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South Korea’s Ministry of Trade, Industry, and Energy announced a strategic blueprint on Tuesday to enhance exports of comprehensive power grid packages, including cables and energy storage systems. The initiative targets rising global demand fueled by increasing electricity needs from advanced sectors like artificial intelligence.
Key Objectives
Industry Minister Ahn Duk-geun highlighted the nation’s ambitious goals, stating, “The combined package of power plants and grids will become a new energy export model for South Korea.” The government aims to secure $15 billion in grid exports by 2030, representing 5% of the global market.
Strategic Initiatives
Team Korea Alliance: A collaborative effort with local businesses to promote grid solutions under a unified national brand.
Support Framework: Financial and marketing assistance from state-run organizations, alongside legal consulting services from law firms for exporters.
Comprehensive Packages: Products include cables, transformers, circuit breakers, and energy storage systems.
Economic Impact
The ministry emphasized that establishing grid infrastructure is a long-term investment spanning around 10 years, with significant economic spillover benefits from associated maintenance services.
Market Projections
Global investment in power grids is projected to reach $372 billion by 2030, up from $235 billion in 2020, indicating a sharp rise in demand for such solutions.
South Korea’s initiative aligns with this growth trend, positioning the country as a key player in the global energy infrastructure market. |
