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Korea's public and private companies launched a joint task force Thursday to clinch new energy-related projects overseas as part of efforts to find new growth drivers, the trade ministry said Thursday.
The task force dubbed "Team Korea" is composed of public firms, private-sector companies and financial institutions that will jointly conduct a market survey and set up strategies to win bids for international energy projects, the Ministry of Trade, Industry and Energy said.
Strategies will differ by regions and by countries, and financial companies will help Korean businesses in project financing when they bag orders in overseas markets, it said.
The task force will also send missions overseas to explore new markets, hold road shows across the world and cooperate with international development banks.
"As governments increase investments in renewable energy, such as wind and solar power, energy storage systems and electric vehicles, their demand for advanced energy solutions and technologies is rising," said Woo Tae-hee, a deputy trade minister. "It offers business opportunities for Korean companies as well."
New energy and electricity businesses should be developed into a major export item over time, which can offset declines in major export industries, such as automobiles, steel and shipbuilding, Woo said.
He urged Korea's conglomerates and small and medium-sized companies to team up with each other in the new energy business, which includes biofuel energy, wind power, nuclear power and solar energy. (Yonhap)
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