Yoon vows to invest 4 tln won in nuclear energy R&D

Feb 23, 2024, 09:30 am

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President Yoon Suk-yeol speaks during a government-public debate on the nuclear power industry at the office of the South Gyeongsang Province government in Changwon, southeast of Seoul, on Feb. 22, 2024./ Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol stressed Thursday that this year will mark the first year of the nuclear energy industry’s fresh leap forward.

The government will boost the nuclear power industry by providing 3.3 trillion won (US$2.48 billion) worth of projects and 1 trillion won worth of special financing. It will also invest more than 4 trillion won into nuclear power R&D over the next five years.

Yoon made the remarks during the 14th government-public debate on people’s livelihood issues in Changwon, 298 kilometers southeast of Seoul, which focused on polices for the nuclear energy sector.

Yoon promised nuclear power-related projects worth 3.3 trillion won and special state financing of 1 trillion won, saying that such orders “will not be awarded in the form of mere contracts, as there will be upfront payments to relieve the burden on companies.”

Yoon said the tax benefits will be offered for nuclear energy-related facility investment and research projects through a law revision. “We will also significantly strength the R&D for nuclear power plants.”

“We will invest more than 4 trillion won in nuclear R&D over the next five years to support the world’s best technology development,” the president said.

Pointing out that related research was neglected and the number of related majors decreased due the previous government’s nuclear phase-out policy, Yoon said his government “will enact a Special Act on Supporting Nuclear Power Plant Industry’ so that the nuclear power industry can continue to develop, and establish and finalize a mid-to long-term nuclear power plant roadmap by 2050 to achieve reasonable carbon neutrality by the end of this year.”

The president also announced his plan to actively support local industrial complexes by lifting regulations on greenbelt zones, which are restricted from development for environmental preservation purposes, and to invest 3 trillion won over 10 years to develop tourism in the southern belt connecting South Gyeongsang Province to Busan, Ulsan and the western Jeolla provinces.

Yoon promised to transform the 50-year-old industrial complex in Changwon into a cultural-industrial space enjoyed by young generations by lifting various restrictions restricting its use and the type of businesses allowed to operate there.

#nuclear energy R&D