South Korea eyes $15b in grid exports by 2030

Thirteen projects have been proposed to achieve the goal.

South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has launched the public-private K-Grid Export Alliance as it aims for $15b in grid exports and account for over five percent of the global market by 2030.

Under a national brand called “Team Korea,” MOTIE said the alliance will support promotion of exports across the electrical power industry value chain spanning power generation, transmission, distribution, and ancillary services. This will leverage the strengths of public power companies, engineering, procurement, construction (EPC) firms, and grid businesses.

“As buyers and developers of materials and equipment, public power companies and large corporations will play the central role of the Alliance, whilst EPC companies are to focus on utilising homegrown materials,” MOTIE said.

Meanwhile, Korea Electrotechnology Research Institute (KERI), Korea Trade Insurance Corporation (K-SURE), and Korea Trade-Investment Promotion Agency (KOTRA) will assist in areas such as test certification, financing, and overseas marketing. Major law firms will be supporting Korean companies to respond to legal issues in the process of overseas market entry.

MOTIE has proposed 13 project tasks in line with the K-Grid global penetration strategy.