Korea Targets Nuclear Reactors As Key Export Industry

S. Korea plans to boost nuclear reactors as the next major export industry after cars, chips and ships, reported Chosun Ilbo.

The Korean Knowledge and Information Ministry will invest W500 billion ($450 mil.) into nuclear R&D over the next seven years with a goal of exporting 80 nuclear power plants by 2030. The plan also provides for the opening of a graduate school specializing in nuclear technology by September of 2011. The government will also designate 10 other universities for specialized classes in that field.

The plan was announced at an emergency economic meeting led by President Lee Myung-bak at the construction site of two nuclear reactors in Ulsan on Wednesday. The reactors are the same model as the APR1400 that will be exported to the United Arab Emirates (UAE) under a mega-deal signed last month.

The ministry aims to export 10 plants by 2012 and 80 by 2030. That would account for about 20% of the global market, putting Korea in the top three among nuclear plant exporters. The orders would be valued at $400 billion, more than the nation’s $363.8 billion export total for 2009. It would also create 75,000 jobs each year.

Korea will invest 99.6 billion won ($91 bil.) by 2012 to become self-sufficient in developing core technologies, including reactor design codes and coolant pumps. Another 400 billion won ($350 mil.) will be invested over seven years starting in 2011 to extend nuclear plant lifespans and shorten construction time.

“The nuclear plant industry has tremendous growth potential, offering huge returns for small investments and contributing to the creation of jobs,” Lee said. “We must explore opportunities not only in developing markets but advanced countries as well.”

“We will endeavor to secure more nuclear deals by combining capital from the UAE with our technology, thereby turning the UAE into the Middle East’s nuclear power hub,” added Vice Knowledge and Economy Minister Kim Young-hak.