South Korea Aspires to Export 80 Nuclear Reactors by 2030

 

According to the Korean government, South Korea aspires to export 80 nuclear reactors (valuing $400 Billion) by 2030 in order to become the world’s third largest atomic energy technology exporter, as per the news published by The Korea Herald.

 

This announcement was made just after KEPCO (Korea Electric Power Corp.) secured a landmark nuclear power deal worth $40 Billion in the Middle East. As a part of an agreement worth $20 Billion with the United Arab Emirates, KEPCO successfully secured the order of four nuclear power plants. It is expected that this agreement will generate more contracts worth $20 Billion for the South Korean companies.

 

According to the officials, with the successful completion of deal, the world has acknowledged Korea’s nuclear power capabilities. The achievement will also help to increase its opportunities in other markets including Jordan, Turkey, Ukraine, and Romania. At present, South Korea aspires to control 20% of the global market share in the next two decades.

 

The Ministry Knowledge Economy states that Korea’s nuclear power industry will get its full support in order to meet the increasing atomic energy demand worldwide. The Korean government will train more engineers, improve self-sufficiency of products along with engineering skills and set customized export strategies to become one of the world’s top three exporters of nuclear reactors.

 

To become self-reliant in the development of core technologies, encompassing coolant pumps and design codes, the Ministry also plans to invest in W99.6 Billion by 2012. Starting from 2011, additional W400 Billion will be invested over seven years to minimize construction time and extend the lifespan of nuclear plants.

 

The fourth largest economy of Asia (South Korea) has also planned to secure Uranium. At present, Korea meet 6.7% of uranium demand via overseas development, and hopes to increase fuel’s self-sufficiency to 25% by 2016, and 50% by 2030.

 

According to a Research Analyst at RNCOS, “Korea needs to win a tough battle against already established markets, such as Japan, US, Canada, Russia and France, to acquire the third top nuclear power position. To accomplish the task, the country needs to develop core technologies like nuclear power control monitoring systems. Moreover, the training of nuclear experts is of utmost importance to tackle the growing domestic and foreign demand.”