South Korean President Promises IDR 38.8 Trillion Nuclear Industry Project

South Korean President Yoon Suk Yeol (photo: global news)

JAKARTA - South Korean President Yoon Suk Yeol promised to increase the nuclear power industry by providing projects worth 3.3 trillion Won (around IDR 38.8 trillion) and special funding worth 1 trillion Won (IDR 11.8 trillion).

"The government will provide full support so that this year becomes a new starting point for the nuclear power industry, surpassing its normalization," President Yoon said while speaking at a debate on the nuclear energy sector policy in South Korea's Gyeongsang Province, reported by ANTARA from Yonhap, Thursday, February 22.

Restoring the nuclear power industry is one of Yoon's campaign promises. He promised to reverse the policy to stop nuclear use in the previous South Korean presidential government,Moon Jae-in.

The campaign promise was also followed by promises to support company investment in the nuclear industry by providing tax breaks for facility investment, as well as research and development.

Yoon also said that South Korea would invest more than 4 trillion Won (approximately IDR 47 trillion) in research and development of the nuclear power sector during its five-year term of office. Then, according to him, his government will also pass a special law that supports the nuclear power industry and establish a long-term roadmap aimed at achieving carbon neutrality.

In policy measures targeting the local area, Yoon promised to turn the 50-year-old industrial complex in the Changwon area into a cultural industry space that can be enjoyed by the younger generation by revoking various regulations that limit its use and the types of businesses that are allowed to operate there.

He also mentioned that the government will revoke the green zone in Changwon, which is prohibited from developing for the sake of environmental conservation purposes, in order to allow investments worth more than 20 trillion Won (Rp235 trillion) in local strategic industries and the construction of national industrial complexes for defense and nuclear power.

Meanwhile, in the nearby city, namely Geoeje, Yoon will mobilize all possible policy steps to create industrial complexes that display culture and art, information and communication technology, and biotechnology and medicines. The move includes investing 3 trillion Won (Rp 35.3 trillion) for 10 years to develop tourism in the region