U.S. President Donald Trump signs an executive order regarding nuclear energy in the Oval Office of the White House on May 23 in Washington. [AP/YONHAP]

U.S. President Donald Trump signs an executive order regarding nuclear energy in the Oval Office of the White House on May 23 in Washington. [AP/YONHAP]

 
Korea’s nuclear industry is optimistic about a potential breakthrough in the U.S. market after Seoul included nuclear energy among the key sectors eligible for a $200 billion strategic investment fund created as part of a recent bilateral trade negotiation.
 
The fund was agreed to during the Korea-U.S. tariff negotiations that concluded on July 30, according to government officials on Monday. 
 
 
The government said Korea is committed to establishing the fund to support strategic industries in which domestic companies maintain a competitive edge, such as chips, nuclear power, rechargeable batteries and biopharmaceuticals.
 
“We welcome the inclusion of the nuclear industry in the investment fund,” the Korea Atomic Industrial Forum said in a statement. “This marks an important turning point and a new opportunity for domestic nuclear companies seeking to enter the U.S. market.” 
 
The forum includes 511 member organizations from government, industry, academia and research, including Korea Hydro & Nuclear Power (KHNP), Korea Electric Power Corporation (Kepco) and Doosan Enerbility.
 
Industry officials see tremendous potential in the U.S. nuclear power market. In May, U.S. President Donald Trump signed an executive order calling for an expansion of U.S. nuclear power generation capacity from 97 gigawatts to 400 gigawatts by 2050 — a fourfold increase. This plan would require building roughly 300 additional 1,000-megawatt-class reactors.
 
The initial phase of this expansion includes constructing 10 large reactors by 2030, a project expected to cost around $75 billion.
 
Westinghouse Electric Company is expected to take the lead in these projects, as no foreign company has ever built a nuclear power plant in the United States. The firm, which constructed the world’s first commercial reactor in the 1950s, holds key original technologies. However, analysts say its construction capabilities have weakened since the industry downturn following the 1979 Three Mile Island accident, when a reactor partially melted down.
 
“It’s unrealistic to think Westinghouse can meet the demand alone, given its reduced capabilities,” one industry insider said. “Korean firms have long maintained a collaborative relationship with Westinghouse in the global market. Under the previous administration, a new framework called ‘Team KORUS’ was also launched to strengthen that cooperation.”
 
The insider added that Korean companies, armed with technological expertise and cost competitiveness, could help the United States meet its nuclear goals, creating a “mutually beneficial” situation for both countries.
 

Four of the cooling towers of the Dukovany nuclear power plant rise high above the natural surroundings of Dukovany, Czech Republic, on Sept. 27, 2011. [AP/YONHAP]

Four of the cooling towers of the Dukovany nuclear power plant rise high above the natural surroundings of Dukovany, Czech Republic, on Sept. 27, 2011. [AP/YONHAP]

 
Korean firms bring proven experience to the table. Kepco completed the Barakah nuclear power plant in the United Arab Emirates in 2009, while KHNP recently secured a nuclear project in the Czech Republic. Doosan Enerbility manufactures core equipment for many Westinghouse-led reactors. Major builders like Hyundai and Daewoo E&C are also expanding their cooperation with the U.S. company.
 
Despite the promising prospects, some concerns remain. The United States will ultimately control the disbursement of the $200 billion fund, raising questions about the actual allocation of investment. The two governments agreed to focus the fund on sectors they both consider strategically important, according to Korean officials.
 
“The fund should be managed in a way that maximizes benefits for Korean firms,” one trade official said. “We proposed investment in areas where the United States has weakened industrial capacity, Korea has strengths and where our collaboration would help counterbalance China’s influence.”
 
An official from the Ministry of Trade, Industry and Energy added that more detailed discussions are expected during the upcoming summit and subsequent consultations.
 
On Aug. 4, Minister of Trade, Industry and Energy Kim Jung-kwan held a roundtable meeting with representatives from Korea’s shipbuilding, automotive and steel sectors to discuss U.S. trade strategy. 
 
Kim emphasized that Korea had secured “competitive conditions that are not disadvantageous compared to other major economies.” He pledged continued efforts to expand opportunities in the United States for firms in strategic industries.
 
He also met with Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, to thank businesses for their support in the negotiations. They discussed ways to minimize future tariff impacts and strengthen public-private cooperation.
 
In response to growing business concerns over recent legislative proposals — particularly amendments to the Trade Union and Labor Relations Adjustment Act and the Commercial Act — Kim announced the launch of a new team dedicated to addressing issues related to the business environment within the ministry to address these challenges.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM WON [[email protected]]