사진 확대 (Reuters/Yonhap)
South Korea and the United States are stepping up behind-the-scenes coordination on potential large-scale investment projects, even before the passage of special legislation that would formally enable project selection, according to government and industry sources.
Trade authorities in Seoul have begun discussions with their U.S. counterparts on candidate projects, following Washington’s request that South Korea identify viable options in advance, officials said Sunday. The talks gained momentum around the late-January visit to the United States by Industry Minister Kim Jung-kwan, during which both sides exchanged proposals on areas for cooperation, including nuclear power.
Projects under consideration broadly fall into three categories: nuclear energy, power grids and shale gas-related infrastructure.
Nuclear power is widely seen as the most strategically aligned sector for cooperation. While the United States retains world-class reactor technology, it lacks a fully developed supply chain to deliver projects on time and on budget, industry officials said. “Building a nuclear plant requires tens of thousands, sometimes hundreds of thousands, of components, and the U.S. simply does not have a complete supply chain,” said an executive in the nuclear sector. “If the U.S. wants to build reactors within its desired timeframe and cost structure, South Korea is essential.”
Although countries such as Russia, China and France also have nuclear construction capabilities, South Korea is viewed as the most practical partner under current geopolitical and industrial constraints. Still, profitability remains a key concern for Korean companies. Industry sources noted that using South Korea’s APR1400 reactor design can generate margins of around 30 percent, compared with roughly 10 percent when deploying the U.S.-designed AP1000. Potential delays stemming from licensing and environmental reviews are another risk requiring careful assessment.
Shale gas development and power generation infrastructure in the United States are also being discussed as promising investment targets. Despite an extensive nationwide shale pipeline network, the U.S. lacks sufficient power plants to fully utilize it, according to U.S. energy infrastructure officials. Power generation projects, including shale gas liquefaction, could attract participation from Korea Electric Power Corp.’s generation subsidiaries as well as private producers such as POSCO and GS Group, they said.
Demand for gas turbines further exceeds supply. General Electric, the dominant global supplier, faces delivery lead times of up to three years for new orders in the U.S. market, opening potential opportunities for South Korean manufacturers such as Doosan Enerbility, industry officials said. They added that recent contracts between Elon Musk’s artificial intelligence startup xAI and Doosan Enerbility reflect these supply constraints.
Power grids represent another area where South Korea could gain an edge. The country has strong capabilities in high-voltage transmission and transformers, along with accumulated experience in underground cabling. “Korea has world-class competitiveness in high-voltage transmission and transformer technologies,” said Yoo Seung-hoon, a professor at Seoul National University of Science and Technology. “In regions where local opposition makes overhead lines difficult, packaged investments that include underground transmission could highlight Korea’s technical strengths and project execution track record.”
At the same time, concerns have been raised about the scale of South Korea’s investment capacity compared with other major economies. According to an analysis published last month by the Peterson Institute for International Economics, South Korea’s pledged U.S. investment of $350 billion amounts to 15.1 percent of its estimated investable assets of $2.32 trillion. The ratio is significantly higher than that of Japan, at 5.3 percent, and Taiwan, at 8.6 percent. Investable assets include foreign exchange reserves, sovereign wealth funds and private equity holdings.
By Kang In-sun and Minu Kim
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