South Korea has become one of the leading nuclear power plant exporters in the world after being awarded a $40bn contract with the UAE to construct four 1,400MW nuclear reactors in the region in 2009.
The project, being developed by a consortium led by the Korea Electric Power Corporation, is considered to be the East Asian country’s biggest-ever construction deal to date after the first Korean-made nuclear reactor in 1978.
The East Asian nation has devised a plan to export 80 nuclear reactors by 2030, increasing its global market share by 20% during the period, according to Arirang News.
South Korean companies are seeking to become fully self-sufficient in nuclear technology, and to be able to design and construct reactors in regions like Turkey, Jordan and Southeast Asia over the next two years.
The nation continues to attract investment opportunities with advanced technology and comparatively low prices.
South Africa and Turkey are in negotiations with South Korea to work together in technical research and construction of nuclear reactors and expert deals.