Invest KOREA

President Park Geun-hye told a global energy conference Wednesday that South Korea will make the best use of information and communications technologies to save and use electricity more efficiently as part of her "creative economy" push.

Park made the remark during a special session at the 22nd World Energy Congress underway in the southeastern city of Daegu, saying the drive will not only help the resources-scarce nation save energy but will also create new markets and a number of jobs.

"South Korea will take the lead in transforming into a creative energy economy," Park said, referring to her signature economic policy that calls for creating unheard-of business opportunities and more jobs through the fusion of information technology, culture and other industries.

"The energy industry is one of the areas where this creative economy paradigm can shine. Taking advantage of ICT, such as energy storage systems and energy management systems, we will reduce electricity consumption and establish a system where the saved power can be traded at the power exchange," she said.

She also said the move will save up to 1 million kilowatts of power at peak times by 2017 and create a market worth 3.5 trillion won (US$3.3 billion) and some 15,000 jobs.

The energy conference, which opened Sunday for a five-day run, drew about 6,000 people from 110 countries, including 57 ministers and vice ministers as well as global energy business leaders. It is the world's biggest energy conference and held every three years.

Park said the world is faced with what she called "energy trilemma," three major energy-related challenges -- improving energy security, bridging social inequality and minimizing environmental impacts. She said South Korea is committed to working with other nations to address the challenges.

"In just a half-century, South Korea has developed from one of the most energy-poor nations to a country equipped with modern energy demand-supply system and infrastructure," Park said, adding that the country has also made efforts to improve the environment even when energy demands soared.

"Based on our successful experience thus far, South Korea will now take the lead in resolving the 'energy trilemma' that all of us are faced with and make constructive contributions to the world energy market," she said.


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Source: Yonhap News (Oct. 16, 2013)