South Korea to resume construction of nuclear reactors by 2024

By Sakina Raj  | Date: 2022-07-13

South Korea to resume construction of nuclear reactors by 2024

South Korea is all set to restart the construction of new nuclear reactors in Uljin, the country’s eastern industrial city in the coming two years. According to President, Yoon Suk-yeol, this move is expected to speed up the country’s nuclear energy drive that was declared previously this month.

Minister Lee Chang-yang stated that the development of Shin-Hanul Number 3 and Number 4 reactors in the Province of North Gyeongsang is anticipated to start by early 2024.

It has also been reported that nearly $99 million (130 billion won) worth of nuclear energy-related endeavours will be provided within a year.

As per sources, the plan is a follow-up on the transition of Yoon’s government on nuclear power, changing the previous claims made by the former administration of Moon Jae-in to phase out the energy sources. Apparently, the Shin-Hanul project was paused under the phaseout plan.

Yoon has therefore stated that the government will raise the share of nuclear power generation to 30% and more by 2030.

Not to mention, the government is in plans to foster nearly 5,000 energy-related, innovative venture start-ups by 2030, birthing nearly 100,000 top-quality job prospects via energy-oriented policy.

The Ministry of Trade, Industry and Energy has also planned to endorse the private sector-driven investment ventures worth nearly $258 billion (337 trillion won), which experienced regulatory barriers by carrying out deregulations and providing incentives.

According to reports, while briefing the policy to the President, the minister stated that the government will encourage an investment-driven expansion in which the enterprises will take initiative towards the GDP growth of the nation.

For the unversed, the government is planning to ease or remove the regulations in order to promote investments, which has hampered 27 projects in the private sector worth nearly $207.65 billion (271 trillion won).

It has also been reported that post the Yoon government took charge  of the office in May, policymakers have carried out deregulations on 26 projects valuing $50.5 billion (66 trillion won).  

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Sakina Raj

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles relating to diverse domains for BonafideNews and vari...

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