New industry minister vows efforts to boost exports, nuclear power industry

Korea's new Industry Minister Bang Moon-kyu on Wednesday vowed all-out effort to prop up exports as a key economic growth engine and to restore the ecosystem of the country's nuclear power generation industry, his office said.

Bang made the pledge in his inaugural speech as he took office upon President Yoon Suk Yeol's approval of his appointment.

"I will do my best to expand exports that will revive our economy. The government will mobilize all resources and capabilities available," Bang said.

He called for strengthening the trilateral supply chain alliance with the United States and Japan and for making inroads into such new markets as the Middle East, ASEAN and Eastern European countries.

Private investment is crucial to boost export momentum, Bang said, vowing to ease regulations to attract foreign investment and global talent.

Exports have been on a steady decline since late last year amid aggressive monetary tightening by major economies to curb high inflation and an economic slowdown.

The government set this year's export target at $685 billion, up 0.2 percent from last year's total, though the finance ministry earlier forecast exports would mark a 4.5 percent on-year decline in 2023.

Bang also cited how to secure "super-gap" technology prowess in advance industries as one of his major policy goals.

"The government will carry out challenging research and development projects to lead state-of-the-art innovative technologies. We will ensure supply chains of our advanced industries through stronger cooperation with major nations," he said.

Speaking on the energy policy direction, the new minister said he will focus on a "realistic" energy mix based on nuclear power generation to better achieve carbon neutrality and ensure stability and efficiency in terms of energy supply.

"The ecosystem of the nuclear power industry is becoming more crucial for net-zero goals and energy security. I will strive for restoring the ecosystem at an early date and nurturing small modular reactor, carbon capture and storage, and hydrogen fields as new industries," Bang said.

The Yoon government reversed the nuclear phase-out plan of the preceding government and is pushing to raise the country's dependence on nuclear energy.

The government seeks to raise the proportion of nuclear energy sources to 34.6 percent by 2036 from 23.4 percent in 2018, while renewable sources will be responsible for 30.6 percent of power generation in 2036 from 6.2 percent in 2018.