South Korea is soon going to introduce a couple of measures in order to boost the export of nuclear power plant equipment and materials, said its Ministry of Trade, Industry, and Energy- MOTIE. This development comes as the nation has observed an EM manufacturing weakening because of the abandoned nuclear power plant projects, which indeed opens opportunities for the Korean companies to get into supply chain possibilities.
That said, the export of nuclear power plant equipment and materials remains a pretty small industry, with only 143 NPP orders having been taken up in the last five years at a valuation of $0.5 billion.
Because of this, the Ministry of Trade, Industry, and Energy has gone on to propose the expansion of joint entries of public NPP companies as well as EM contractors by looking to secure KRW 5 trillion worth of NPP EM-based projects by 2027.
It is well to be noted that the ministry has also gone on to recommend the launch of an NPP SME Export First Step Programme so as to provide aid to almost 100 NPP SMEs. Under this programme, there will be a priority given to the recipients of government support for exports when it comes to finance, marketing, certification, as well as market information.
Apparently, there will be an assistance of KRW 150 million given to firms for overseas certification assistance. Besides this, there will also be a grant of almost KRW 30 million when it comes to the vendor registration procedures.