- South Korea plans to establish a small modular reactors (SMR) industrial hub in Gyeongju and create a hydrogen industry in North Gyeongsang Province.
- The government will support a 300 billion KRW ($216 million USD) SMR industrial complex and an 80 billion KRW ($57 million USD) fund for the nuclear power sector.
- Additional plans include developing a hydrogen economy belt worth 800 billion KRW ($570 million USD) to promote hydrogen fuel cells and achieve carbon neutrality by 2050.
The president of South Korea, Yoon Suk Yeol, announced plans to establish a small modular reactors industrial hub in the city of Gyeongju, located in the southeastern part of North Gyeongsang Province, South Korea. Additionally, the government aims to create a hydrogen industry within the province.
At the 26th people’ livelihood debate forum helding at Yeungnam University’s Gyeongsan Campus, President Yoon announced the government’s plan to support the 300 billion KRW (216 million USD) worth SMR national industrial complex in Gyeongju, in efforts to secure the advanced small modular reactor and manufacturing technology. The Ministry of Trade, Industry, and Energy will establish an 80 billion KRW (57 million USD) fund by 2025 to aid the country’s nuclear power sector.
Yoon refers to Gyeongju as “the high-tech manufacturing innovation hub of Northeast Asia”. He emphasized the central government’s commitment to support Gyeongbuk’s development and success based on its modernization potential. Yoon highlighted the importance of industrial structure innovation for taking Gyeongbuk a leap forward, noting it being the historical leader in steel and textile exports. The government is currently promoting new growth engines like hydrogen and bio and will continue to support the innovation of these industries.
To ensure Gyeongbuk’s development of SMR manufacturing capabilities and growth into a global SMR manufacturing hub, the government will actively and publicly support the construction of infrastructure, such as technology development and prototype production.
Regarding nuclear power expansion, Yoon confirmed that construction of units 3 and 4 of the Shin Hanul nuclear power plant in North Gyeongsang Province will “proceed without a hitch so that Gyeongbuk can play a leading role in restoring the nuclear power industry ecosystem and new industrialisation.”
Moreover, Yoon revealed the plans to develop Gyeongbuk into a hydrogen industry hub, including the creation of an 800 billion KRW (570 million USD) east coast hydrogen economy belt connecting Pohang and Uljin, two cities in South Korea. A hydrogen fuel cell cluster is under construction in the Pohang Blue Valley National Industrial Complex, designed to promote the local hydrogen fuel cells production. This allows South Korea to move towards their goal of promoting hydrogen as a future energy source and achieve carbon neutrality by 2050.