Yoon vows to restore nuclear power plant ecosystem

Jul 31, 2024, 08:24 am

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President Yoon Suk-yeol speaks while presiding over a Cabinet meeting at the presidential office in Seoul on July 30, 2024./ Source: Presidential Office Press Corps

AsiaToday reporter Chun Hyun-bin

President Yoon Suk-yeol said on Tuesday that a strong bridgehead has been established for South Korea to advance into the 1,000 trillion-won global power plant market after the country won the Czech Republic’s nuclear power plant construction project, and that he will draw up a special bill supporting the nuclear power industry to restore the nuclear power plant ecosystem.

“It is urgent to lay an institutional foundation so that our nuclear power plant industry can grow without being affected by the nature of the regime,” President Yoon said at a Cabinet meeting held at the presidential office in Seoul. Stressing the need to institutionalize continued support for the nuclear plant industry, Yoon pledged to legislate a special law to support and foster the industry. He also vowed to strongly pursue policies to restore the nuclear power plant ecosystem and support exports of nuclear power plants.

“We had to put a lot of effort into overcoming damaged trust due to the nuclear phase-out policy,” the president said. “I spoke with the Czech prime minister last week and we decided to expand strategic cooperation between the two countries in the economy and industry in general as a result of this nuclear power plant project.”

“I will personally visit the Czech Republic at an early date to discuss the success of the nuclear power project and ways for in-depth bilateral cooperation,” he said. “I ask each ministry will work hard to find cooperation tasks with the Czech Republic not only in economy and diplomacy, but also education, science, defense, and culture.”

Regarding the 2024 tax reform bill announced last week, Yoon said, “Only when companies increase investment, the number of jobs will increase and the economy will be improved.” He stressed that the government will extend tax benefits for national strategic technologies and expand corporate tax reduction benefits for companies that increase investment.

Yoon also reaffirmed plans to scrap the financial investment income tax, which is set to be introduced next year. “In order to protect and support retail investors, we will abolish the financial investment income tax and adopt tax incentives that encourage dividend payments,” he said.

“We will adjust the tax rate and exemption range of inheritance tax rate that has been maintained for 25 years without reflecting economic growth and times, and greatly increase the inheritance tax deduction for children from 50 million won to 500 million won per child to ease the burden on the middle-class,” he added.

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