According to Yonhap News,
South Korea's industry ministry on Tuesday unveiled a blueprint to promote exports of power grid packages that encompass cables and energy storage systems.
The plan comes as global demand for related products is expected to rise amid increasing electricity needs from cutting-edge industries, including the artificial intelligence sector, according to the Ministry of Trade, Industry and Energy.
"The combined package of power plants and grids will become a new energy export model for South Korea," Industry Minister Ahn Duk-geun said, noting the country aims to achieve $15 billion in grid exports by 2030, accounting for 5 percent of the global market.
Under the blueprint, the government will launch an alliance with local businesses to promote exports of grid solutions under the brand "Team Korea."
State-run organizations will also offer financial and marketing support to exporters, while law firms will provide legal consulting services.
The power grid packages include a wide range of electricity-related products, such as cables, transformers, circuit breakers and energy storage systems.
"Establishing grid infrastructure is a long-term project that takes around 10 years. It involves massive investments, along with post-maintenance services, which may generate economic spillover effects for companies," the ministry said in a statement.
Global investment in power grids, meanwhile, is expected to reach US$372 billion in 2030, rising sharply from $235 billion in 2020, the ministry added.
colin@yna.co.kr
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Source: Yonhap News (December 3, 2024)