The signing ceremony for the “K-Grid Export Support Agreement” held on the HD Hyundai Electric headquarters in Bundang-gu, Seongnam-si, Gyeonggi-do on July 4. From left: Yu Jeong-yeol, President of KOTRA; Ahn Deok-geun, Minister of Trade, Industry and Energy; Kim Dong-cheol, President of KEPCO; and Jang Young-jin, President of Okay-SURE. (Photo supplied by KEPCO)


The Ministry of Trade, Industry and Energy is contemplating incorporating the “electric power equipment” sector into the highest 15 export gadgets, recognizing its fast progress and important export potential. This transfer comes as electrical energy tools climbed to the eleventh place in export worth final yr, surpassing established sectors comparable to secondary batteries, bio-health, and textiles.


Since March 2019, the highest 15 export gadgets have been specifically managed by the federal government to safe export competitiveness. The checklist was expanded from 13 to fifteen gadgets for the primary time in 14 years, acknowledging the potential of secondary batteries and bio-health. Now, the ministry is considering on including electrical energy tools because the sixteenth merchandise, given its spectacular efficiency and future prospects.


According to the ministry, the export worth of electrical energy tools elevated by roughly 36% over three years, from $11.1 billion in 2020 to $15.1 billion in 2023. This yr’s export goal for the sector is ready at $16.2 billion, which is able to break the earlier file of 20 trillion gained (roughly $14.8 billion).


The signing ceremony for the “K-Grid Export Support Agreement”’ was held on the HD Hyundai Electric headquarters in Bundang-gu, Seongnam-si, Gyeonggi-do on July 4. The occasion noticed the participation of key figures, together with Yu Jeong-yeol, president of KOTRA; Ahn Deok-geun, Minister of Trade, Industry and Energy; Kim Dong-cheol, president of KEPCO; and Jang Young-jin, president of Okay-SURE. This settlement marks the primary time KEPCO, the Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Trade Insurance Corporation (Okay-SURE) have shaped a ‘triangular MOU.’


Electric energy tools, which incorporates gadgets associated to the facility grid comparable to transformers and cables, has turn out to be a vital part of contemporary infrastructure and vitality wants. Major firms on this sector embody HD Hyundai Electric, Hyosung Heavy Industries, Taihan Electric Wire, and LS Cable & System. The international improve in knowledge heart building pushed by the AI revolution and the shift in the direction of renewable vitality sources have additional boosted demand for superior energy grid programs.


A ministry official emphasised the significance of this sector, stating, “There is a need to manage and foster the electric power equipment industry as the 16th export item.” The official added, “We must provide full support to develop it as a future growth engine for our economy, similar to bio-health and secondary batteries.”

Source link