SEOUL – South Korea is significantly increasing its investment in the nuclear power industry, earmarking 150 billion won ($103.1 million) for businesses in the sector this year, the Ministry of Trade, Industry and Energy announced Monday. This represents a 50 billion won increase from the 2024 budget, reflecting the nation's commitment to fostering the sustainable development of nuclear energy.

The funding aims to bolster the local nuclear power plant ecosystem and enhance the competitiveness of Korean companies on the global stage. This strategic move comes amidst a surge in electricity demand fueled by the booming artificial intelligence (AI) sector and increasing pressure to achieve carbon neutrality.

"We have increased this year's budget to respond to the growing need for investment in the nuclear power sector," a ministry official stated. "This is driven by recent export successes and our plans to construct new nuclear power plants domestically."

South Korea has secured notable international contracts in recent years, including a 3 trillion-won deal in 2022 to build a nuclear power plant in Egypt and a 260 billion-won agreement in 2023 to construct a nuclear power facility in Romania. These successes underscore the growing global interest in nuclear energy as a viable solution to meet rising energy demands.

Domestically, South Korea is pushing forward with the construction of the third and fourth Shin-Hanul nuclear reactors in Uljin, located approximately 220 kilometers east of Seoul. These reactors are slated for completion in 2032 and 2033, respectively.

This increased investment and continued development of nuclear power plants solidify South Korea's position as a key player in the global nuclear energy market. The nation's focus on both international projects and domestic expansion demonstrates its confidence in nuclear power's role in a sustainable energy future.