Seoul: South Korea will extend 150 billion won (US$103.1 million) in financial support to businesses within the nuclear power plant industry this year, aiming to bolster sustainable development in the sector, as announced by the industry ministry on Monday. This initiative is part of a broader strategy to enhance the competitiveness of South Korean companies amid rising electricity demands driven by advancements in the artificial intelligence (AI) sector and the push for carbon neutrality.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy has increased this year’s budget by 50 billion won compared to 2024. This adjustment addresses the growing need for investments in the nuclear sector, spurred by recent export successes and plans to construct new power plants domestically. Notably, South Korea secured a 3 trillion-won contract in 2022 to build a nuclear power plant in Egypt and a subsequent 260 billion-won agreement in 2023 for a facility in Romania.
South Korea is also progressing with plans to build the third and fourth Shin-Hanul nuclear reactors in Uljin, approximately 220 kilometers southeast of Seoul, with completion targets set for 2032 and 2033, respectively.