Trade, Industry and Energy Vice Minister Namho Choe chaired a meeting on March 21 at K-SURE in Seoul to review prospective nuclear power plant (NPP) equipment export projects, as a follow-up to the ministry’s measures for achieving the KRW 10 trillion in NPP equipment export target by 2027, announced via the 14th public forum held on February 22.



According to the International Atomic Energy Agency (IAEA), 415 NPPs are in operation at present as of March 2024, and demand for NPP equipment is rapidly rising on the backs of the increase in new NPP construction projects and continued operation.



The Korean government established the NPP equipment export stimulation measures in March last year, rendering support from multiple angles, such as expanding the budget for NPP export assistance and establishing trade centers across core export destinations.



The efforts have added up to striking a total of 4.9 trillion won worth of 105 export contracts over the last 20 months since President Yoon Suk Yeol took office, at least six-fold the amount exported through 2017-2021. While winning mega scale projects like the 3 trillion won El Daaba NPP Project in Egypt and 260 billion won tritium removal facility in Romania, Korea has also been exporting single unit equipment, operation and maintenance service, and small modular reactor (SMR) design, which amount to approximately 750 billion won.



To leverage this momentum for expansion, Korea’s public and private sectors have come together to join efforts in achieving the 5 trillion and 10 trillion won export targets for 2024 and 2027, respectively.



Vice Minister Choe stated that the Yoon administration’s initiative for normalizing nuclear policies and strong resolution towards NPP export, coupled with close public-private cooperation, have driven NPP exports over the 4 trillion won mark, and asked that “the public and private sectors join hands as ‘one team’ with strong resolve to reach the 10 trillion NPP export target for 2027.”