The Korea Herald


Govt. vows support for exports of electric equipment

By Yonhap

Published : July 4, 2024 - 09:43

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Industry Minister Ahn Duk-geun (Yonhap) Industry Minister Ahn Duk-geun (Yonhap)

Industry Minister Ahn Duk-geun said Thursday the ministry plans to offer 2.7 trillion won ($1.94 billion) in trade finance for exports of electric equipment to foster the sector as a new growth engine.

Ahn announced the plan during his visit to the headquarters of HD Hyundai Electric Co. in Seongnam, just south of Seoul, to discuss ways to support the electric equipment industry, according to the Ministry of Trade, Industry and Energy.

The visit came as the government has been seeking to set strategies to address the growing demand for electricity in various industries, following the boom of artificial intelligence services that led businesses to expand data centers.

"South Korean businesses, Korea Electric Power Corp. and other state-run export firms, such as the Korea Trade-Investment Promotion Agency and Korea Trade Insurance Corp., will join forces to foster the electric equipment sector as a new export engine," Ahn said.

He added the government plans to support other areas in the energy industry, including energy storage system solutions, as key export products.

South Korea's exports of electric equipment came to $15.1 billion in 2023, up 9.4 percent from $13.8 billion tallied a year earlier. The ministry estimates this year's shipment volume at $16.2 billion. (Yonhap)