Back To Top
Business

Korea to spend W9b on renewable energy projects

The government will set up a 9 billion won ($7.8 million) fund this year to assist local firms’ clean energy projects overseas.

The government’s latest move is part of the country’s efforts to make $40 billion from exports related to renewable energy such as photovoltaic and wind power by 2015.

“The global renewable energy market is projected to be highly prospective, and thus will likely push up the Asia’s fourth-largest economy’s exports in the coming years,” Ministry of Knowledge Economy officials said Thursday.

The global market for clean energy has been growing rapidly in recent years due to countries’ efforts to cut their carbon emissions.

Its size stood at $243 billion as of last year and is expected to reach around $1 trillion by 2020, according to the ministry.

The government said its focus will be on helping small and medium firms launch offshore businesses, their market researches plus supporting their participation in overseas trade shows like Intersolar Expo.

It will also offer funds needed to acquire international certification to those producing modules, parts and systems, the ministry said.

Korea meanwhile will seek to boost exports related to renewable energy to developing countries by combining them with official development assistance, ministry officials said.

Korea became the seventh-largest exporter and 10th-largest trader in the world last year, and is aiming to boost its trade volume to greater than $1 trillion this year.

Yet as the global economic recovery is expected to slow down this year, the country has been actively seeking new export industries and markets.

The ministry and Korea New & Renewable Energy Center will hold a briefing on the plan for local firms on Mar. 8 in Seoul. Applications can be submitted to the KNREC by Apr. 4.

By Koh Young-aah (youngaah@heraldcorp.com)
MOST POPULAR