South Korea targets to double new energy industry exports by 2030

The volume of exports is expected to triple by 2035.

South Korea’s Ministry of Trade, Industry and Energy (MOTIE) crafted the New Energy Industry Export Momentum Strategy and targets to increase by twofold the exports of the new energy industry by 2030 and triple by 2035.

In a statement, MOTIE said Minister Lee Chang-yang met industry leaders and experts to tackle the New Energy Industry Export Momentum Strategy anchored on three key strategies which include technological development and commercialization of promising export items, active entry into new global markets, and the creation of an innovative foundation for export momentum.

"The new energy industry is a market with vast potential and accelerating investment worldwide. The energy industry must now evolve from being domestically oriented to becoming a new export driver," he said.

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In line with the strategy, MOTIE said over 10 items of the country’s new energy industry will make into the global top three by 2035 including small modular reactors, high-voltage direct current cables and hydrogen turbines.

MOTIE added that the government will also promote tailored technological development and commercialisation strategies after grouping potential export items based on market growth and company capabilities.

An innovation foundation will also be established with around $385.8b (KRW500b) policy fund and over $77.15b (KRW100t) of public-private financial investment.

$1 = KRW1,296.14