S. Korea Set To Engage In Overseas NPP Projects, Increase Arms Sales In 2023 - Reports

MOSCOW (UrduPoint News / Sputnik - 27th December, 2022) The South Korean government is planning to make "all-out" efforts to partake in major overseas nuclear power plant (NPP) projects and increase the sales of weapons to boost declining exports and generate growth momentum, media reported on Tuesday, citing the South Korean Ministry of Trade, Industry and Energy.

Seoul is set to continue to "actively push" for participation in nuclear reactor construction projects in Poland and the Czech Republic as well as develop strategies to join such projects in the Philippines and the United Kingdom, the Yonhap news agency reported.

The report also said that South Korea would seek to win contracts for military hardware worth $17 billion or more in 2023, as the country's government decided to earmark over 1 trillion won ($786.

4 million) for research and development in this field.

The report added that nuclear power generation was one of South Korea's major target sectors.

Earlier in December, South Korea's Shin Hanul 1 nuclear reactor, located 307 kilometers (191 miles) southeast of Seoul in the county of Uljin, went into full operation after 12 years of construction. It was initially scheduled to begin commercial operation in 2017, but the launch was delayed due to the 2016 Gyeongju earthquake.

In July, the South Korean energy ministry announced the country's plans to raise the share of nuclear energy in the total energy system from 27.4% to over 30% by 2030, and increase the number of nuclear reactors to 30.