $17.7 billion) Czech nuclear power plant project by March next year. To this end, a dedicated task force for negotiations was established immediately after the selection on July 22, and a kickoff meeting with the ordering party was held on July 24. The government is committed to ensuring that the final contract is signed without any issues and plans to secure additional orders, including the improvement of nuclear facilities in Romania, to meet the annual nuclear facility export target of 5 trillion won.
“The selection of Team Korea, led by Korea Hydro & Nuclear Power, as the preferred bidder for the Czech nuclear power plant project on July 17 was the result of joint efforts by the public and private sectors,” stated the committee. The government echoed this sentiment, noting, “Immediately after being selected as the preferred bidder on July 22, the government established a dedicated task force (TF) for negotiations and held a kickoff meeting with the ordering party on July 24.”
In addition to the Czech project, the government is set to take follow-up measures to ensure the smooth finalization of the project by March. It also plans to secure additional orders, such as the improvement of nuclear facilities in Romania, aiming to achieve the annual nuclear facility export target of 5 trillion won. The government will collaborate with emerging countries in Asia and Africa that are looking to adopt nuclear power and will conduct marketing efforts in the UK and Italy in September and October.
The public and private sectors plan to do their best in contract negotiations to ensure positive results for both countries. To support these negotiations, the government will establish a hotline between authorities. The Ministry of Trade, Industry and Energy also plans to accelerate consultations with promising export countries to ensure that this achievement leads to the next nuclear power plant export. It will create a long-term entry environment through workforce training and joint site surveys with emerging countries in Asia and Africa that are considering nuclear power plant construction.
From May 2022 to the end of last year, the Yoon Suk-yeol administration secured over 4 trillion won in nuclear facility export contracts, more than six times the performance of the past five years. Building on the success achieved in the Czech Republic, the government plans to strengthen the entry of small and medium-sized enterprises into the European market. A European market entry strategy briefing session, organized by the Nuclear Power Plant Export Industry Association, is scheduled for next month.
The government also aims to lay the foundation for the nuclear power industry to become a global leading industry. It will establish a “2050 Mid- to Long-Term Nuclear Power Industry Roadmap” within the year and will actively pursue legislative procedures to support the nuclear power industry in cooperation with the National Assembly in the second half of the year. Additionally, the government will expand support for nuclear power plant export missions and strengthen the functions of key trade offices. Comprehensive cooperation will be established with important partners such as the United States in areas like joint entry, supply chains, and small modular reactors (SMRs).