President Yoon Suk Yeol has declared a strategic plan to establish a small modular reactor (SMR) industrial complex in Gyeongju, situated in the southeastern region of South Korea’s North Gyeongsang Province.
The President dubbed Gyeongju “the high-tech manufacturing innovation hub of Northeast Asia,” and Gyeongju is poised to lead the charge in advanced manufacturing.
Government Support for Industrial Innovation
Recognizing the region’s historical significance in driving South Korea’s modernization, the central government has pledged active support to propel Gyeongbuk Province towards further advancements and a prosperous regional era.
President Yoon emphasized the critical need for industrial structure innovation, highlighting the shift from traditional steel and textile industries to emerging sectors like hydrogen and bio.
To solidify South Korea’s position in the global SMR race, a KRW300 billion (USD216 million) SMR national industrial complex will be established in Gyeongju.
This initiative aims to secure cutting-edge SMR manufacturing technology, fostering domestic capabilities and potentially positioning the country as a global leader in SMR production.
Revitalizing the Nuclear Power Sector
The Ministry of Trade, Industry, and Energy will create a KRW80 billion fund by next year to bolster the growth of the nation’s nuclear power industry.
This financial support will facilitate infrastructure development, technology advancement, and prototype production, ultimately strengthening Gyeongbuk’s SMR manufacturing prowess.
The Shin Hanul nuclear power plant will proceed with the construction of units 3 and 4 in North Gyeongsang Province as planned.
The APR1400 reactors, which had their design work halted in 2017, are expected to play a pivotal role in revitalizing the nuclear power industry ecosystem and driving new industrialization in the region.
Gyeongbuk: A Hydrogen Industry Powerhouse
President Yoon unveiled plans to transform Gyeongbuk into a hydrogen industry hub. An east coast hydrogen economy industrial belt, valued at approximately KRW800 billion, will connect Pohang and Uljin, fostering the growth of a hydrogen-based economy.
Pohang is already home to a burgeoning hydrogen fuel cell cluster, with about 30 companies congregating to boost local production.
Construction of the KRW400 billion (USD300 million) Uljin Nuclear Hydrogen National Industrial Complex, initiated in 2022, is a testament to South Korea’s commitment to promoting hydrogen as a future energy source and achieving carbon neutrality by 2050.
To expedite progress, the government has decided to exempt the project from preliminary tariffs, signaling a strong push for hydrogen development.