S. Korea to create hydrogen belt and SMR industrial complex

Jun 21, 2024, 09:48 am

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President Yoon Suk-yeol speaks during the 26th forum on improving people’s livelihoods in Gyeongsan on June 20, 2024./ Source: Yonhap

AsiaToday reporter Hong Sun-mi

President Yoon said Thursday that South Korea will establish a “Hydrogen Economy Industrial Belt” worth 800 billion won ($578.5 million) on the eastern coast connecting Pohang and Uljin, to make North Gyeongsang into a hub for the hydrogen industry and create a small modular reactor (SMR) industrial complex worth 300 billion won ($216.9 million) in the southeastern city of Gyeongju.

The plan is to innovate the industrial structure of North Gyeongsang to enable the region to make a new leap forward. To support such innovation, the government will expedite the construction of a highway traversing Yeongil Bay in Pohang, with a budget of 3.4 trillion won. Yoon announced the plans during his 26th debate forum on improving people’s livelihoods in Gyeongsan, 250 kilometers southeast of Seoul. “Based on the potential that led to the country’s modernization, the central government will provide active support so that North Gyeongsang can take a greater leap forward and open a successful regional era,” Yoon said.

Referring to an anecdote that former President Park Chung-hee introduced the Saemaul Movement after seeing the well-maintained Sindo Village during an inspection of the flood-damaged area in 1969, Yoon said, “The government’s regional era policy is in line with the spirit of Saemaul Movement.” The president vowed to create a nuclear hydrogen national industrial complex in Uljin, and establish an investment fund of 80 billion won to support the SMR industry.

He promised to empower the province to play a leading role in restoring the nuclear industrial ecosystem and advancing new industrialization through the construction of Shin Hanul reactors Three and Four. Yoon also outlined plans for an R&D center for system semiconductor design verification in an industrial complex in Gumi by 2026, while investing 150 billion won to build “Startup Park” in Gyeongsan and “Incubating Center for Advanced Manufacturing” in Pohang. He mentioned the U.S. federal system, emphasizing, “In order to move forward to the era of regional development, we need to give a lot of financial resources and authority to the provinces.” He added that the goal is to split corporate tax and income tax evenly between the central and local governments, and push national projects at the central government level.

#South Korea #hydrogen #SMR #North Gyeongsang