President Yoon Suk Yeol speaks during the 26th forum on improving people’s livelihoods in Gyeongsan, 250 kilometers southeast of Seoul, on June 20, 2024. (Image courtesy of Yonhap)
SEOUL, Jun. 20 (Korea Bizwire) — President Yoon Suk Yeol said Thursday that South Korea will create a small modular reactor (SMR) industrial complex in the southeastern city of Gyeongju and a hydrogen industrial cluster in its surrounding North Gyeongsang Province to foster the emerging energy sector and boost the local economy.
Yoon announced the plans during his 26th debate forum on improving people’s livelihoods in Gyeongsan, 250 kilometers southeast of Seoul, held under the theme of making North Gyeongsang Province a manufacturing hub for cutting-edge technologies.
“For North Gyeongsang Province to make a new leap forward, it is crucial to innovate the industrial structure,” Yoon said.
Yoon pledged support for the creation of an SMR industrial complex worth 300 billion won (US$216.7 million) in Gyeongju, about 280 kilometers southeast of Seoul, through the establishment of a nuclear power industry growth fund and the development of related infrastructure.
SMRs are ready-to-install modular reactors that are smaller in size and power output compared with traditional nuclear reactors, allowing for more flexible and scalable deployment.
Yoon also announced the establishment of a “Hydrogen Economy Industrial Belt” worth 800 billion won (US$578.9 million) on the eastern coast, which will include the construction of hydrogen pipelines and funding through industry growth funds.
The government has been pushing to build a hydrogen fuel cell cluster in Pohang and a nuclear hydrogen national industrial complex in Uljin, both located in the province.
The hydrogen economy is a proposed system of using hydrogen as a key energy source for transportation, power generation and industrial processes to reduce reliance on fossil fuels and carbon emissions.
The president also outlined plans for an R&D center for system semiconductor design verification in an industrial complex in Gumi by 2026.
To improve transportation infrastructure, the government will expedite the construction of an 18-kilometer highway traversing Yeongil Bay in Pohang, with a budget of 3.4 trillion won, and accelerate the construction of other expressway projects in the province.
Yoon also unveiled the plan to invest 150 billion won to build “Startup Park” in Gyeongsan and “Incubating Center for Advanced Manufacturing” in Pohang, along with a 30 billion-won venture fund.
(Yonhap)
